This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gencor Releases Second Quarter Fiscal 2013 Results

ORLANDO, Fla., May 14, 2013 (GLOBE NEWSWIRE) -- Gencor Industries, Inc., (Nasdaq:GENC) announced today that revenue for the second quarter ended March 31, 2013 decreased 8.3% to $17.7 million from $19.3 million for the quarter ended March 31, 2012. Gross margin increased to 24.4% for the quarter ended March 31, 2013 from 21.0% for the quarter ended March 31, 2012. Operating income for the quarter ended March 31, 2013 increased to $1.9 million compared to $1.0 million for the quarter ended March 31, 2012.

The Company had non-operating income of $1.8 million for the quarter ended March 31, 2013 compared to non-operating income of $3.2 million for the quarter ended March 31, 2012. The decrease in non-operating income was due to lower returns on marketable securities.

In April 2013, the Company received a favorable IRS ruling on its research and development tax credits on amended returns filed for tax years 2006 through 2008. Although the final audit results are not complete, the Company has recorded a tax receivable, and reduced its tax provision for the quarter and six months ended March 31, 2013, in the amount of $750,000.

Net income was $3.0 million ($.31 per diluted share) for the quarter ended March 31, 2013, compared to $2.8 million ($.29 per diluted share) for the quarter ended March 31, 2012.

For the six months ended March 31, 2013, the Company had revenue of $22.7 million and net income of $2.0 million ($.21 per diluted share) versus revenue of $26.2 million and net income of $3.6 million ($.38 per diluted share) for the six months ended March 31, 2012.

At March 31, 2013 the Company had $87.8 million in cash and marketable securities compared to $84.7 million at September 30, 2012. Net working capital was $98.9 million at March 31, 2013. The Company has no short or long term interest-bearing debt.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs