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Gencor Releases Third Quarter Fiscal 2013 Results

ORLANDO, Fla., Aug. 13, 2013 (GLOBE NEWSWIRE) -- Gencor Industries, Inc., (Nasdaq:GENC) announced today that revenue for the third quarter ended June 30, 2013 was $18.7 million compared to $23.0 million for the quarter ended June 30, 2012. Gross margin increased to 26.6% for the quarter ended June 30, 2013 from 25.0% for the quarter ended June 30, 2012. Selling, general and administrative expenses decreased $811,000 to $1,867,000 for the quarter ended June 30, 2013. Operating income for the quarter ended June 30, 2013 increased to $2.7 million compared to $2.4 million for the quarter ended June 30, 2012. Operating margin increased to 14.4% for the quarter ended June 30, 2013 from 10.4% for the quarter ended June 30, 2012.

The Company had non-operating income of $0.7 million for the quarter ended June 30, 2013 compared to a non-operating loss of $(0.7) million for the quarter ended June 30, 2012. The increase in non-operating income was due to improved returns on marketable securities.

The Company has received favorable IRS rulings on its research and development tax credits for tax years 2006 through 2009.  Although the IRS audits are not final, the Company has recorded a tax receivable, and reduced its tax provision by $350,000 for the quarter ended June 30, 2013 and by $1.1 million for the 9 months ended June 30, 2013.

Net income was $2.5 million ($.26 per basic and diluted share) for the quarter ended June 30, 2013, compared to $1.2 million ($.13 per basic and diluted share) for the quarter ended June 30, 2012.

For the nine months ended June 30, 2013, the Company had revenue of $41.4 million and net income of $4.5 million ($.47 per basic and diluted share) versus revenue of $49.2 million and net income of $4.8 million ($.51 per basic and diluted share) for the nine months ended June 30, 2012.

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