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Gencor Releases Fiscal Year And Fourth Quarter 2013 Results

ORLANDO, Fla., Dec. 13, 2013 (GLOBE NEWSWIRE) -- Gencor Industries, Inc., (Nasdaq:GENC) announced today net revenue for the year ended September 30, 2013 was $48.9 million compared to $63.2 million for the year ended September 30, 2012, a 22.5% decrease. Gross margin as a percentage of net revenue increased to 22.5% for the year ended September 30, 2013 from 19.0% for the year ended September 30, 2012. Operating income for the year ended September 30, 2013 was $2.6 million compared to $0.4 million for the year ended September 30, 2012.

The Company had non-operating, net investment income of $3.8 million for the year ended September 30, 2013 compared to $6.5 million for the year ended September 30, 2012. The effective income tax rate for fiscal 2013 was a benefit of (6.2%) versus expense of 34.7% in fiscal 2012. The tax benefit in fiscal 2013 was primarily due to $2,129,000 of research and development tax credits ("R&D Credits") for fiscal years 2007 through 2013. The Company's net income was $6.7 million ($.71 per basic and diluted share) for the year ended September 30, 2013, compared to net income of $4.5 million ($.47 per basic and diluted share) for the year ended September 30, 2012.

Net revenue for the quarter ended September 30, 2013 was $7.6 million compared to $14.0 million for the quarter ended September 30, 2012, a 45.9% decrease. Traditionally the Company has an operating loss in the fourth quarter due to the seasonality of the business. The loss from operations for the quarter ended September 30, 2013 was $(3) thousand compared to $(1.4) million for the quarter ended September 30, 2012. The Company had non-operating, net investment income of $1.1 million for the quarter ended September 30, 2013 compared to $1.2 million for the quarter ended September 30, 2012. The Company had a tax benefit of $(1.2) million for the quarter ended September 30, 2013 compared to tax expense of $0.1 million for the quarter ended September 30, 2012. The tax benefit was primarily due to $1.0 million of R&D Credits. Net income for the quarter ended September 30, 2013 was $2.2 million ($.24 per basic and diluted share) compared to a net loss of $(0.4) million (a negative $(.04) per basic and diluted share) for the quarter ended September 30, 2012. 

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