Gencor Releases Fiscal Year And Fourth Quarter 2012 Results

ORLANDO, Fla., Dec. 14, 2012 (GLOBE NEWSWIRE) -- Gencor Industries, Inc., (Nasdaq:GENC) announced today net revenue for the year ended September 30, 2012 was $63.2 million compared to $59.7 million for the year ended September 30, 2011, a 5.8% increase. Gross margin as a percentage of net revenue increased to 19.0% for the year ended September 30, 2012 from 15.8% for the year ended September 30, 2011. Operating income for the year ended September 30, 2012 was $0.4 million compared to an operating loss of $(1.7) million for the year ended September 30, 2011.

The Company had non-operating, net investment income of $6.5 million for the year ended September 30, 2012 compared to a non-operating, net investment loss of $(0.8) million for the year ended September 30, 2011. The Company's net income was $4.5 million ($.47 per basic and diluted share) for the year ended September 30, 2012, compared to net income of $0.2 million ($.02 per basic and diluted share) for the year ended September 30, 2011.

Net revenue for the quarter ended September 30, 2012 was $14.0 million compared to $12.2 million for the quarter ended September 30, 2011, a 15.0% increase. The loss from operations for the quarter ended September 30, 2012 and 2011 was $(1.4) million. The net loss for the quarter ended September 30, 2012 was $(0.4) million (a negative $(.04) per basic and diluted share) compared to a net loss of $(4.4) million (a negative $(.46) per basic and diluted share) for the quarter ended September 30, 2011.

At September 30, 2012 the Company had $84.7 million in cash and marketable securities, an increase of $10.5 million over the September 30, 2011 balance of $74.2 million. Net working capital was $96.2 million at September 30, 2012. The Company had no short or long term debt.

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