GENCOR INDUSTRIES INC Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>GENCOR INDUSTRIES INC filed its quarterly report (10-Q) for the period ending December 31, 2023, detailing its financial performance and position.</b>

AI Summary

GENCOR INDUSTRIES INC (GENC) filed a Quarterly Report (10-Q) with the SEC on February 6, 2024. GENCOR INDUSTRIES INC filed a 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 30th. GENCOR INDUSTRIES INC is incorporated in Delaware. The company's business and mailing address is in Orlando, Florida.

Why It Matters

For investors and stakeholders tracking GENCOR INDUSTRIES INC, this filing contains several important signals. This filing provides investors with an updated view of GENCOR INDUSTRIES INC's financial health and operational performance for the most recent quarter. Understanding the details within this 10-Q is crucial for assessing the company's current standing and future prospects in the construction machinery and equipment sector.

Risk Assessment

Risk Level: medium — GENCOR INDUSTRIES INC shows moderate risk based on this filing. The filing is a standard quarterly report, which typically contains routine financial information. However, specific financial performance metrics and potential risks detailed within the report could elevate the risk level.

Analyst Insight

Review the financial statements and risk factors within the 10-Q to understand GENCOR INDUSTRIES INC's current financial performance and any emerging risks.

Key Numbers

• 2023-12-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-02-06 — Filing Date (FILED AS OF DATE)
• 0930 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• GENCOR INDUSTRIES INC (company) — FILER
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-02-06 (date) — FILED AS OF DATE
• 0000064472 (company) — CENTRAL INDEX KEY
• 3531 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (state) — STATE OF INCORPORATION
• 0930 (date) — FISCAL YEAR END
• ORLANDO (location) — CITY

Forward-Looking Statements

• Gencor Industries Inc. will likely report continued strong sales growth in the next quarter. (Gencor Industries Inc.) — medium confidence, target: 2024-03-31
• The company's profitability will remain positive, building on the strong Q1 performance. (Gencor Industries Inc.) — medium confidence, target: 2024-03-31

FAQ

Industry Context

GENCOR INDUSTRIES INC operates in the Construction Machinery & Equipment industry (SIC 3531).

Regulatory Implications

This filing is a Form 10-Q, a standard quarterly report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Examine the Management's Discussion and Analysis for operational insights.
3. Review any disclosed risk factors for potential business challenges.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending December 31, 2023. Previous filings would need to be compared for specific changes.

Filing Documents

• d691905d10q.htm (10-Q) — 492KB
• d691905dex311.htm (EX-31.1) — 11KB
• d691905dex312.htm (EX-31.2) — 11KB
• d691905dex32.htm (EX-32) — 5KB
• 0001193125-24-025282.txt (&nbsp;) — 3150KB
• genc-20231231.xsd (EX-101.SCH) — 29KB
• genc-20231231_cal.xml (EX-101.CAL) — 29KB
• genc-20231231_def.xml (EX-101.DEF) — 103KB
• genc-20231231_lab.xml (EX-101.LAB) — 218KB
• genc-20231231_pre.xml (EX-101.PRE) — 169KB
• d691905d10q_htm.xml (XML) — 465KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets – December 31, 2023 (Unaudited)and September 30, 2023 4 Condensed Consolidated Income Statements – Quarters Ended December 31, 2023 and 2022 (Unaudited) 5 Condensed Consolidated Statements of Shareholders' Equity – Quarters Ended December 31, 2023 and 2022 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows – Quarters Ended December 31, 2023 and 2022 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 19 Item 4.

Controls and Procedures

Controls and Procedures 19 Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1A.

Risk Factors

Risk Factors 20 Item 5. Other Information 20 Item 6. Exhibits 21

Signatures

Signatures 22 2 Table of Contents Introductory Note: Caution Concerning Forward-Looking Statements This Quarterly Report on Form 10-Q (this "Quarterly Report") and the Company's other communications and statements may contain certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements about the Company's beliefs, plans, objectives, goals, expectations, estimates, projections and intentions. All forward-looking statements, by their nature, are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company's control. The Company's actual future results may differ materially from those set forth in the Company's forward-looking statements depending on a variety of important factors, including the financial condition of the Company's customers, changes in the economic and competitive environments and demand for the Company's products. In addition, the impact of the invasion by Russia into Ukraine and the conflict between Israel and Hamas, as well as actions taken by other countries, including the U.S., in response to such conflicts, could result in a disruption in our supply chain and higher costs of our products. The words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "target," "goal," and similar expressions are intended to identify forward-looking statements. For information concerning these factors and related matters, see the following sections of the Company's Annual Report on Form 10-K for the year ended September 30, 2023: (a) Part I, Item 1A, "Risk Factors" and (b) Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations". However, other factors besides those referenced could adversely affect the Company's results, an

Financial Information

Part I. Financial Information Item1. Financial Statements GENCOR INDUSTRIES, INC. Condensed Consolidated Balance Sheets December 31, 2023 (Unaudited) September 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 18,559,000 $ 17,031,000 Marketable securities at fair value (cost of $ 86,134,000 at December 31, 2023 and $ 85,514,000 at September 30, 2023) 86,231,000 84,252,000 Accounts receivable, less allowance for doubtful accounts of $ 485,000 at December 31, 2023 and $ 545,000 at September 30, 2023 4,028,000 2,467,000 Costs and estimated earnings in excess of billings 6,164,000 1,508,000 Inventories, net 72,209,000 71,527,000 Prepaid expenses and other current assets 2,377,000 2,169,000 Total current assets 189,568,000 178,954,000 Property and equipment, net 12,947,000 13,246,000 Deferred and other income taxes 2,855,000 3,167,000 Other long-term assets 288,000 381,000 Total Assets $ 205,658,000 $ 195,748,000 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,709,000 $ 3,269,000 Customer deposits 12,702,000 6,815,000 Accrued expenses 3,103,000 3,753,000 Current operating lease liabilities 235,000 328,000 Total current liabilities 19,749,000 14,165,000 Total liabilities 19,749,000 14,165,000 Commitments and contingencies Shareholders' equity: Preferred stock, par value $ .10 per share; 300,000 shares authorized; none issued — — Common stock, par value $ .10 per share; 15,000,000 shares authorized; 12,338,845 shares issued and outstanding at December 31, 2023 and September 30, 2023 1,234,000 1,234,000 Class B Stock, par value $ .10 per share; 6,000,000 shares authorized; 2,318,857 shares issued and outstanding at December 31, 2023 and September 30, 2023 232,000 232,000 Capital in excess of par value 12,590,000 12,590,000 Retained earnings 171,853,000 167,527,000 Total shareholders' equity 185,909,000

View Full Filing

View this 10-Q filing on SEC EDGAR