GENCOR INDUSTRIES INC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>GENCOR INDUSTRIES INC filed its quarterly 10-Q report detailing financial performance and position as of March 31, 2024.</b>

AI Summary

GENCOR INDUSTRIES INC (GENC) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. GENCOR INDUSTRIES INC filed a 10-Q report for the period ending March 31, 2024. The filing covers financial information for the fiscal quarter ending March 31, 2024, and comparative periods. Key financial statement items such as Cash and Cash Equivalents, U.S. Treasury and Government Short-term Debt Securities, Corporate Bond Securities, and Exchange Traded Funds are detailed. The report includes information on current liabilities and common stock classes. Details regarding new lease agreements, including those related to the Blaw-Knox product line from Volvo CE, are provided.

Why It Matters

For investors and stakeholders tracking GENCOR INDUSTRIES INC, this filing contains several important signals. This 10-Q provides investors with an updated view of GENCOR INDUSTRIES INC's financial health and operational status for the most recent quarter. The detailed breakdown of assets, liabilities, and investments allows for a comprehensive analysis of the company's financial stability and risk exposure.

Risk Assessment

Risk Level: medium — GENCOR INDUSTRIES INC shows moderate risk based on this filing. The filing contains standard disclosures for a 10-Q, indicating a routine reporting cycle without immediate red flags, but the nature of the construction machinery industry can be cyclical and subject to economic downturns.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-Q to assess GENCOR INDUSTRIES INC's current financial performance and future outlook.

Key Numbers

• 2024-03-31 — Report Date (Period ending date for the 10-Q filing)
• 2023-03-31 — Prior Year Quarter End (Comparative financial period)
• 2023-09-30 — Prior Fiscal Year End (Reference point for financial comparisons)
• 0930 — Fiscal Year End (Company's fiscal year end date)

Key Players & Entities

• GENCOR INDUSTRIES INC (company) — Filer of the 10-Q report
• 2024-03-31 (date) — Period of report for the 10-Q
• 2023-03-31 (date) — Comparative period in the filing
• 2023-09-30 (date) — Prior fiscal year end
• 5201 N ORANGE BLOSSOM TRAIL (address) — Business address of GENCOR INDUSTRIES INC
• ORLANDO (location) — City of GENCOR INDUSTRIES INC's business address
• DE (location) — State of incorporation for GENCOR INDUSTRIES INC
• Blaw-Knox (company) — Product line mentioned in lease agreements

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company notes a risk related to customer concentration, indicating that a significant portion of revenue may depend on a small number of customers.

Key Dates

• 2024-03-31: Quarterly Period End — Financial data reported in the 10-Q pertains to this date.
• 2023-03-31: Prior Year Quarter End — Used for year-over-year comparison of financial performance.
• 2023-09-30: Prior Fiscal Year End — Reference point for balance sheet items.

Filing Documents

• d818339d10q.htm (10-Q) — 592KB
• d818339dex311.htm (EX-31.1) — 10KB
• d818339dex312.htm (EX-31.2) — 11KB
• d818339dex32.htm (EX-32) — 4KB
• 0001193125-24-135800.txt (&nbsp;) — 3193KB
• genc-20240331.xsd (EX-101.SCH) — 30KB
• genc-20240331_cal.xml (EX-101.CAL) — 32KB
• genc-20240331_def.xml (EX-101.DEF) — 100KB
• genc-20240331_lab.xml (EX-101.LAB) — 214KB
• genc-20240331_pre.xml (EX-101.PRE) — 165KB
• d818339d10q_htm.xml (XML) — 409KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets – March 31, 2024 (Unaudited) and September 30, 2023 4 Condensed Consolidated Income Statements – Quarters and Six Months Ended March 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Shareholders' Equity – Six Months Ended March 31, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows – Six Months Ended March 31, 2024 and 2023 (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 15 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21 Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 5. Other Information 22 Item 6. Exhibits 23

Signatures

Signatures 24 2 Table of Contents 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, and you should not co

Financial Information

Part I. Financial Information Item1. Financial Statements GENCOR INDUSTRIES, INC. Condensed Consolidated Balance Sheets March 31, 2024 (Unaudited) September 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 30,213,000 $ 17,031,000 Marketable securities at fair value (cost of $ 87,006,000 at March 31, 2024 and $ 85,514,000 at September 30, 2023) 86,894,000 84,252,000 Accounts receivable, less allowance for credit losses of $ 398,000 at March 31, 2024 and $ 545,000 at September 30, 2023 5,758,000 2,467,000 Costs and estimated earnings in excess of billings 2,469,000 1,508,000 Inventories, net 63,732,000 71,527,000 Prepaid expenses and other current assets 1,216,000 2,169,000 Total current assets 190,282,000 178,954,000 Property and equipment, net 12,296,000 13,246,000 Deferred and other income taxes 2,902,000 3,167,000 Other long-term assets 562,000 381,000 Total Assets $ 206,042,000 $ 195,748,000 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,944,000 $ 3,269,000 Customer deposits 7,945,000 6,815,000 Accrued expenses 2,513,000 3,753,000 Current operating lease liabilities 357,000 328,000 Total current liabilities 13,759,000 14,165,000 Non-current operating lease liabilities 152,000 — Total liabilities 13,911,000 14,165,000 Commitments and contingencies Shareholders' equity: Preferred stock, par value $ .10 per share; 300,000 shares authorized; no ne issued — — Common stock, par value $ .10 per share; 15,000,000 shares authorized; 12,338,845 shares issued and outstanding at March 31, 2024 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 March 31, 2024 and September 30, 2023 232,000 232,000 Capital in excess of par value 12,590,000 12,590,000 Retained earnings 178,075,000 167,527,000 Tot

View Full Filing

View this 10-Q filing on SEC EDGAR