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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gencor Industries Inc | AMEX:GENC | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.01 | -0.06% | 17.45 | 17.68 | 17.25 | 17.68 | 32,045 | 01:00:00 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2021
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
59-0933147
|
|
(State or other jurisdiction of
incorporation or organization)
|
(IRS Employer
Identification No.)
|
Title of Each Class
|
|
Trading
Symbol(s)
|
|
Name of Exchange
on which registered
|
Common Stock ($.10 Par Value)
|
|
GENC
|
|
NASDAQ Global Market
|
Large accelerated filer | ☐ | Accelerated Filer | ☐ | |||
Non-accelerated Filer |
☒
|
Smaller Reporting Company | ☒ | |||
Emerging Growth Company
|
☐ |
Index
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Page
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Part I.
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Financial Information
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|||||
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Item 1.
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Financial Statements
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4
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5
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6
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7
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8
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Item 2.
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16
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Item 3.
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22
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Item 4.
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22
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Part II.
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Other Information
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|||||
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Item 1.
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23
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Item 1A.
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23
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Item 6.
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23
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24
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For the Quarters
June 30, |
For the Nine Months Ended
June 30, |
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Net revenue
|
$ | 24,919,000 | $ | 22,940,000 | $ | 65,235,000 | $ | 66,963,000 | ||||||||
Cost of goods sold
|
19,314,000 | 17,555,000 | 50,504,000 | 49,920,000 | ||||||||||||
Gross profit
|
|
|
5,605,000
|
|
|
|
5,385,000
|
|
|
|
14,731,000
|
|
|
|
17,043,000
|
|
|
|
|
|
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Operating expenses:
|
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|
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Product engineering and development
|
1,176,000 | 849,000 | 3,089,000 | 2,304,000 | ||||||||||||
Selling, general and administrative
|
3,202,000 | 2,522,000 | 10,235,000 | 7,465,000 | ||||||||||||
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|||||||||
4,378,000 | 3,371,000 | 13,324,000 | 9,769,000 | |||||||||||||
|
|
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|
|
|
|||||||||
Operating income
|
1,227,000 | 2,014,000 | 1,407,000 | 7,274,000 | ||||||||||||
Other income (expense), net:
|
||||||||||||||||
Interest and dividend income, net of fees
|
306,000 | 512,000 | 1,437,000 | 1,907,000 | ||||||||||||
Net realized and unrealized gains (losses) on marketable securities
|
1,386,000 | 2,888,000 | 4,873,000 | (1,465,000 | ) | |||||||||||
Other
|
— | (10,000 | ) | — | (20,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
1,692,000 | 3,390,000 | 6,310,000 | 422,000 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income before income tax expense
|
2,919,000 | 5,404,000 | 7,717,000 | 7,696,000 | ||||||||||||
Income tax expense
|
584,000 | 1,082,000 | 1,543,000 | 1,540,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income
|
$ | 2,335,000 | $ | 4,322,000 | $ | 6,174,000 | $ | 6,156,000 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic Income per Common Share:
|
||||||||||||||||
Net income per share
|
$ | 0.16 | $ | 0.30 | $ | 0.42 | $ | 0.42 | ||||||||
|
|
|
|
|
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|
|
|||||||||
Diluted Income per Common Share:
|
||||||||||||||||
Net income per share
|
$ | 0.16 | $ | 0.29 | $ | 0.42 | $ | 0.42 | ||||||||
|
|
|
|
|
|
|
|
For the Nine Months Ended June 30, 2021
|
|
|||||||||||||||||||||||||||
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|
Common Stock
|
|
|
Class B Stock
|
|
|
Capital in
Excess of |
|
|
Retained
|
|
|
Total
Shareholders’ |
|
|||||||||||||
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Par Value
|
|
|
Earnings
|
|
|
Equity
|
|
|||||||
September 30, 2020
|
12,287,337 | $ | 1,229,000 | 2,318,857 | $ | 232,000 | $ | 12,331,000 | $ | 147,428,000 | $ | 161,220,000 | ||||||||||||||||
Net income
|
—
|
— |
—
|
— | — | 1,551,000 | 1,551,000 | |||||||||||||||||||||
|
|
|
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|||||||||||||||
December 31, 2020
|
12,287,337 | $ | 1,229,000 | 2,318,857 | $ | 232,000 | $ | 12,331,000 | $ | 148,979,000 | $ | 162,771,000 | ||||||||||||||||
Net income
|
—
|
— |
—
|
— | — | 2,288,000 | 2,288,000 | |||||||||||||||||||||
Stock options exercised
|
11,000 | 1,000 | — | — | 55,000 | — | 56,000 | |||||||||||||||||||||
|
|
|
|
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|
|
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|
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|||||||||||||||
March 31, 2021
|
12,298,337 | $ | 1,230,000 | 2,318,857 | $ | 232,000 | $ | 12,386,000 | $ | 151,267,000 | $ | 165,115,000 | ||||||||||||||||
Net income
|
—
|
— |
—
|
— | — | 2,335,000 | 2,335,000 | |||||||||||||||||||||
|
|
|
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|
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|||||||||||||||
June 30, 2021
|
12,298,337 | $ | 1,230,000 | 2,318,857 | $ | 232,000 | $ | 12,386,000 | $ | 153,602,000 | $ | 167,450,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
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For the Nine Months Ended June 30, 2020
|
|
|||||||||||||||||||||||||||
|
|
Common Stock
|
|
|
Class B Stock
|
|
|
Capital in
Excess of |
|
|
Retained
|
|
|
Total
Shareholders’ |
|
|||||||||||||
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Par Value
|
|
|
Earnings
|
|
|
Equity
|
|
|||||||
September 30, 2019
|
12,277,337 | $ | 1,228,000 | 2,308,857 | $ | 231,000 | $ | 12,159,000 | $ | 141,897,000 | $ | 155,515,000 | ||||||||||||||||
Net income
|
— | — | — | — | — | 2,489,000 | 2,489,000 | |||||||||||||||||||||
Stock-based compensation
|
— | — | — | — | 18,000 | — | 18,000 | |||||||||||||||||||||
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December 31, 2019
|
12,277,337 | 1,228,000 | 2,308,857 | 231,000 | 12,177,000 | 144,386,000 | 158,022,000 | |||||||||||||||||||||
Net loss
|
— | — | — | — | — | (655,000 | ) | (655,000 | ) | |||||||||||||||||||
Stock-based compensation
|
— | — | — | — | 17,000 | — | 17,000 | |||||||||||||||||||||
|
|
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|
|
|
|
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|||||||||||||||
March 31, 2020
|
12,277,337 | 1,228,000 | 2,308,857 | 231,000 | 12,194,000 | 143,731,000 | 157,384,000 | |||||||||||||||||||||
Net income
|
— | — | — | — | — | 4,322,000 | 4,322,000 | |||||||||||||||||||||
Stock-based compensation
|
— | — | — | — | 18,000 | — | 18,000 | |||||||||||||||||||||
Stock options exercised
|
10,000 | 1,000 | 10,000 | 1,000 | 101,000 | — | 103,000 | |||||||||||||||||||||
|
|
|
|
|
|
|
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|
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|
|||||||||||||||
June 30, 2020
|
12,287,337 | $ | 1,229,000 | 2,318,857 | $ | 232,000 | $ | 12,313,000 | $ | 148,053,000 | $ | 161,827,000 | ||||||||||||||||
|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended
June 30,
|
|
|||||
|
|
2021
|
|
|
2020
|
|
||
Cash flows from operations:
|
|
|
||||||
Net income
|
$ | 6,174,000 | $ | 6,156,000 | ||||
Adjustments to reconcile net income to cash flows provided by operating activities:
|
||||||||
Purchases of marketable securities
|
(101,040,000 | ) | (112,668,000 | ) | ||||
Proceeds from sale and maturity of marketable securities
|
99,638,000 | 110,805,000 | ||||||
Change in fair value of marketable securities
|
(4,445,000 | ) | 1,510,000 | |||||
Deferred income taxes
|
457,000 | (2,066,000 | ) | |||||
Depreciation and amortization
|
1,931,000 | 1,244,000 | ||||||
Provision for doubtful accounts
|
125,000 | 50,000 | ||||||
Stock-based compensation
|
—
|
53,000 | ||||||
Changes in assets and liabilities:
|
||||||||
Accounts receivable
|
(1,253,000 | ) | (56,000 | ) | ||||
Costs and estimated earnings in excess of billings
|
7,090,000 | 3,774,000 | ||||||
Inventories (excluding the effect of the Blaw-Knox acquisition)
|
(3,357,000 | ) | 804,000 | |||||
Prepaid expenses and other current assets
|
(44,000 | ) | (1,150,000 | ) | ||||
Accounts payable
|
2,678,000 | 182,000 | ||||||
Customer deposits
|
(92,000 | ) | 733,000 | |||||
Accrued expenses and other current liabilities
|
268,000 | 34,000 | ||||||
|
|
|
|
|||||
Total adjustments
|
1,956,000 | 3,249,000 | ||||||
|
|
|
|
|||||
Cash flows provided by operating activities
|
8,130,000 | 9,405,000 | ||||||
|
|
|
|
|||||
Cash flows used in investing activities:
|
||||||||
Acquisition of Blaw-Knox assets
|
(13,777,000 | ) | — | |||||
Capital expenditures
|
(2,449,000 | ) | (1,246,000 | ) | ||||
|
|
|
|
|||||
Cash flows used in investing activities
|
(16,226,000 | ) | (1,246,000 | ) | ||||
|
|
|
|
|||||
Cash flows from financing activities:
|
||||||||
Proceeds from stock option exercises
|
56,000 | 103,000 | ||||||
|
|
|
|
|||||
Cash flows provided by financing activities
|
56,000 | 103,000 | ||||||
|
|
|
|
|||||
Net increase (decrease) in cash
|
(8,040,000 | ) | 8,262,000 | |||||
Cash at:
|
||||||||
Beginning of period
|
35,584,000 | 10,302,000 | ||||||
|
|
|
|
|
||||
End of period
|
$ | 27,544,000 | $ | 18,564,000 | ||||
|
|
|
|
|||||
Non-cash
investing activities:
|
||||||||
Operating lease
right-of-use
|
$ | 254,000 | $ | — | ||||
Operating lease liabilities
|
$ | 254,000 | $ | — |
Fair Value Measurements | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equities
|
$ | 14,679,000 | $ | — | $ | — | $ | 14,679,000 | ||||||||
Mutual Funds
|
10,341,000 | — | — | 10,341,000 | ||||||||||||
Exchange-Traded Funds
|
9,545,000 | — | — | 9,545,000 | ||||||||||||
Corporate Bonds
|
— | 25,229,000 | — | 25,229,000 | ||||||||||||
Government Securities
|
30,998,000 | — | — | 30,998,000 | ||||||||||||
Cash and Money Funds
|
4,553,000 | — | — | 4,553,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
|
$ | 70,116,000 | $ | 25,229,000 | $ | — | $ | 95,345,000 | ||||||||
|
|
|
|
|
|
|
|
Fair Value Measurements | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equities
|
$ | 11,949,000 | $ | — | $ | — | $ | 11,949,000 | ||||||||
Mutual Funds
|
9,595,000 | — | — | 9,595,000 | ||||||||||||
Exchange-Traded Funds
|
10,344,000 | — | — | 10,344,000 | ||||||||||||
Corporate Bonds
|
— | 27,877,000 | — | 27,877,000 | ||||||||||||
Government Securities
|
16,147,000 | — | — | 16,147,000 | ||||||||||||
Cash and Money Funds
|
13,586,000 | — | — | 13,586,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
|
$ | 61,621,000 | $ | 27,877,000 | $ | — | $ | 89,498,000 | ||||||||
|
|
|
|
|
|
|
|
June 30, 2021 | September 30, 2020 | |||||||
Raw materials
|
$ | 27,057,000 | $ | 14,607,000 | ||||
Work in process
|
7,179,000 | 3,633,000 | ||||||
Finished goods
|
6,556,000 | 8,810,000 | ||||||
Used equipment
|
40,000 | 40,000 | ||||||
|
|
|
|
|||||
$ | 40,832,000 | $ | 27,090,000 | |||||
|
|
|
|
June 30,
|
September 30, 2020 | |||||||
Costs incurred on uncompleted contracts
|
$ | 7,975,000 | $ | 10,390,000 | ||||
Estimated earnings
|
3,368,000 | 4,680,000 | ||||||
|
|
|
|
|||||
11,343,000 | 15,070,000 | |||||||
Billings to date
|
12,028,000 | 8,665,000 | ||||||
|
|
|
|
|||||
Costs and estimated earnings in excess of billings
|
$ | — | $ | 6,405,000 | ||||
Bill
ings in excess
of costs and estimated
earnings
|
|
$
|
685,000
|
|
|
$
|
—
|
|
|
|
|
|
Quarter Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net Income
|
$ | 2,335,000 | $ | 4,322,000 | $ | 6,174,000 | $ | 6,156,000 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Common Shares:
|
||||||||||||||||
Weighted average common shares outstanding
|
14,617,000 | 14,601,000 | 14,613,000 | 14,592,000 | ||||||||||||
Effect of dilutive stock options
|
132,000 | 118,000 | 129,000 | 125,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted shares outstanding
|
14,749,000 | 14,719,000 | 14,742,000 | 14,717,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic:
|
||||||||||||||||
Net earnings per share
|
$ | 0.16 | $ | 0.30 | $ | 0.42 | $ | 0.42 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted:
|
||||||||||||||||
Net earnings per share
|
$ | 0.16 | $ | 0.29 | $ | 0.42 | $ | 0.42 | ||||||||
|
|
|
|
|
|
|
|
Quarter Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Equipment sales recognized over time
|
$ | 6,507,000 | $ | 10,350,000 | $ | 14,509,000 | $ | 32,269,000 | ||||||||
Equipment sales recognized at a point in time
|
12,258,000 | 8,995,000 | 31,959,000 | 20,946,000 | ||||||||||||
Parts and component sales
|
5,240,000 | 2,671,000 | 16,001,000 | 10,492,000 | ||||||||||||
Freight revenue
|
996,000 | 822,000 | 2,888,000 | 2,926,000 | ||||||||||||
Other
|
(82,000 | ) | 102,000 | (122,000 | ) | 330,000 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net revenue
|
$ | 24,919,000 | $ | 22,940,000 | $ | 65,235,000 | $ | 66,963,000 | ||||||||
|
|
|
|
|
|
|
|
June 30, 2021 | September 30, 2020 | |||||||
Operating lease ROU asset included in other long-term assets
|
$ | 894,000 | $ | 942,000 | ||||
Current operating lease liability
|
403,000 | 328,000 | ||||||
Non-current
operating lease liability
|
491,000 | 614,000 | ||||||
Weighted average remaining lease term (in years)
|
2.25 | 2.92 | ||||||
Weighted average discount rate used in calculating ROU asset
|
4.0 | % | 4.0 | % |
Fiscal Year
|
Annual Lease Payments | |||
2021 (remaining 3 months)
|
$ | 116,000 | ||
2022
|
419,000 | |||
2023
|
400,000 | |||
|
|
|||
Total
|
935,000 | |||
Less interest
|
(41,000 | ) | ||
|
|
|||
Present value of lease liabilities
|
$ | 894,000 | ||
|
|
Exhibit 31.1 | Certification of Chief Executive Officer Pursuant to Rule 13a – 14(a) of the Securities Exchange Act of 1934, as amended | |
Exhibit 31.2 | Certification of Chief Financial Officer Pursuant to Rule 13a – 14(a) of the Securities Exchange Act of 1934, as amended | |
Exhibit 32 | Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U. S. C. Section 1350 | |
Exhibit 101.1 | Interactive Data File | |
101.INS | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
101.SCH | XBRL Schema Document | |
101.CAL | XBRL Calculation Linkbase Document | |
101.DEF | XBRL Definition Linkbase Document | |
101.LAB | XBRL Label Linkbase Document | |
101.PRE | XBRL Presentation Linkbase Document | |
104 |
The cover page from the Company’s Quarterly Report on Form
10-Q
for the quarter ended June 30, 2021, formatted in Inline XBRL (included in Exhibit 101)
|
GENCOR INDUSTRIES, INC. |
/s/ John E. Elliott
|
John E. Elliott |
Chief Executive Officer |
August 11, 2021 |
/s/ Eric E. Mellen
|
Eric E. Mellen |
Chief Financial Officer |
(Principal Financial and Accounting Officer) |
August 11, 2021 |
1 Year Gencor Industries Chart |
1 Month Gencor Industries Chart |
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