|Gencor Releases Third Quarter Fiscal 2010 Results
FRIDAY, AUGUST 13, 2010 10:13 AM
ORLANDO, Fla., Aug 13, 2010 (GlobeNewswire via COMTEX) -- Gencor Industries, Inc., (GENC) announced today that revenue for the quarter ended June 30, 2010 was $12.7 million compared to revenue of $11.7 million for the quarter ended June 30, 2009, an increase of 8.7%. Gross margins decreased to 11.9% for the quarter ended June 30, 2010 from 16.7% for the quarter ended June 30, 2009. Operating losses for the quarter ended June 30, 2010 were $1.5 million compared to $1.2 million of operating losses for the quarter ended June 30, 2009.
The Company had a non-operating loss of $609,000 for the quarter ended June 30, 2010 compared to non-operating income of $271,000 for the quarter ended June 30, 2009. As a result, the Company had a net loss of $1.6 million (a negative $.16 per diluted share) for the quarter ended June 30, 2010, compared to a net loss of $728,000 (a negative $.08 per diluted share) for the quarter ended June 30, 2009.
At June 30, 2010 the Company had $71.4 million of cash and marketable securities, an increase of $10.2 million over September 30, 2009. Net working capital was $88.5 million at June 30, 2010. The Company has no short term or long term debt.
E.J. Elliott, Gencor's Chairman, stated, "That although revenues for the quarter just completed were up by 8.7%, the road and infrastructure industries continue to underperform due to lack of funding from both the federal as well as state governments. As a consequence, the few capital goods sales opportunities which arise are subjected to severe competition and lower margins. The modest increase in revenues for the quarter ended June 30, 2010 compared to the prior year is an indication that the U.S. road building industry continues to languish under the current economic conditions and the failure to reauthorize a much needed multi-year Highway Bill. Until such time when President Obama and Congress get serious about job creation and infrastructure funding, road building will continue to suffer. Therefore, the near-term outlook for our industry will continue to remain uncertain for the remainder of 2010."
Mr. Elliott went on to say, "We continue to look at our cost structure, and have taken other actions to preserve our strong balance sheet. Our strategy is to continue to invest heavily in product engineering and development, which will allow us to maintain our position as the technology leader in our field and strengthen our market position when the industry recovers. We feel these will position us well for 2011 and beyond."
Gencor Industries is a diversified heavy machinery manufacturer for the production of highway construction materials, synthetic fuels and environmental control machinery and equipment used in a variety of applications.
|Nada. Will try calling them again.|
|Afraid not. So much for 'keeping shareholders updated'. Any idea whether there is a regulatory body that actually gives a sh*t about shareholders once a company is delisted? Seems to me that it's all too easy to just close up shop and disappear, but I for one would like to screw some pressure onto this lot - and others... ENM for one.|
|Any fellow shareholders managed to find anything out?
The telephone rings but nody answers and the webpage is still up.|
|there's been nothing in the press either. whenever I phone them up they aren't very helpful, kinda get the feeling that they are stonewalling me.|
|Cash: not a bloody peep. No listing = no requirement anymore to keep mugs, er I mean investors informed. Either that or they're all at lunch.|
|Anybody heard anything at all about anything to do with genc? Whenever I phone them I get phobbed off.|
|Casholaa - I'm sorry to say the prognosis doesn't look good, but I hope for your sake it will turn out to be ok. 50K shares is under £500, so I hope it won't be the end of the world for you even if it is dead. My thoughts are for the staff at this stage.|
|Wooly, i think genc have 30 days to get a new broker or they get de-listed under the aim rules (dyor). I think they wanted to de-list to save money anyway. I have 50,000 reasons to see this company survive... I don't know what is happening with it though, for all I know it's completely stuffed.|
|What's the difference between a temporary suspension and a permanent one? In Gen Cap's case probably just the spelling :-(|
|soemone settling a short maybe? aount seems a bit small for that. i wouldn't read anything in to it. one way ticket IMHO. DYOR|
|didn't lift the bid I notice - only a 50% spread now ;)|
|First trade of the day
was 2500 quid's worth (buy)
why do that on a penny dreadful? A pure punt or (better) news coming perhaps?
|GRLZ - Thanks for your thoughts. We're basically in agreement here. I too am uncertain about DAV (don't have confidence in their model) and believe CTT is dead. My personal opinion is that PCF is better run and their figures are genuine (unlike CTT and GENC), but they too will face challenges as the whole sector is under pressure. I think their share price reflects that, but it's hard to know whether the next movement is north or south!|
|Wooly - I wasn't having a go, just picking up on a detail you yourself posted.
Today's RNS...in two words: Game over!
We basically have been saying the same thing, although you thought last year there was a chance that it may go better than today's RNS sets out were as I have never been a fan given this was being pumped by wannabe rampers last June and nothing since has changed my view.
I posted back in January, I thought it was heading for admin and how it's managed to stay out of receivership is amazing. I can only assume calling in £30+ million of loans probably worth zero is to unpalatable even for GENCs panel Banks at the moment.
To be fair there is some background noise, like existing business being written and possible asset sales that could be made but as GENC tell it this won't translate into any shareholder value going forward and they are most likely delisting from AIM so those unlucky enough to be still holding are getting bent over anyway...
imho in the current climate indebted quoted niche lenders like GENC are finished as there is nothing to build on and the foundations of sand are crumbling with their warehouse banking panels effectively calling the shots - CTT and DAV come to mind. Better to throw shrapnel at the majors like LLOY or BARC and hope for an upturn as when the cycle of good-times starts over once again it will be unencumbered new entrants who will getting loved up with the majors and writing business not indebted dogs like GENC.
|grlz - any views on today's RNS's? Still think my warning weren't appropriate?|
|grlz - like other PI's, I listen to opinions of others and assess their merits. Most of us are not omniscient and welcome others views (isn't that the point of BB's), and whilst I have no specific knowledge of the company or its business (a fact which is important as I don't want anyone to make decisions in the wrongful belief I have inside information) I do understand the markets they operate in.
Go back to my post 211 above
"19 Sep'08 - 15:54 - 211 of 262
what makes you think GENC is worth supporting? I think you'll find there are more write downs to come on the investments and undoubtedly bad debts in the portfolio. I suspect that this will be bust within 6 months, but that's purely my personal opinion so DYOR."
At the time the shares were well in excess of 5p. If my thoughts saved anyone money, I'm happy that I posted them.|
|I have no specific knowledge of the company or its business
why are u posting then and wasting everyones time..|
|What an awful RNS last week. Nobody who wanted to do due diligence was prepared to make a bid at all and write-offs nearly half of carrying values. Ther's clearly little worth in the business, it's just a question of whether or not the bankers continue to support, which must be doubtful as the lease book is undoubtedly suffering too. I assume that the same management made the decision on who to lease to as who to invest in, so surely this can only be a very high risk investment. If I'd made the mistake of investing, I'd caash in at 1P per share as I think they'll be bust soon. Don't forget tehy changed the accounting date on day 365 of the year. Looks like a basket case to me, but please DYOR as I have no specific knowledge of the company or its business.|
|I don't know, but whoever bothered to sell 1,000 shares at this price must think they're on their way.|
|where are the administrators ?|
|Up on very low volume, so i wouldn't read anything into that.|
|up 14% today
is this volatility just before a delist or what?
About time the company did an RNS in 2009|
|admin by friday imho|