UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report: May 13, 2011
(Date of earliest event reported)
GENCOR INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
5201 North Orange Blossom Trail, Orlando, Florida 32810
(Address of principal executive offices) (Zip Code)
(407) 290-6000
(Registrants telephone number, including area code)
Delaware | 001-11703 | 59-0933147 | ||
(State or other jurisdiction of incorporated or organization) |
Commission File Number |
(I.R.S. Employer Identification No.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On May 13, 2011, Gencor Industries, Inc. issued a press release announcing its financial results for the fiscal second quarter of 2011. A copy of the press release is attached as Exhibit 99.1.
The information in this Form 8-K and the Exhibit attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) | Exhibits |
99.1 | Earnings Release dated May 13, 2011 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GENCOR INDUSTRIES, INC. | ||||
May 13, 2011 | By: | /s/ E.J. Elliott | ||
E.J. Elliott, Chairman and Chief Executive Officer | ||||
May 13, 2011 | By: | /s/ Marc G. Elliott | ||
Marc G. Elliott, President |
Index to Exhibits
Exhibits |
Description | |
99.1 |
Earnings Release dated May 13, 2011 |
Exhibit 99.1
GENCOR RELEASES SECOND QUARTER FISCAL 2011 RESULTS
May 13, 2011 (PRIME NEWSWIRE) - Gencor Industries, Inc., (Nasdaq: GENC) announced today that revenue for the quarter ended March 31, 2011 was $16.7 million compared to revenue of $24.0 million for the quarter ended March 31, 2010. Gross margin as a percentage of sales decreased to 16.0% for the quarter ended March 31, 2011 from 25.8% for the quarter ended March 31, 2010. Operating income for the quarter ended March 31, 2010 was $2.7 million compared to a $0.2 million operating loss for the quarter ended March 31, 2011.
The Company had non-operating, net investment income of $1.1 million for the quarter ended March 31, 2011 compared to a non-operating, net investment income of $0.6 million for the quarter ended March 31, 2010. The Company had net income of $2.5 million ($.26 per diluted share) for the quarter ended March 31, 2011, compared to net income of $2.7 million ($.28 per diluted share) for the quarter ended March 31, 2010.
At March 31, 2011 the Company had $83.6 million of cash and marketable securities, an increase of $7.3 million over the September 30, 2010 balance of $76.3 million. Net working capital was $94.3 million at March 31, 2011. The Company has no short or long term debt.
E. J. Elliott, Gencors Chairman, stated, Our sales in the second quarter of fiscal 2011, although up $7.8 million from the prior quarter, were still disappointing. We saw our typical slow-downs in the third and fourth quarters of the calendar year push into the first quarter. We attributed the delay in our normal order input patterns to our customers awaiting the outcome of the November mid-term elections. We have seen significant improvement in order input in recent months and expect the fiscal third quarter revenues and operating results to be much improved over the second quarter. Longer term we remain uncertain as to the state of the overall economy and what impact the current budget crisis and infrastructure funding decisions of congress will have on our financial performance.
Mr. Elliott went on to say, We have begun to see the impact of rising oil and steel prices on our business. Where possible, we will pass these costs onto our customers. However, in the current economic environment, sales opportunities that do arise continue to be subject to severe competition and lower margins. We will continue to examine our internal processes and related cost structure, making any necessary improvements to preserve our strong balance sheet. In the long run, we believe our strategy to invest in product engineering and development and focus on providing our customers with high quality products and superior service will position us well for the future. We continue to evaluate all opportunities for expansion within our business sector.
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.
Caution Concerning Forward Looking Statements - This press release and our other communications and statements may contain forward-looking statements, including statements about our beliefs, plans, objectives, goals, expectations, estimates, projections and intentions. These statements are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. The words may, could, should, would, believe, anticipate, estimate, expect, intend, plan, target, goal, and similar expressions are intended to identify forward-looking statements. All forward-looking statements, by their nature, are subject to risks and uncertainties. Our actual future results may differ materially from those set forth in our forward-looking statements. For information concerning these factors and related matters, see our Annual Report on Form 10-K for the year ended September 30, 2010; (a) Risk Factors in Part I, Item 1A and (b) Managements Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7. However, other factors besides those referenced could adversely affect our results, and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties. Any forward-looking statements made by us herein speak as of the date of this press release. We do not undertake to update any forward-looking statement, except as required by law.
Contact: | Jeanne Lyons | |
Corporate Secretary | ||
407-290-6000 |