Gencor Industries Inc. (GENC, Financial) filed Quarterly Report for the period ended 2010-03-31.
Gencor Industries Inc. has a market cap of $60.2 million; its shares were traded at around $7.45 with and P/S ratio of 1.06. GENC is in the portfolios of John Keeley of Keeley Fund Management, Jim Simons of Renaissance Technologies LLC.
For the quarter ended March 31, 2010, net investment interest and dividend income from the investment portfolio was $582 as compared to $573 in the 2009 comparable quarter. The net realized and unrealized gains on marketable securities were $17 for the quarter ended March 31, 2010 versus a $93 loss for the quarter ended March 31, 2009.
For the six months ended March 31, 2010, net investment interest and dividend income from the investment portfolio was $1,217 as compared to $1,052 in the 2009 comparable period. The net realized and unrealized gains on marketable securities were $185 for the six months ended March 31, 2010 versus a $2,492 loss for the six months ended March 31, 2009.
The Company amended the Credit Agreement on July 23, 2009 (the Third Amendment). The Credit Agreement was set to expire on July 31, 2009, and rather than let it expire, the Company elected to amend the agreement and reduce the amount of the Credit Facility from $20 million to $1.5 million. The Credit Facility also includes a $1.285 million limit on letters of credit, which was reduced from the original $2 million limit. The Company elected to reduce its Credit Facility because it believed the higher amount associated with the original line was not needed and an unnecessary cost. Pursuant to the Third Amendment, the Companys Credit Facility was extended through April 30, 2010. Under the Third Amendment, substantially all representations, warranties, covenants, rights, duties and obligations set forth in the original agreement continued to apply. The interest rate for advances under the Credit Facility at March 31, 2010, was at LIBOR plus 2.0% and subject to change based upon the fixed charge coverage ratio.
The Companys working capital (defined as current assets less current liabilities) was equal to $90,345 at March 31, 2010 and $88,361 at September 30, 2009. For the quarter ended March 31, 2010, accounts receivable decreased $1,388, inventories decreased $638 and customer deposits decreased $1,177 from December 31, 2009, as several
large orders were completed and shipped during the quarter. Costs and estimated earnings in excess of billings increased $1,996 from December 31, 2009, as certain jobs neared completion for shipment in April 2010. Prepaid expenses increased $1,085 from December 31, 2009, as the Company replaced letters of credit with funded deposits at insurance companies. Accounts payable were up in the quarter on raw material and supply purchases for the increased sales activity. The increase in accrued expenses includes $1.4 million for income taxes payable.
Read the The complete Report
Gencor Industries Inc. has a market cap of $60.2 million; its shares were traded at around $7.45 with and P/S ratio of 1.06. GENC is in the portfolios of John Keeley of Keeley Fund Management, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Net sales for the quarter ended March 31, 2010 and 2009 were $24,042 and $15,416, respectively. A significant part of the Companys current quarter sales was from export plant sales. Sales related to the Companys former United Kingdom operations included in the quarter ended March 31, 2009 were $275. The Company divested its operations in the United Kingdom in June 2009. The Companys operations are concentrated in the asphalt-related business and subject to a seasonal slow-down during the third and fourth quarters of the calendar year.For the quarter ended March 31, 2010, net investment interest and dividend income from the investment portfolio was $582 as compared to $573 in the 2009 comparable quarter. The net realized and unrealized gains on marketable securities were $17 for the quarter ended March 31, 2010 versus a $93 loss for the quarter ended March 31, 2009.
For the six months ended March 31, 2010, net investment interest and dividend income from the investment portfolio was $1,217 as compared to $1,052 in the 2009 comparable period. The net realized and unrealized gains on marketable securities were $185 for the six months ended March 31, 2010 versus a $2,492 loss for the six months ended March 31, 2009.
The Company amended the Credit Agreement on July 23, 2009 (the Third Amendment). The Credit Agreement was set to expire on July 31, 2009, and rather than let it expire, the Company elected to amend the agreement and reduce the amount of the Credit Facility from $20 million to $1.5 million. The Credit Facility also includes a $1.285 million limit on letters of credit, which was reduced from the original $2 million limit. The Company elected to reduce its Credit Facility because it believed the higher amount associated with the original line was not needed and an unnecessary cost. Pursuant to the Third Amendment, the Companys Credit Facility was extended through April 30, 2010. Under the Third Amendment, substantially all representations, warranties, covenants, rights, duties and obligations set forth in the original agreement continued to apply. The interest rate for advances under the Credit Facility at March 31, 2010, was at LIBOR plus 2.0% and subject to change based upon the fixed charge coverage ratio.
The Companys working capital (defined as current assets less current liabilities) was equal to $90,345 at March 31, 2010 and $88,361 at September 30, 2009. For the quarter ended March 31, 2010, accounts receivable decreased $1,388, inventories decreased $638 and customer deposits decreased $1,177 from December 31, 2009, as several
large orders were completed and shipped during the quarter. Costs and estimated earnings in excess of billings increased $1,996 from December 31, 2009, as certain jobs neared completion for shipment in April 2010. Prepaid expenses increased $1,085 from December 31, 2009, as the Company replaced letters of credit with funded deposits at insurance companies. Accounts payable were up in the quarter on raw material and supply purchases for the increased sales activity. The increase in accrued expenses includes $1.4 million for income taxes payable.
Read the The complete Report
