10-Q Filing

GENCOR INDUSTRIES INC CIK: 64472 Q2 2019

Filing Information

Form Type	10-Q
Accession Number	`0001193125-19-136087`
Period End Date	20190331
Filing Date	20190503
Fiscal Year	2019
Fiscal Period	Q2
XBRL Instance	genc-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 60 Cash Flow Statement 49 Stockholders Equity 24

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Marketable securities, cost	`MarketableSecurities`	$103.63M	USD	Point-in-time
Marketable securities, cost	`MarketableSecurities`	$103.75M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$285.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$313.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.59M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	300,000.00	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	300,000.00	shares	Point-in-time
Marketable securities at fair value (cost $103,629,000 at March 31, 2019 and $103,751,000 at September 30, 2018)	`MarketableSecuritiesCurrent`	$103.16M	USD	Point-in-time
Marketable securities at fair value (cost $103,629,000 at March 31, 2019 and $103,751,000 at September 30, 2018)	`MarketableSecuritiesCurrent`	$104.06M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $285,000 at March 31, 2019 and $313,000 at September 30, 2018	`AccountsReceivableNetCurrent`	$993.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $285,000 at March 31, 2019 and $313,000 at September 30, 2018	`AccountsReceivableNetCurrent`	$2.41M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsAndEstimatedEarningsInExcessOfBillingsOnUncompletedContractsCurrent`	$14.01M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsAndEstimatedEarningsInExcessOfBillingsOnUncompletedContractsCurrent`	$11.90M	USD	Point-in-time
Inventories, net	`InventoryNet`	$20.14M	USD	Point-in-time
Inventories, net	`InventoryNet`	$18.21M	USD	Point-in-time
Prepaid expenses & other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$926.00K	USD	Point-in-time
Prepaid expenses & other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.90M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$152.23M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$145.08M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.37M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.89M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$53.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$53.00K	USD	Point-in-time
Total Assets	`Assets`	$160.65M	USD	Point-in-time
Total Assets	`Assets`	$153.02M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.15M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.84M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$4.56M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$4.02M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.29M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.08M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.46M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.49M	USD	Point-in-time
Deferred and other income taxes	`DeferredTaxLiabilitiesNoncurrent`	$2.36M	USD	Point-in-time
Deferred and other income taxes	`DeferredTaxLiabilitiesNoncurrent`	$2.20M	USD	Point-in-time
Total liabilities	`Liabilities`	$10.84M	USD	Point-in-time
Total liabilities	`Liabilities`	$10.66M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, par value $.10 per share; 300,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $.10 per share; 300,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$11.90M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$11.86M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$128.86M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$136.64M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$142.18M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$131.55M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$142.51M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$128.92M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$135.41M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$149.99M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$160.65M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$153.02M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$53.95M	USD	2 Qtrs
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$26.67M	USD	1 Quarter
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$48.00M	USD	2 Qtrs
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$30.83M	USD	1 Quarter
Production costs	`CostOfRevenue`	$16.76M	USD	1 Quarter
Production costs	`CostOfRevenue`	$22.06M	USD	1 Quarter
Production costs	`CostOfRevenue`	$33.17M	USD	2 Qtrs
Production costs	`CostOfRevenue`	$40.10M	USD	2 Qtrs
Product engineering and development	`ResearchAndDevelopmentExpense`	$1.55M	USD	2 Qtrs
Product engineering and development	`ResearchAndDevelopmentExpense`	$758.00K	USD	1 Quarter
Product engineering and development	`ResearchAndDevelopmentExpense`	$1.46M	USD	2 Qtrs
Product engineering and development	`ResearchAndDevelopmentExpense`	$823.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.47M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.66M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.92M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.61M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$20.06M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$39.38M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$25.74M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$47.17M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$6.61M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$5.09M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$8.62M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$6.78M	USD	2 Qtrs
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$1.04M	USD	2 Qtrs
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$383.00K	USD	1 Quarter
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$507.00K	USD	1 Quarter
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$676.00K	USD	2 Qtrs
Net realized and unrealized gains (losses) on marketable securities	`MarketableSecuritiesGainLoss`	$2.20M	USD	1 Quarter
Net realized and unrealized gains (losses) on marketable securities	`MarketableSecuritiesGainLoss`	$57.00K	USD	2 Qtrs
Net realized and unrealized gains (losses) on marketable securities	`MarketableSecuritiesGainLoss`	$-558.00K	USD	2 Qtrs
Net realized and unrealized gains (losses) on marketable securities	`MarketableSecuritiesGainLoss`	$-719.00K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$7.00K	USD	2 Qtrs
Other	`OtherNonoperatingIncomeExpense`	$3.00K	USD	1 Quarter
Other income (expense),net	`NonoperatingIncomeExpense`	$125.00K	USD	2 Qtrs
Other income (expense),net	`NonoperatingIncomeExpense`	$1.10M	USD	2 Qtrs
Other income (expense),net	`NonoperatingIncomeExpense`	$-333.00K	USD	1 Quarter
Other income (expense),net	`NonoperatingIncomeExpense`	$2.71M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.72M	USD	2 Qtrs
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$6.91M	USD	2 Qtrs
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.32M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.76M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$994.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.94M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$1.86M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$797.00K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$2.35M	USD	1 Quarter
Net income	`NetIncomeLoss`	$313.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.46M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.76M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.11M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$7.77M	USD	2 Qtrs
Net income per share	`EarningsPerShareBasic`	$0.51	USD	1 Quarter
Net income per share	`EarningsPerShareBasic`	$0.26	USD	1 Quarter
Net income per share	`EarningsPerShareBasic`	$0.53	USD	2 Qtrs
Net income per share	`EarningsPerShareBasic`	$0.42	USD	2 Qtrs
Net income per share	`EarningsPerShareDiluted`	$0.41	USD	2 Qtrs
Net income per share	`EarningsPerShareDiluted`	$0.26	USD	1 Quarter
Net income per share	`EarningsPerShareDiluted`	$0.51	USD	1 Quarter
Net income per share	`EarningsPerShareDiluted`	$0.53	USD	2 Qtrs

Cash Flow Statement 49 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$6.11M	USD	2 Qtrs
Net income	`ProfitLoss`	$7.77M	USD	2 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$140.03M	USD	2 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$112.66M	USD	2 Qtrs
Proceeds from sale and maturity of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$139.28M	USD	2 Qtrs
Proceeds from sale and maturity of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$113.77M	USD	2 Qtrs
Change in fair value of marketable securities	`IncreaseDecreaseInTradingSecurities`	$-639.00K	USD	2 Qtrs
Change in fair value of marketable securities	`IncreaseDecreaseInTradingSecurities`	$202.00K	USD	2 Qtrs
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$156.00K	USD	2 Qtrs
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$967.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$783.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$648.00K	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$50.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$36.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$35.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.47M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$646.00K	USD	2 Qtrs
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInCostAndEstimatedEarningsInExcessOfBilling`	$-4.16M	USD	2 Qtrs
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInCostAndEstimatedEarningsInExcessOfBilling`	$-2.11M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-1.61M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$1.93M	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-978.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-877.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$317.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.38M	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$-3.44M	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$-543.00K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-15.00K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$202.00K	USD	2 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-2.94M	USD	2 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-3.79M	USD	2 Qtrs
Cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.32M	USD	2 Qtrs
Cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.83M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$1.26M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$2.71M	USD	2 Qtrs
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.26M	USD	2 Qtrs
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.71M	USD	2 Qtrs
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$340.00K	USD	2 Qtrs
Cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$340.00K	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-50.00K	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.57M	USD	2 Qtrs
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.01M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.93M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.59M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.88M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.01M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.93M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.59M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.88M	USD	Point-in-time

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$142.18M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$131.55M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$142.51M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$128.92M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$135.41M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$149.99M	USD	Point-in-time
Net income	`NetIncomeLoss`	$2.35M	USD	1 Quarter
Net income	`NetIncomeLoss`	$313.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.46M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.76M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.11M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$7.77M	USD	2 Qtrs
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$17.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$18.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$18.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$18.00K	USD	1 Quarter
Stock options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$74.00K	USD	1 Quarter
Stock options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$267.00K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$142.18M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$131.55M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$142.51M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$128.92M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$135.41M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$149.99M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.