10-Q Filing

GENCOR INDUSTRIES INC CIK: 64472 Q2 2020

Filing Information

Form Type	10-Q
Accession Number	`0001193125-20-131864`
Period End Date	20200331
Filing Date	20200504
Fiscal Year	2020
Fiscal Period	Q2
XBRL Instance	genc-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 62 Cash Flow Statement 48 Stockholders Equity 22

Balance Sheet 57 line items

Line Item	Tag	Value	Unit	Period
Marketable securities, cost	`MarketableSecurities`	$104.18M	USD	Point-in-time
Marketable securities, cost	`MarketableSecurities`	$105.97M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$459.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$474.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.30M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.74M	USD	Point-in-time
Marketable securities at fair value (cost $105,967,000 at March 31, 2020 and $104,176,000 at September 30, 2019)	`MarketableSecuritiesCurrent`	$102.28M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	300,000.00	shares	Point-in-time
Marketable securities at fair value (cost $105,967,000 at March 31, 2020 and $104,176,000 at September 30, 2019)	`MarketableSecuritiesCurrent`	$105.32M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	300,000.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $474,000 at March 31, 2020 and $459,000 at September 30, 2019	`AccountsReceivableNetCurrent`	$2.37M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $474,000 at March 31, 2020 and $459,000 at September 30, 2019	`AccountsReceivableNetCurrent`	$1.60M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsAndEstimatedEarningsInExcessOfBillingsOnUncompletedContractsCurrent`	$13.84M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsAndEstimatedEarningsInExcessOfBillingsOnUncompletedContractsCurrent`	$8.79M	USD	Point-in-time
Inventories, net	`InventoryNet`	$27.06M	USD	Point-in-time
Inventories, net	`InventoryNet`	$25.37M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$2.14M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$499.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$161.38M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$156.93M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.28M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.39M	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`	$165.37M	USD	Point-in-time
Total Assets	`Assets`	$169.71M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.91M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.38M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$1.92M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$4.71M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.66M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.81M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.49M	USD	Point-in-time
Deferred and other income taxes	`DeferredTaxLiabilitiesNoncurrent`	$3.37M	USD	Point-in-time
Deferred and other income taxes	`DeferredTaxLiabilitiesNoncurrent`	$509.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$12.32M	USD	Point-in-time
Total liabilities	`Liabilities`	$9.86M	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
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$12.16M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$12.19M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$143.73M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$141.90M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$157.38M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$145.02M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$152.82M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$145.35M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$158.02M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$155.51M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$169.71M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$165.37M	USD	Point-in-time

Income Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$48.00M	USD	2 Qtrs
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$26.67M	USD	1 Quarter
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$25.99M	USD	1 Quarter
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$44.02M	USD	2 Qtrs
Production costs	`CostOfRevenue`	$16.76M	USD	1 Quarter
Production costs	`CostOfRevenue`	$32.37M	USD	2 Qtrs
Production costs	`CostOfRevenue`	$33.17M	USD	2 Qtrs
Production costs	`CostOfRevenue`	$18.66M	USD	1 Quarter
Product engineering and development	`ResearchAndDevelopmentExpense`	$1.55M	USD	2 Qtrs
Product engineering and development	`ResearchAndDevelopmentExpense`	$1.46M	USD	2 Qtrs
Product engineering and development	`ResearchAndDevelopmentExpense`	$689.00K	USD	1 Quarter
Product engineering and development	`ResearchAndDevelopmentExpense`	$823.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.66M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.56M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.94M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.47M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$21.91M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$38.76M	USD	2 Qtrs
Total operating expenses	`CostsAndExpenses`	$39.38M	USD	2 Qtrs
Total operating expenses	`CostsAndExpenses`	$20.06M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$8.62M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$6.61M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$5.26M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$4.09M	USD	1 Quarter
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$1.40M	USD	2 Qtrs
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$763.00K	USD	1 Quarter
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$507.00K	USD	1 Quarter
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$1.04M	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`	$-5.67M	USD	1 Quarter
Net realized and unrealized gains (losses) on marketable securities	`MarketableSecuritiesGainLoss`	$-4.35M	USD	2 Qtrs
Other	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	-	USD	2 Qtrs
Other	`OtherNonoperatingIncomeExpense`	$-10.00K	USD	2 Qtrs
Other	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expense),net	`NonoperatingIncomeExpense`	$-2.97M	USD	2 Qtrs
Other income (expense),net	`NonoperatingIncomeExpense`	$2.71M	USD	1 Quarter
Other income (expense),net	`NonoperatingIncomeExpense`	$-4.91M	USD	1 Quarter
Other income (expense),net	`NonoperatingIncomeExpense`	$1.10M	USD	2 Qtrs
Income (loss) before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.32M	USD	1 Quarter
Income (loss) before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.72M	USD	2 Qtrs
Income (loss) before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.29M	USD	2 Qtrs
Income (loss) before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-819.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$1.86M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-164.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$458.00K	USD	2 Qtrs
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$1.94M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.83M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-655.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.49M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$7.46M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$7.77M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$313.00K	USD	1 Quarter
Net income (loss) per share	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Net income (loss) per share	`EarningsPerShareBasic`	$0.13	USD	2 Qtrs
Net income (loss) per share	`EarningsPerShareBasic`	$0.53	USD	2 Qtrs
Net income (loss) per share	`EarningsPerShareBasic`	$0.51	USD	1 Quarter
Net income (loss) per share	`EarningsPerShareDiluted`	$0.51	USD	1 Quarter
Net income (loss) per share	`EarningsPerShareDiluted`	$0.12	USD	2 Qtrs
Net income (loss) per share	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter
Net income (loss) per share	`EarningsPerShareDiluted`	$0.53	USD	2 Qtrs

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$1.83M	USD	2 Qtrs
Net income	`ProfitLoss`	$7.77M	USD	2 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$112.66M	USD	2 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$73.39M	USD	2 Qtrs
Proceeds from sale and maturity of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$72.18M	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`	$-4.26M	USD	2 Qtrs
Change in fair value of marketable securities	`IncreaseDecreaseInTradingSecurities`	$202.00K	USD	2 Qtrs
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$2.86M	USD	2 Qtrs
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$156.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$783.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$831.00K	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$50.00K	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$25.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$35.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$35.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$788.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.47M	USD	2 Qtrs
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInCostAndEstimatedEarningsInExcessOfBilling`	$5.05M	USD	2 Qtrs
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInCostAndEstimatedEarningsInExcessOfBilling`	$-2.11M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$1.93M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$1.70M	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-978.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$1.65M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$317.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.47M	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$2.79M	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$-543.00K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$202.00K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$61.00K	USD	2 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-2.94M	USD	2 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$7.32M	USD	2 Qtrs
Cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.15M	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`	$718.00K	USD	2 Qtrs
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-718.00K	USD	2 Qtrs
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.26M	USD	2 Qtrs
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.57M	USD	2 Qtrs
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$8.44M	USD	2 Qtrs
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.01M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.59M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.74M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.30M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.01M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.59M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.74M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.30M	USD	Point-in-time

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$157.38M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$145.02M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$152.82M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$145.35M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$158.02M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$155.51M	USD	Point-in-time
Net income	`NetIncomeLoss`	$1.83M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-655.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.49M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.46M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.77M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$313.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$18.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$17.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$18.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$17.00K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$157.38M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$145.02M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$152.82M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$145.35M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$158.02M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$155.51M	USD	Point-in-time

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