10-Q Filing

GENCOR INDUSTRIES INC CIK: 64472 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001193125-21-161401`
Period End Date	20210331
Filing Date	20210514
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	d172991d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 66 Cash Flow Statement 52 Stockholders Equity 21

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Marketable securities, cost	`MarketableSecurities`	$89.51M	USD	Point-in-time
Marketable securities, cost	`MarketableSecurities`	$91.16M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$373.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$442.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$29.42M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.58M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Marketable securities at fair value (cost of $91,159,000 at March 31, 2021 and $89,514,000 at September 30, 2020)	`MarketableSecuritiesCurrent`	$89.50M	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 of $91,159,000 at March 31, 2021 and $89,514,000 at September 30, 2020)	`MarketableSecuritiesCurrent`	$93.65M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $373,000 at March 31, 2021 and $442,000 at September 30, 2020	`AccountsReceivableNetCurrent`	$1.99M	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 $373,000 at March 31, 2021 and $442,000 at September 30, 2020	`AccountsReceivableNetCurrent`	$3.54M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsAndEstimatedEarningsInExcessOfBillingsOnUncompletedContractsCurrent`	$6.41M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsAndEstimatedEarningsInExcessOfBillingsOnUncompletedContractsCurrent`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Inventories, net	`InventoryNet`	$27.09M	USD	Point-in-time
Inventories, net	`InventoryNet`	$38.10M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.19M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.20M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$165.91M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$161.76M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.34M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.25M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$1.05M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$995.00K	USD	Point-in-time
Total Assets	`Assets`	$171.09M	USD	Point-in-time
Total Assets	`Assets`	$179.22M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.73M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.70M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$3.85M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$6.03M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$3.13M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.60M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$328.00K	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$412.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.51M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.27M	USD	Point-in-time
Deferred and other income taxes	`DeferredTaxAndOtherLiabilitiesNoncurrent`	$1.25M	USD	Point-in-time
Deferred and other income taxes	`DeferredTaxAndOtherLiabilitiesNoncurrent`	$746.00K	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$614.00K	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$589.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$9.87M	USD	Point-in-time
Total liabilities	`Liabilities`	$14.11M	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`	$12.33M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$12.39M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$147.43M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$151.27M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$155.51M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$165.12M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$161.22M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$158.02M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$162.77M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$157.38M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$179.22M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$171.09M	USD	Point-in-time

Income Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$21.35M	USD	1 Quarter
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$25.99M	USD	1 Quarter
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$44.02M	USD	2 Qtrs
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$40.32M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$18.66M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$15.21M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$31.19M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$32.37M	USD	2 Qtrs
Gross profit	`GrossProfit`	$7.34M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.13M	USD	2 Qtrs
Gross profit	`GrossProfit`	$6.15M	USD	1 Quarter
Gross profit	`GrossProfit`	$11.66M	USD	2 Qtrs
Product engineering and development	`ResearchAndDevelopmentExpense`	$1.91M	USD	2 Qtrs
Product engineering and development	`ResearchAndDevelopmentExpense`	$689.00K	USD	1 Quarter
Product engineering and development	`ResearchAndDevelopmentExpense`	$1.46M	USD	2 Qtrs
Product engineering and development	`ResearchAndDevelopmentExpense`	$1.07M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$7.03M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.84M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.56M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.94M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$6.40M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$3.25M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.91M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.95M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$4.09M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$1.24M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$181.00K	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$5.26M	USD	2 Qtrs
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`	$1.13M	USD	2 Qtrs
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$327.00K	USD	1 Quarter
Net realized and unrealized gains (losses) on marketable securities, net	`MarketableSecuritiesGainLoss`	$-5.67M	USD	1 Quarter
Net realized and unrealized gains (losses) on marketable securities, net	`MarketableSecuritiesGainLoss`	$3.49M	USD	2 Qtrs
Net realized and unrealized gains (losses) on marketable securities, net	`MarketableSecuritiesGainLoss`	$-4.35M	USD	2 Qtrs
Net realized and unrealized gains (losses) on marketable securities, net	`MarketableSecuritiesGainLoss`	$1.29M	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	-	USD	2 Qtrs
Other	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$-10.00K	USD	2 Qtrs
Other income (expense),net	`NonoperatingIncomeExpense`	$-4.91M	USD	1 Quarter
Other income (expense),net	`NonoperatingIncomeExpense`	$1.62M	USD	1 Quarter
Other income (expense),net	`NonoperatingIncomeExpense`	$4.62M	USD	2 Qtrs
Other income (expense),net	`NonoperatingIncomeExpense`	$-2.97M	USD	2 Qtrs
Income (loss) before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-819.00K	USD	1 Quarter
Income (loss) before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.86M	USD	1 Quarter
Income (loss) before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.80M	USD	2 Qtrs
Income (loss) before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.29M	USD	2 Qtrs
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$960.00K	USD	2 Qtrs
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$458.00K	USD	2 Qtrs
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-164.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$572.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.84M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$2.29M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.55M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.49M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.83M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-655.00K	USD	1 Quarter
Basic Income (Loss) per Common Share	`EarningsPerShareBasic`	$0.16	USD	1 Quarter
Basic Income (Loss) per Common Share	`EarningsPerShareBasic`	$0.13	USD	2 Qtrs
Basic Income (Loss) per Common Share	`EarningsPerShareBasic`	$0.26	USD	2 Qtrs
Basic Income (Loss) per Common Share	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Diluted Income (Loss) per Common Share	`EarningsPerShareDiluted`	$0.16	USD	1 Quarter
Diluted Income (Loss) per Common Share	`EarningsPerShareDiluted`	$0.12	USD	2 Qtrs
Diluted Income (Loss) per Common Share	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter
Diluted Income (Loss) per Common Share	`EarningsPerShareDiluted`	$0.26	USD	2 Qtrs

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$1.83M	USD	2 Qtrs
Net income	`ProfitLoss`	$3.84M	USD	2 Qtrs
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$73.39M	USD	2 Qtrs
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$54.05M	USD	2 Qtrs
Proceeds from sale and maturity of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$53.07M	USD	2 Qtrs
Proceeds from sale and maturity of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$72.18M	USD	2 Qtrs
Change in value of marketable securities	`IncreaseDecreaseInTradingSecurities`	$3.17M	USD	2 Qtrs
Change in value of marketable securities	`IncreaseDecreaseInTradingSecurities`	$-4.26M	USD	2 Qtrs
Deferred and other income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$2.86M	USD	2 Qtrs
Deferred and other income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-501.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$831.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.21M	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$25.00K	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$25.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$35.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.58M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$788.00K	USD	2 Qtrs
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInCostAndEstimatedEarningsInExcessOfBilling`	$6.41M	USD	2 Qtrs
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInCostAndEstimatedEarningsInExcessOfBilling`	$5.05M	USD	2 Qtrs
Inventories (excluding the effect of the Blaw-Knox acquisition)	`IncreaseDecreaseInInventories`	$1.70M	USD	2 Qtrs
Inventories (excluding the effect of the Blaw-Knox acquisition)	`IncreaseDecreaseInInventories`	$629.00K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$15.00K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.65M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$969.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.47M	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$2.17M	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$2.79M	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$529.00K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$61.00K	USD	2 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$5.44M	USD	2 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$7.32M	USD	2 Qtrs
Cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.28M	USD	2 Qtrs
Cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.15M	USD	2 Qtrs
Acquisition of Blaw-Knox assets	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$13.78M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$1.73M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$718.00K	USD	2 Qtrs
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-15.51M	USD	2 Qtrs
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-718.00K	USD	2 Qtrs
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$56.00K	USD	2 Qtrs
Cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$56.00K	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$8.44M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.17M	USD	2 Qtrs
Beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$35.58M	USD	Point-in-time
Beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.30M	USD	Point-in-time
Beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.42M	USD	Point-in-time
Beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.74M	USD	Point-in-time
End of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$35.58M	USD	Point-in-time
End of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.30M	USD	Point-in-time
End of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.42M	USD	Point-in-time
End of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.74M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAssets`	$254.00K	USD	2 Qtrs
Operating lease liabilities	`OperatingLeaseLiability`	$254.00K	USD	Point-in-time

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$155.51M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$165.12M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$161.22M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$158.02M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$162.77M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$157.38M	USD	Point-in-time
Net income	`NetIncomeLoss`	$3.84M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$2.29M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.55M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.49M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.83M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-655.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$18.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$17.00K	USD	1 Quarter
Stock options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$56.00K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$155.51M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$165.12M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$161.22M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$158.02M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$162.77M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$157.38M	USD	Point-in-time

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