10-Q Filing

GENCOR INDUSTRIES INC CIK: 64472 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001193125-22-149731`
Period End Date	20220331
Filing Date	20220513
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	d349671d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 64 Cash Flow Statement 51 Stockholders Equity 19

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Marketable securities, cost	`MarketableSecurities`	$94.75M	USD	Point-in-time
Marketable securities, cost	`MarketableSecurities`	$93.69M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$349.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$321.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.57M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.23M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	300,000.00	shares	Point-in-time
Marketable securities at fair value (cost of $94,746,000 at March 31, 2022 and $93,690,000 at September 30, 2021)	`MarketableSecuritiesCurrent`	$94.98M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	300,000.00	shares	Point-in-time
Marketable securities at fair value (cost of $94,746,000 at March 31, 2022 and $93,690,000 at September 30, 2021)	`MarketableSecuritiesCurrent`	$94.50M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $349,000 at March 31, 2022 and $321,000 at September 30, 2021	`AccountsReceivableNetCurrent`	$3.92M	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 $349,000 at March 31, 2022 and $321,000 at September 30, 2021	`AccountsReceivableNetCurrent`	$2.62M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsAndEstimatedEarningsInExcessOfBillingsOnUncompletedContractsCurrent`	$1.63M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsAndEstimatedEarningsInExcessOfBillingsOnUncompletedContractsCurrent`	$1.90M	USD	Point-in-time
Inventories, net	`InventoryNet`	$47.22M	USD	Point-in-time
Inventories, net	`InventoryNet`	$41.89M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.20M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.76M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$173.60M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$166.82M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.21M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$11.80M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$838.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$711.00K	USD	Point-in-time
Total Assets	`Assets`	$179.46M	USD	Point-in-time
Total Assets	`Assets`	$186.52M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.74M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.10M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$10.29M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$5.24M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.44M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.65M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$393.00K	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$407.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.39M	USD	Point-in-time
Deferred and other income taxes	`DeferredTaxAndOtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Deferred and other income taxes	`DeferredTaxAndOtherLiabilitiesNoncurrent`	$394.00K	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$392.00K	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$189.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$19.07M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.17M	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`	$12.59M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$12.59M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$153.23M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$153.40M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$167.01M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$167.29M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$161.22M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$165.12M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$162.77M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$167.45M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$179.46M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$186.52M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$50.76M	USD	2 Qtrs
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$40.32M	USD	2 Qtrs
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$30.65M	USD	1 Quarter
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$21.35M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$31.19M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$40.86M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$15.21M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$24.46M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.13M	USD	2 Qtrs
Gross profit	`GrossProfit`	$6.19M	USD	1 Quarter
Gross profit	`GrossProfit`	$6.15M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.90M	USD	2 Qtrs
Product engineering and development	`ResearchAndDevelopmentExpense`	$920.00K	USD	1 Quarter
Product engineering and development	`ResearchAndDevelopmentExpense`	$2.27M	USD	2 Qtrs
Product engineering and development	`ResearchAndDevelopmentExpense`	$1.91M	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`	$3.36M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.84M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$6.76M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$4.91M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.28M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$9.03M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$8.95M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$181.00K	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$1.91M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$865.00K	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$1.24M	USD	1 Quarter
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$573.00K	USD	2 Qtrs
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$1.13M	USD	2 Qtrs
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$296.00K	USD	1 Quarter
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$327.00K	USD	1 Quarter
Net realized and unrealized gains (losses) on marketable securities, net	`MarketableSecuritiesGainLoss`	$-1.49M	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`	$-1.06M	USD	2 Qtrs
Net realized and unrealized gains (losses) on marketable securities, net	`MarketableSecuritiesGainLoss`	$1.29M	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$-137.00K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$-137.00K	USD	2 Qtrs
Other income (expense),net	`NonoperatingIncomeExpense`	$1.62M	USD	1 Quarter
Other income (expense),net	`NonoperatingIncomeExpense`	$-1.33M	USD	1 Quarter
Other income (expense),net	`NonoperatingIncomeExpense`	$4.62M	USD	2 Qtrs
Other income (expense),net	`NonoperatingIncomeExpense`	$-629.00K	USD	2 Qtrs
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$579.00K	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.80M	USD	2 Qtrs
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.86M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$236.00K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$71.00K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$572.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$140.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$960.00K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$1.55M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.84M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$165.00K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$439.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-274.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.29M	USD	1 Quarter
Basic income per common share	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Basic income per common share	`EarningsPerShareBasic`	$0.16	USD	1 Quarter
Basic income per common share	`EarningsPerShareBasic`	$0.01	USD	2 Qtrs
Basic income per common share	`EarningsPerShareBasic`	$0.26	USD	2 Qtrs
Diluted income per common share	`EarningsPerShareDiluted`	$0.26	USD	2 Qtrs
Diluted income per common share	`EarningsPerShareDiluted`	$0.01	USD	2 Qtrs
Diluted income per common share	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Diluted income per common share	`EarningsPerShareDiluted`	$0.16	USD	1 Quarter

Cash Flow Statement 51 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$165.00K	USD	2 Qtrs
Net income	`ProfitLoss`	$3.84M	USD	2 Qtrs
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$54.05M	USD	2 Qtrs
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$68.80M	USD	2 Qtrs
Proceeds from sale and maturity of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$68.04M	USD	2 Qtrs
Proceeds from sale and maturity of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$53.07M	USD	2 Qtrs
Change in value of marketable securities	`IncreaseDecreaseInTradingSecurities`	$3.17M	USD	2 Qtrs
Change in value of marketable securities	`IncreaseDecreaseInTradingSecurities`	$-1.24M	USD	2 Qtrs
Deferred and other income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$456.00K	USD	2 Qtrs
Deferred and other income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-501.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.30M	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`	$75.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.58M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.38M	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`	$274.00K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$5.33M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$629.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$15.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.55M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$969.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.64M	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$5.04M	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$2.17M	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$529.00K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-200.00K	USD	2 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$880.00K	USD	2 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$5.44M	USD	2 Qtrs
Cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.04M	USD	2 Qtrs
Cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.28M	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`	$1.71M	USD	2 Qtrs
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.71M	USD	2 Qtrs
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-15.51M	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 decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.17M	USD	2 Qtrs
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-661.00K	USD	2 Qtrs
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$35.58M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.23M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.57M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.42M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$35.58M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.23M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.57M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.42M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAssets`	$254.00K	USD	2 Qtrs
Operating lease liabilities	`OperatingLeaseLiabilitiesIncurredDuringThePeriod`	$254.00K	USD	2 Qtrs

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$167.01M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$167.29M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$161.22M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$165.12M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$162.77M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$167.45M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$1.55M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.84M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$165.00K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$439.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-274.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.29M	USD	1 Quarter
Stock options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$56.00K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$167.01M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$167.29M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$161.22M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$165.12M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$162.77M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$167.45M	USD	Point-in-time

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