10-Q Filing

GENCOR INDUSTRIES INC CIK: 64472 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001193125-23-031388`
Period End Date	20221231
Filing Date	20230210
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	d446462d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 30 Cash Flow Statement 50 Stockholders Equity 10

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Marketable securities, cost	`MarketableSecurities`	$94.97M	USD	Point-in-time
Marketable securities, cost	`MarketableSecurities`	$94.88M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$370.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$442.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.98M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.58M	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
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 $94,965,000 at December 31, 2022 and $94,879,000 at September 30, 2022)	`MarketableSecuritiesCurrent`	$91.72M	USD	Point-in-time
Marketable securities at fair value (cost of $94,965,000 at December 31, 2022 and $94,879,000 at September 30, 2022)	`MarketableSecuritiesCurrent`	$89.30M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $442,000 at December 31, 2022 and $370,000 at September 30, 2022	`AccountsReceivableNetCurrent`	$4.66M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $442,000 at December 31, 2022 and $370,000 at September 30, 2022	`AccountsReceivableNetCurrent`	$3.00M	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
Costs and estimated earnings in excess of billings	`CostsAndEstimatedEarningsInExcessOfBillingsOnUncompletedContractsCurrent`	$2.12M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsAndEstimatedEarningsInExcessOfBillingsOnUncompletedContractsCurrent`	$4.95M	USD	Point-in-time
Inventories, net	`InventoryNet`	$59.31M	USD	Point-in-time
Inventories, net	`InventoryNet`	$55.81M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$2.63M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$2.67M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$162.48M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$169.25M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$13.49M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$13.33M	USD	Point-in-time
Deferred and other income taxes	`DeferredIncomeTaxesAndOtherTaxReceivableNonCurrent`	$2.40M	USD	Point-in-time
Deferred and other income taxes	`DeferredIncomeTaxesAndOtherTaxReceivableNonCurrent`	$2.89M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$450.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$346.00K	USD	Point-in-time
Total Assets	`Assets`	$179.31M	USD	Point-in-time
Total Assets	`Assets`	$185.34M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.25M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.38M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$8.39M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$5.86M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.88M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.89M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$293.00K	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$390.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.39M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.94M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$6.00K	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$12.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$14.94M	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`	$152.86M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$156.34M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$167.29M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$166.92M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$167.01M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$170.39M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$185.34M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$179.31M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$20.11M	USD	1 Quarter
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$25.82M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$20.01M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$16.40M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.71M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.82M	USD	1 Quarter
Product engineering and development	`ResearchAndDevelopmentExpense`	$1.35M	USD	1 Quarter
Product engineering and development	`ResearchAndDevelopmentExpense`	$897.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.40M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.80M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.75M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.70M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$2.12M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-1.04M	USD	1 Quarter
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$277.00K	USD	1 Quarter
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$493.00K	USD	1 Quarter
Realized and unrealized gains on marketable securities, net	`MarketableSecuritiesGainLoss`	$423.00K	USD	1 Quarter
Realized and unrealized gains on marketable securities, net	`MarketableSecuritiesGainLoss`	$1.96M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$2.46M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$700.00K	USD	1 Quarter
Income (loss) before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.57M	USD	1 Quarter
Income (loss) before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-343.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-69.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$1.10M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.48M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-274.00K	USD	1 Quarter
Basic income (loss) per common share	`EarningsPerShareBasic`	$0.24	USD	1 Quarter
Basic income (loss) per common share	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Diluted income (loss) per common share	`EarningsPerShareDiluted`	$0.24	USD	1 Quarter
Diluted income (loss) per common share	`EarningsPerShareDiluted`	$-0.02	USD	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-274.00K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$3.48M	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$42.08M	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$35.72M	USD	1 Quarter
Proceeds from sale and maturity of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$35.33M	USD	1 Quarter
Proceeds from sale and maturity of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$41.43M	USD	1 Quarter
Change in value of marketable securities	`IncreaseDecreaseInTradingSecurities`	$314.00K	USD	1 Quarter
Change in value of marketable securities	`IncreaseDecreaseInTradingSecurities`	$1.76M	USD	1 Quarter
Deferred and other income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-13.00K	USD	1 Quarter
Deferred and other income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-490.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$750.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$705.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$75.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$75.00K	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-157.00K	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.74M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$829.00K	USD	1 Quarter
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInCostAndEstimatedEarningsInExcessOfBilling`	$678.00K	USD	1 Quarter
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInCostAndEstimatedEarningsInExcessOfBilling`	$-2.83M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.50M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.85M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-36.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.17M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$134.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.35M	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$2.52M	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$3.45M	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-475.00K	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-6.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-6.37M	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-707.00K	USD	1 Quarter
Cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.90M	USD	1 Quarter
Cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-981.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$705.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$1.00M	USD	1 Quarter
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-705.00K	USD	1 Quarter
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.00M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.98M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.60M	USD	1 Quarter
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.23M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.58M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.25M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.98M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.23M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.58M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.25M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.98M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAssets`	$39.00K	USD	1 Quarter
Operating lease liabilities	`OperatingLeaseLiabilitiesIncurredDuringThePeriod`	$39.00K	USD	1 Quarter

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$167.29M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$166.92M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$167.01M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$170.39M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$3.48M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-274.00K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$167.29M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$166.92M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$167.01M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$170.39M	USD	Point-in-time

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