10-Q Filing

GENCOR INDUSTRIES INC CIK: 64472 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001193125-23-142781`
Period End Date	20230331
Filing Date	20230512
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	d490165d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 66 Cash Flow Statement 52 Stockholders Equity 18

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Marketable securities, cost	`MarketableSecurities`	$94.88M	USD	Point-in-time
Marketable securities, cost	`MarketableSecurities`	$88.99M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$528.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$370.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.46M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.10	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
Marketable securities at fair value (cost of $88,987,000 at March 31, 2023 and $94,879,000 at September 30, 2022)	`MarketableSecuritiesCurrent`	$89.30M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	300,000.00	shares	Point-in-time
Marketable securities at fair value (cost of $88,987,000 at March 31, 2023 and $94,879,000 at September 30, 2022)	`MarketableSecuritiesCurrent`	$87.85M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	300,000.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $528,000 at March 31, 2023 and $370,000 at September 30, 2022	`AccountsReceivableNetCurrent`	$7.18M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $528,000 at March 31, 2023 and $370,000 at September 30, 2022	`AccountsReceivableNetCurrent`	$3.00M	USD	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`	-	USD	Point-in-time
Inventories, net	`InventoryNet`	$55.81M	USD	Point-in-time
Inventories, net	`InventoryNet`	$63.80M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$2.61M	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`	$179.91M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$13.49M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$13.11M	USD	Point-in-time
Deferred and other income taxes	`DeferredIncomeTaxesAndOtherTaxReceivableNonCurrent`	$2.89M	USD	Point-in-time
Deferred and other income taxes	`DeferredIncomeTaxesAndOtherTaxReceivableNonCurrent`	$1.88M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$594.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$450.00K	USD	Point-in-time
Total Assets	`Assets`	$195.50M	USD	Point-in-time
Total Assets	`Assets`	$179.31M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.25M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.51M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$5.86M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$12.32M	USD	Point-in-time
Billings in excess of costs and estimated earnings	`BillingsInExcessOfCostsAndEstimatedEarnings`	-	USD	Point-in-time
Billings in excess of costs and estimated earnings	`BillingsInExcessOfCostsAndEstimatedEarnings`	$703.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.89M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.16M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$393.00K	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$390.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.08M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.39M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$148.00K	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$6.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$20.23M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.40M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	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`	$161.21M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$170.39M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$167.45M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$166.92M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$175.27M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$167.29M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$167.01M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$179.31M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$195.50M	USD	Point-in-time

Income Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$30.50M	USD	1 Quarter
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$56.33M	USD	2 Qtrs
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$50.76M	USD	2 Qtrs
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$30.65M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$24.46M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$40.86M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$41.41M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$21.40M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.10M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.90M	USD	2 Qtrs
Gross profit	`GrossProfit`	$6.19M	USD	1 Quarter
Gross profit	`GrossProfit`	$14.91M	USD	2 Qtrs
Product engineering and development	`ResearchAndDevelopmentExpense`	$2.27M	USD	2 Qtrs
Product engineering and development	`ResearchAndDevelopmentExpense`	$1.77M	USD	2 Qtrs
Product engineering and development	`ResearchAndDevelopmentExpense`	$874.00K	USD	1 Quarter
Product engineering and development	`ResearchAndDevelopmentExpense`	$920.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.36M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.86M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$6.76M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.06M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.63M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$4.28M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$9.03M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$3.94M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$1.91M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$5.16M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$7.28M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$865.00K	USD	2 Qtrs
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$573.00K	USD	2 Qtrs
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$565.00K	USD	1 Quarter
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$296.00K	USD	1 Quarter
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$1.06M	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`	$-1.49M	USD	1 Quarter
Net realized and unrealized gains (losses) on marketable securities, net	`MarketableSecuritiesGainLoss`	$2.65M	USD	2 Qtrs
Net realized and unrealized gains (losses) on marketable securities, net	`MarketableSecuritiesGainLoss`	$692.00K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$-137.00K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	-	USD	2 Qtrs
Other	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$-137.00K	USD	2 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$3.71M	USD	2 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$-1.33M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$1.26M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-629.00K	USD	2 Qtrs
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$10.99M	USD	2 Qtrs
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$236.00K	USD	2 Qtrs
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$6.42M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$579.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.54M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$140.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$71.00K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$2.64M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$439.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.48M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.87M	USD	1 Quarter
Net income	`NetIncomeLoss`	$-274.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$165.00K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$8.35M	USD	2 Qtrs
Basic income per common share	`EarningsPerShareBasic`	$0.33	USD	1 Quarter
Basic income per common share	`EarningsPerShareBasic`	$0.01	USD	2 Qtrs
Basic income per common share	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Basic income per common share	`EarningsPerShareBasic`	$0.57	USD	2 Qtrs
Diluted income per common share	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Diluted income per common share	`EarningsPerShareDiluted`	$0.01	USD	2 Qtrs
Diluted income per common share	`EarningsPerShareDiluted`	$0.57	USD	2 Qtrs
Diluted income per common share	`EarningsPerShareDiluted`	$0.33	USD	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$165.00K	USD	2 Qtrs
Net income	`ProfitLoss`	$8.35M	USD	2 Qtrs
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$68.80M	USD	2 Qtrs
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$89.26M	USD	2 Qtrs
Proceeds from sale and maturity of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$93.07M	USD	2 Qtrs
Proceeds from sale and maturity of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$68.04M	USD	2 Qtrs
Change in value of marketable securities	`IncreaseDecreaseInTradingSecurities`	$-1.24M	USD	2 Qtrs
Change in value of marketable securities	`IncreaseDecreaseInTradingSecurities`	$2.37M	USD	2 Qtrs
Deferred and other income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$456.00K	USD	2 Qtrs
Deferred and other income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-1.01M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.30M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.39M	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$75.00K	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$115.00K	USD	2 Qtrs
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	-	USD	2 Qtrs
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-157.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.38M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$4.30M	USD	2 Qtrs
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInCostAndEstimatedEarningsInExcessOfBilling`	$2.82M	USD	2 Qtrs
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInCostAndEstimatedEarningsInExcessOfBilling`	$274.00K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$7.99M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$5.33M	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.55M	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-56.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$256.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.64M	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$6.46M	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$5.04M	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-200.00K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$273.00K	USD	2 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$1.71M	USD	2 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$880.00K	USD	2 Qtrs
Cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.04M	USD	2 Qtrs
Cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$10.05M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$1.71M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$1.17M	USD	2 Qtrs
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.17M	USD	2 Qtrs
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.71M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$8.88M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-661.00K	USD	2 Qtrs
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.57M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.58M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.23M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.46M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.57M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.58M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.23M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.46M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAssets`	$352.00K	USD	2 Qtrs
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAssets`	-	USD	2 Qtrs
Operating lease liabilities	`OperatingLeaseLiabilitiesIncurredDuringThePeriod`	-	USD	2 Qtrs
Operating lease liabilities	`OperatingLeaseLiabilitiesIncurredDuringThePeriod`	$352.00K	USD	2 Qtrs

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$170.39M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$167.45M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$166.92M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$175.27M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$167.29M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$167.01M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$439.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.48M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.87M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-274.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$165.00K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$8.35M	USD	2 Qtrs
Ending balance	`StockholdersEquity`	$170.39M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$167.45M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$166.92M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$175.27M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$167.29M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$167.01M	USD	Point-in-time

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