10-Q Filing

GENCOR INDUSTRIES INC CIK: 64472 Q3 2023

Filing Information

Form Type	10-Q
Accession Number	`0001193125-23-207352`
Period End Date	20230630
Filing Date	20230809
Fiscal Year	2023
Fiscal Period	Q3
XBRL Instance	d532366d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 67 Cash Flow Statement 52 Stockholders Equity 24

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Marketable securities, cost	`MarketableSecurities`	$94.88M	USD	Point-in-time
Marketable securities, cost	`MarketableSecurities`	$89.50M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$370.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$598.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.21M	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`	$9.58M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	300,000.00	shares	Point-in-time
Marketable securities at fair value (cost of $89,502,000 at June 30, 2023 and $94,879,000 at September 30, 2022)	`MarketableSecuritiesCurrent`	$88.41M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	300,000.00	shares	Point-in-time
Marketable securities at fair value (cost of $89,502,000 at June 30, 2023 and $94,879,000 at September 30, 2022)	`MarketableSecuritiesCurrent`	$89.30M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $456,000 at June 30, 2023 and $370,000 at September 30, 2022	`AccountsReceivableNetCurrent`	$3.48M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $456,000 at June 30, 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`	$6.91M	USD	Point-in-time
Inventories, net	`InventoryNet`	$55.81M	USD	Point-in-time
Inventories, net	`InventoryNet`	$66.79M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$2.67M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$3.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$174.79M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$162.48M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$13.49M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.97M	USD	Point-in-time
Deferred and other income taxes	`DeferredIncomeTaxesAndOtherTaxReceivableNonCurrent`	$1.87M	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`	$488.00K	USD	Point-in-time
Total Assets	`Assets`	$179.31M	USD	Point-in-time
Total Assets	`Assets`	$190.12M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.25M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$5.86M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$5.83M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.98M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.89M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$390.00K	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$376.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.59M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.39M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$60.00K	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$6.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$11.65M	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
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`	$164.42M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$152.86M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$170.39M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$175.27M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$166.92M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$178.48M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$167.45M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$167.01M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$166.44M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$167.29M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$190.12M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$179.31M	USD	Point-in-time

Income Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$84.20M	USD	3 Qtrs
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$29.65M	USD	1 Quarter
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$27.88M	USD	1 Quarter
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$80.41M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$64.83M	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$23.97M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$20.36M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$61.78M	USD	3 Qtrs
Gross profit	`GrossProfit`	$22.42M	USD	3 Qtrs
Gross profit	`GrossProfit`	$15.58M	USD	3 Qtrs
Gross profit	`GrossProfit`	$5.68M	USD	1 Quarter
Gross profit	`GrossProfit`	$7.51M	USD	1 Quarter
Product engineering and development	`ResearchAndDevelopmentExpense`	$951.00K	USD	1 Quarter
Product engineering and development	`ResearchAndDevelopmentExpense`	$2.62M	USD	3 Qtrs
Product engineering and development	`ResearchAndDevelopmentExpense`	$3.22M	USD	3 Qtrs
Product engineering and development	`ResearchAndDevelopmentExpense`	$845.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.58M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.21M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$9.07M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$9.34M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$3.53M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.06M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$12.56M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$11.69M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$3.02M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$2.15M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$10.73M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$3.45M	USD	1 Quarter
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$877.00K	USD	3 Qtrs
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$1.73M	USD	3 Qtrs
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$673.00K	USD	1 Quarter
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$304.00K	USD	1 Quarter
Net realized and unrealized gains (losses) on marketable securities, net	`MarketableSecuritiesGainLoss`	$-4.76M	USD	3 Qtrs
Net realized and unrealized gains (losses) on marketable securities, net	`MarketableSecuritiesGainLoss`	$2.70M	USD	3 Qtrs
Net realized and unrealized gains (losses) on marketable securities, net	`MarketableSecuritiesGainLoss`	$-3.69M	USD	1 Quarter
Net realized and unrealized gains (losses) on marketable securities, net	`MarketableSecuritiesGainLoss`	$46.00K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$-1.00K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$-139.00K	USD	3 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$4.43M	USD	3 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$-3.39M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-4.02M	USD	3 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$719.00K	USD	1 Quarter
Income (loss) before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.24M	USD	1 Quarter
Income (loss) before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$15.16M	USD	3 Qtrs
Income (loss) before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.00M	USD	3 Qtrs
Income (loss) before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.17M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$3.60M	USD	3 Qtrs
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-153.00K	USD	3 Qtrs
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-224.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$960.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$439.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.21M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.48M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-850.00K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-274.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$11.56M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$4.87M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.01M	USD	1 Quarter
Basic income (loss) per common share	`EarningsPerShareBasic`	$-0.07	USD	1 Quarter
Basic income (loss) per common share	`EarningsPerShareBasic`	$0.79	USD	3 Qtrs
Basic income (loss) per common share	`EarningsPerShareBasic`	$0.22	USD	1 Quarter
Basic income (loss) per common share	`EarningsPerShareBasic`	$-0.06	USD	3 Qtrs
Diluted income (loss) per common share	`EarningsPerShareDiluted`	$-0.07	USD	1 Quarter
Diluted income (loss) per common share	`EarningsPerShareDiluted`	$0.79	USD	3 Qtrs
Diluted income (loss) per common share	`EarningsPerShareDiluted`	$0.22	USD	1 Quarter
Diluted income (loss) per common share	`EarningsPerShareDiluted`	$-0.06	USD	3 Qtrs

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-850.00K	USD	3 Qtrs
Net income (loss)	`ProfitLoss`	$11.56M	USD	3 Qtrs
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$118.87M	USD	3 Qtrs
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$101.91M	USD	3 Qtrs
Proceeds from sale and maturity of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$122.28M	USD	3 Qtrs
Proceeds from sale and maturity of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$100.70M	USD	3 Qtrs
Change in value of marketable securities	`IncreaseDecreaseInTradingSecurities`	$2.53M	USD	3 Qtrs
Change in value of marketable securities	`IncreaseDecreaseInTradingSecurities`	$-5.07M	USD	3 Qtrs
Deferred and other income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$1.18M	USD	3 Qtrs
Deferred and other income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-1.02M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.06M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.09M	USD	3 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$290.00K	USD	3 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$140.00K	USD	3 Qtrs
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-157.00K	USD	3 Qtrs
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	-	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$771.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.72M	USD	3 Qtrs
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInCostAndEstimatedEarningsInExcessOfBilling`	$-4.79M	USD	3 Qtrs
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInCostAndEstimatedEarningsInExcessOfBilling`	$537.00K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$10.98M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$6.36M	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$326.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.52M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.90M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-851.00K	USD	3 Qtrs
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$2.19M	USD	3 Qtrs
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$-30.00K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-645.00K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$93.00K	USD	3 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-13.21M	USD	3 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-724.00K	USD	3 Qtrs
Cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.57M	USD	3 Qtrs
Cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.65M	USD	3 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$1.73M	USD	3 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$2.18M	USD	3 Qtrs
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.18M	USD	3 Qtrs
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.73M	USD	3 Qtrs
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.76M	USD	3 Qtrs
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.38M	USD	3 Qtrs
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.23M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.58M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.47M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.21M	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`	$19.47M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.21M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAssets`	$352.00K	USD	3 Qtrs
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAssets`	-	USD	3 Qtrs
Operating lease liabilities	`OperatingLeaseLiabilitiesIncurredDuringThePeriod`	$352.00K	USD	3 Qtrs
Operating lease liabilities	`OperatingLeaseLiabilitiesIncurredDuringThePeriod`	-	USD	3 Qtrs

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$170.39M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$175.27M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$166.92M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$178.48M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$167.45M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$167.01M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$166.44M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$167.29M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$439.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.21M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.48M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-850.00K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-274.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$11.56M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$4.87M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.01M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$170.39M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$175.27M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$166.92M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$178.48M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$167.45M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$167.01M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$166.44M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$167.29M	USD	Point-in-time

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