10-Q Filing

GENCOR INDUSTRIES INC CIK: 64472 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001193125-24-025282`
Period End Date	20231231
Filing Date	20240206
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	d691905d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 30 Cash Flow Statement 48 Stockholders Equity 10

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Marketable securities, cost	`MarketableSecurities`	$86.13M	USD	Point-in-time
Marketable securities, cost	`MarketableSecurities`	$85.51M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$545.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$485.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.56M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.03M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Marketable securities at fair value (cost of $86,134,000 at December 31, 2023 and $85,514,000 at September 30, 2023)	`MarketableSecuritiesCurrent`	$84.25M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	300,000.00	shares	Point-in-time
Marketable securities at fair value (cost of $86,134,000 at December 31, 2023 and $85,514,000 at September 30, 2023)	`MarketableSecuritiesCurrent`	$86.23M	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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $485,000 at December 31, 2023 and $545,000 at September 30, 2023	`AccountsReceivableNetCurrent`	$2.47M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $485,000 at December 31, 2023 and $545,000 at September 30, 2023	`AccountsReceivableNetCurrent`	$4.03M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsAndEstimatedEarningsInExcessOfBillingsOnUncompletedContractsCurrent`	$1.51M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsAndEstimatedEarningsInExcessOfBillingsOnUncompletedContractsCurrent`	$6.16M	USD	Point-in-time
Inventories, net	`InventoryNet`	$72.21M	USD	Point-in-time
Inventories, net	`InventoryNet`	$71.53M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$2.17M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$2.38M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$178.95M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$189.57M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.95M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$13.25M	USD	Point-in-time
Deferred and other income taxes	`DeferredIncomeTaxesAndOtherTaxReceivableNonCurrent`	$2.85M	USD	Point-in-time
Deferred and other income taxes	`DeferredIncomeTaxesAndOtherTaxReceivableNonCurrent`	$3.17M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$381.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$288.00K	USD	Point-in-time
Total Assets	`Assets`	$205.66M	USD	Point-in-time
Total Assets	`Assets`	$195.75M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.27M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.71M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$6.82M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$12.70M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$3.75M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$3.10M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$235.00K	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$328.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$19.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.16M	USD	Point-in-time
Total liabilities	`Liabilities`	$14.16M	USD	Point-in-time
Total liabilities	`Liabilities`	$19.75M	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`	$171.85M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$167.53M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$170.39M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$181.58M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$166.92M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$185.91M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$195.75M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$205.66M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$26.02M	USD	1 Quarter
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$25.82M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$18.48M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$20.01M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.82M	USD	1 Quarter
Gross profit	`GrossProfit`	$7.53M	USD	1 Quarter
Product engineering and development	`ResearchAndDevelopmentExpense`	$801.00K	USD	1 Quarter
Product engineering and development	`ResearchAndDevelopmentExpense`	$897.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.80M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.35M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.70M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.15M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$2.12M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$3.38M	USD	1 Quarter
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$493.00K	USD	1 Quarter
Interest and dividend income, net of fees	`InvestmentIncomeNet`	$716.00K	USD	1 Quarter
Realized and unrealized gains on marketable securities, net	`MarketableSecuritiesGainLoss`	$1.96M	USD	1 Quarter
Realized and unrealized gains on marketable securities, net	`MarketableSecuritiesGainLoss`	$1.52M	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$2.46M	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$2.23M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$5.62M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.57M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.10M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.29M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.48M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.33M	USD	1 Quarter
Basic income per common share	`EarningsPerShareBasic`	$0.30	USD	1 Quarter
Basic income per common share	`EarningsPerShareBasic`	$0.24	USD	1 Quarter
Diluted income per common share	`EarningsPerShareDiluted`	$0.24	USD	1 Quarter
Diluted income per common share	`EarningsPerShareDiluted`	$0.30	USD	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$3.48M	USD	1 Quarter
Net income	`ProfitLoss`	$4.33M	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$42.08M	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$13.10M	USD	1 Quarter
Proceeds from sale and maturity of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$12.52M	USD	1 Quarter
Proceeds from sale and maturity of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$41.43M	USD	1 Quarter
Change in value of marketable securities	`IncreaseDecreaseInTradingSecurities`	$1.76M	USD	1 Quarter
Change in value of marketable securities	`IncreaseDecreaseInTradingSecurities`	$1.40M	USD	1 Quarter
Deferred and other income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-490.00K	USD	1 Quarter
Deferred and other income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-312.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$665.00K	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`	-	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	$-157.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.56M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.74M	USD	1 Quarter
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInCostAndEstimatedEarningsInExcessOfBilling`	$-4.66M	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`	$682.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$208.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-36.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$440.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$134.00K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$5.89M	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$2.52M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-6.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-650.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-6.37M	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-2.43M	USD	1 Quarter
Cash flows provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.89M	USD	1 Quarter
Cash flows provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.90M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$705.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$366.00K	USD	1 Quarter
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-705.00K	USD	1 Quarter
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-366.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.60M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.53M	USD	1 Quarter
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.98M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.58M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.56M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.03M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.98M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.58M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.56M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.03M	USD	Point-in-time

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$170.39M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$181.58M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$166.92M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$185.91M	USD	Point-in-time
Net income	`NetIncomeLoss`	$3.48M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.33M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$170.39M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$181.58M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$166.92M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$185.91M	USD	Point-in-time

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