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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/10/20 Gencor Industries Inc. 10-Q/A 6/30/20 46:4M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 10-Q/A Form 10-Q Amendment No 1 HTML 486K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 20K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 20K 4: EX-32 Certification -- §906 - SOA'02 HTML 15K 11: R1 Cover Page HTML 75K 12: R2 Condensed Consolidated Balance Sheets HTML 90K 13: R3 Condensed Consolidated Balance Sheets HTML 37K (Parenthetical) 14: R4 Condensed Consolidated Statements of Operations HTML 80K 15: R5 Condensed Consolidated Statements of Shareholders' HTML 61K Equity 16: R6 Condensed Consolidated Statements of Cash Flows HTML 82K 17: R7 Basis of Presentation HTML 26K 18: R8 Marketable Securities and Fair Value Measurements HTML 85K 19: R9 Inventories HTML 35K 20: R10 Costs and Estimated Earnings in Excess of Billings HTML 32K 21: R11 Earnings per Share Data HTML 63K 22: R12 Customers with 10% (or greater) of Net Revenues HTML 18K 23: R13 Income Taxes HTML 21K 24: R14 Revenue Recognition and Related Costs HTML 55K 25: R15 Subsequent Events HTML 18K 26: R16 Basis of Presentation (Policies) HTML 193K 27: R17 Inventories (Tables) HTML 31K 28: R18 Costs and Estimated Earnings in Excess of Billings HTML 32K (Tables) 29: R19 Marketable Securities and Fair Value Measurements HTML 80K (Tables) 30: R20 Earnings per Share Data (Tables) HTML 59K 31: R21 Revenue Recognition and Related Costs (Tables) HTML 46K 32: R22 Marketable Securities and Fair Value Measurements HTML 42K - Company's Assets Measured at Fair Value (Detail) 33: R23 Marketable Securities and Fair Value Measurements HTML 19K - Additional Information (Detail) 34: R24 Inventories - Net Inventories (Detail) HTML 26K 35: R25 Inventories - Additional Information (Detail) HTML 42K 36: R26 Costs and Estimated Earnings in Excess of Billings HTML 24K - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts (Detail) 37: R27 Earnings per Share Data - Basic and Diluted HTML 51K Earnings Per Share (Detail) 38: R28 Earnings Per Share Data - Additional Information HTML 23K (Detail) 39: R29 Customers with 10% (or greater) of Net Revenues - HTML 23K Additional information (Detail) 40: R30 Income Taxes - Additional Information (Detail) HTML 24K 41: R31 Revenue Recognition and Related Costs - HTML 33K Disaggregation of Company's Net Revenue by Major Source (Detail) 42: R32 Revenue Recognition and Related Costs - Additional HTML 28K Information (Detail) 44: XML IDEA XML File -- Filing Summary XML 76K 10: XML XBRL Instance -- d97451d10qa_htm XML 1.01M 43: EXCEL IDEA Workbook of Financial Reports XLSX 47K 6: EX-101.CAL XBRL Calculations -- genc-20200630_cal XML 89K 7: EX-101.DEF XBRL Definitions -- genc-20200630_def XML 258K 8: EX-101.LAB XBRL Labels -- genc-20200630_lab XML 544K 9: EX-101.PRE XBRL Presentations -- genc-20200630_pre XML 389K 5: EX-101.SCH XBRL Schema -- genc-20200630 XSD 83K 45: JSON XBRL Instance as JSON Data -- MetaLinks 200± 273K 46: ZIP XBRL Zipped Folder -- 0001193125-20-214037-xbrl Zip 97K
Form 10-Q Amendment No 1 |
i ☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware |
i 59-0933147 | |
(State or other jurisdiction of incorporation or organization) |
(IRS Employer Identification No.) |
Title of Each Class |
Trading Symbol(s) |
Name of Exchange on which registered | ||
i Common Stock ($.10 Par Value) |
i GENC |
i NASDAQ Global Market |
Large accelerated filer |
☐ |
Accelerated Filer |
☒ | |||
Non-accelerated Filer |
☐ |
Smaller Reporting Company |
i ☒ | |||
Emerging Growth Company |
i ☐ |
Class |
Outstanding at July 31, 2020 | |
Common stock, $.10 par value |
i 12,287,337 shares | |
Class B stock, $.10 par value |
i 2,318,857 shares |
Index |
Page |
|||||||
Part I. |
||||||||
Item 1. |
Financial Statements |
|||||||
4 |
||||||||
5 |
||||||||
6 |
||||||||
7 |
||||||||
8 |
||||||||
Item 2. |
14 |
|||||||
Item 3. |
20 |
|||||||
Item 4. |
20 |
|||||||
Part II. |
||||||||
Item 1. |
21 |
|||||||
Item 1A. |
21 |
|||||||
Item 6. |
21 |
|||||||
22 |
(Unaudited) |
||||||||
ASSETS |
|
|
|
|
|
| ||
Current Assets: |
||||||||
Cash and cash equivalents |
$ | i 18,564,000 |
$ | i 10,302,000 |
||||
Marketable securities at fair value (cost $ i 105,388,000 at June 30, 2020 and $ i 104,176,000 at September 30, 2019)
|
i 105,675,000 |
i 105,322,000 |
||||||
Accounts receivable, less allowance for doubtful accounts of $ i 419,000 at June 30, 2020 and $ i 459,000
at September 30, 2019 |
i 1,609,000 |
i 1,603,000 |
||||||
Costs and estimated earnings in excess of billings |
i 10,064,000 |
i 13,838,000 |
||||||
Inventories, net |
i 24,562,000 |
i 25,366,000 |
||||||
Prepaid expenses and other current assets |
i 1,649,000 |
i 499,000 |
||||||
Total Current Assets |
i 162,123,000 |
i 156,930,000 |
||||||
Property and equipment, net |
i 8,391,000 |
i 8,389,000 |
||||||
Other assets |
i 53,000 |
i 53,000 |
||||||
Total Assets |
$ | i 170,567,000 |
$ | i 165,372,000 |
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
Current Liabilities: |
||||||||
Accounts payable |
$ | i 2,089,000 |
$ | i 1,907,000 |
||||
Customer deposits |
i 2,651,000 |
i 1,918,000 |
||||||
Accrued expenses and other current liabilities |
i 2,694,000 |
i 2,660,000 |
||||||
Total Current Liabilities |
i 7,434,000 |
i 6,485,000 |
||||||
Deferred and other income taxes |
i 1,306,000 |
i 3,372,000 |
||||||
Total Liabilities |
i 8,740,000 |
i 9,857,000 |
||||||
Commitments and contingencies |
i | i | ||||||
Shareholders’ equity: |
||||||||
Preferred stock, par value $.10 per share; i i 300,000 /
shares authorized; i i none / issued |
i — |
i — |
||||||
Common stock, par value $.10 per share; i i 15,000,000 /
shares authorized; |
i 1,229,000 |
i 1,228,000 |
||||||
Class B Stock, par value $.10 per share; i i 6,000,000 /
shares authorized; |
i 232,000 |
i 231,000 |
||||||
Capital in excess of par value |
i 12,313,000 |
i 12,159,000 |
||||||
Retained earnings |
i 148,053,000 |
i 141,897,000 |
||||||
Total Shareholders’ Equity |
i 161,827,000 |
i 155,515,000 |
||||||
Total Liabilities and Shareholders’ Equity |
$ | i 170,567,000 |
$ | i 165,372,000 |
||||
For the Quarters Ended June 30, |
For the Nine Months Ended |
|||||||||||||||
2019 |
2020 |
2019 |
||||||||||||||
Net revenue |
$ | i 22,940,000 |
$ | i 18,848,000 |
$ | i 66,963,000 |
$ | i 66,845,000 |
||||||||
Costs and expenses: |
||||||||||||||||
Production costs |
i 17,555,000 |
i 14,098,000 |
i 49,920,000 |
i 47,267,000 |
||||||||||||
Product engineering and development |
i 849,000 |
i 881,000 |
i 2,304,000 |
i 2,427,000 |
||||||||||||
Selling, general and administrative |
i 2,522,000 |
i 2,471,000 |
i 7,465,000 |
i 7,135,000 |
||||||||||||
i 20,926,000 |
i 17,450,000 |
i 59,689,000 |
i 56,829,000 |
|||||||||||||
Operating income |
i 2,014,000 |
i 1,398,000 |
i 7,274,000 |
i 10,016,000 |
||||||||||||
Other income (expense), net: |
||||||||||||||||
Interest and dividend income, net of fees |
i 512,000 |
i 567,000 |
i 1,907,000 |
i 1,608,000 |
||||||||||||
Net realized and unrealized gains (losses) on marketable securities |
i 2,888,000 |
i 1,090,000 |
( i 1,465,000 |
) | i 1,147,000 |
|||||||||||
Other |
( i 10,000 |
) | i — |
( i 20,000 |
) | i — |
||||||||||
i 3,390,000 |
i 1,657,000 |
i 422,000 |
i 2,755,000 |
|||||||||||||
Income before income tax expense |
i 5,404,000 |
i 3,055,000 |
i 7,696,000 |
i 12,771,000 |
||||||||||||
Income tax expense |
i 1,082,000 |
i 611,000 |
i 1,540,000 |
i 2,554,000 |
||||||||||||
Net income |
$ | i 4,322,000 |
$ | i 2,444,000 |
$ | i 6,156,000 |
$ | i 10,217,000 |
||||||||
Basic Income per Common Share: |
||||||||||||||||
Net income per share |
$ | i 0.30 |
$ | i 0.17 |
$ | i 0.42 |
$ | i 0.70 |
||||||||
Diluted Income per Common Share: |
||||||||||||||||
Net income per share |
$ | i 0.29 |
$ | i 0.17 |
$ | i 0.42 |
$ | i 0.69 |
||||||||
Common Stock |
Class B Stock |
Capital in Excess of |
Retained Earnings |
Total Shareholders’ Equity |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Par Value | ||||||||||||||||||||||||
i 12,277,337 |
$ | i 1,228,000 |
i 2,308,857 |
$ | i 231,000 |
$ | i 12,159,000 |
$ | i 141,897,000 |
$ | i 155,515,000 |
|||||||||||||||||
Net income |
— |
— |
— |
— |
— |
i 2,489,000 |
i 2,489,000 |
|||||||||||||||||||||
Stock-based compensation |
— |
— |
— |
— |
i 18,000 |
— |
i 18,000 |
|||||||||||||||||||||
i 12,277,337 |
i 1,228,000 |
i 2,308,857 |
i 231,000 |
i 12,177,000 |
i 144,386,000 |
i 158,022,000 |
||||||||||||||||||||||
Net loss |
— |
— |
— |
— |
— |
( i 655,000 |
) | ( i 655,000 |
) | |||||||||||||||||||
Stock-based compensation |
— |
— |
— |
— |
i 17,000 |
— |
i 17,000 |
|||||||||||||||||||||
i 12,277,337 |
i 1,228,000 |
i 2,308,857 |
i 231,000 |
i 12,194,000 |
i 143,731,000 |
i 157,384,000 |
||||||||||||||||||||||
Net income |
— |
i — |
— |
i — |
i — |
i 4,322,000 |
i 4,322,000 |
|||||||||||||||||||||
Stock-based compensation |
— |
i — |
— |
i — |
i 18,000 |
i — |
i 18,000 |
|||||||||||||||||||||
Stock options exercised |
i 10,000 |
i 1,000 |
i 10,000 |
i 1,000 |
i 101,000 |
i — |
i 103,000 |
|||||||||||||||||||||
i 12,287,337 |
$ | i 1,229,000 |
i 2,318,857 |
$ | i 232,000 |
$ | i 12,313,000 |
$ | i 148,053,000 |
$ | i 161,827,000 |
|||||||||||||||||
Common Stock |
Class B Stock |
Capital in Excess of |
Retained Earnings |
Total Shareholders’ Equity |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Par Value | ||||||||||||||||||||||||
i 12,252,337 |
$ | i 1,225,000 |
i 2,288,857 |
$ | i 229,000 |
$ | i 11,862,000 |
$ | i 131,701,000 |
$ | i 145,017,000 |
|||||||||||||||||
Net income |
— |
— |
— |
— |
— |
i 313,000 |
i 313,000 |
|||||||||||||||||||||
Stock-based compensation |
— |
— |
— |
— |
i 17,000 |
— |
i 17,000 |
|||||||||||||||||||||
i 12,252,337 |
i 1,225,000 |
i 2,288,857 |
i 229,000 |
i 11,879,000 |
i 132,014,000 |
i 145,347,000 |
||||||||||||||||||||||
Net income |
— |
— |
— |
— |
— |
i 7,460,000 |
i 7,460,000 |
|||||||||||||||||||||
Stock-based compensation |
— |
— |
— |
— |
i 18,000 |
— |
i 18,000 |
|||||||||||||||||||||
i 12,252,337 |
i 1,225,000 |
i 2,288,857 |
i 229,000 |
i 11,897,000 |
i 139,474,000 |
i 152,825,000 |
||||||||||||||||||||||
Net income |
— |
— |
— |
— |
— |
i 2,444,000 |
i 2,444,000 |
|||||||||||||||||||||
Stock-based compensation |
— |
— |
— |
— |
i 18,000 |
— |
i 18,000 |
|||||||||||||||||||||
i 12,252,337 |
$ | i 1,225,000 |
i 2,288,857 |
$ | i 229,000 |
$ | i 11,915,000 |
$ | i 141,918,000 |
$ | i 155,287,000 |
* |
The balances as of September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019, and the amounts for the quarter and nine months ended June 30, 2019, have been adjusted to reflect the change in inventory accounting method, as described in Note 3 to the Condensed Consolidated Financial Statements. |
For the Nine Months Ended |
||||||||
2019 |
||||||||
Cash flows from operations: |
||||||||
Net income |
$ | i 6,156,000 |
$ | i 10,217,000 |
||||
Adjustments to reconcile net income to cash flows provided by operating activities: |
||||||||
Purchases of marketable securities |
( i 112,668,000 |
) | ( i 152,063,000 |
) | ||||
Proceeds from sale and maturity of marketable securities |
i 110,805,000 |
i 152,678,000 |
||||||
Change in fair value of marketable securities |
i 1,510,000 |
( i 1,324,000 |
) | |||||
Deferred income taxes |
( i 2,066,000 |
) | ( i 25,000 |
) | ||||
Depreciation and amortization |
i 1,244,000 |
i 1,188,000 |
||||||
Provision for doubtful accounts |
i 50,000 |
i 100,000 |
||||||
Stock-based compensation |
i 53,000 |
i 53,000 |
||||||
Changes in assets and liabilities: |
||||||||
Accounts receivable |
( i 56,000 |
) | ( i 589,000 |
) | ||||
Costs and estimated earnings in excess of billings |
i 3,774,000 |
( i 8,622,000 |
) | |||||
Inventories |
i 804,000 |
( i 1,781,000 |
) | |||||
Prepaid expenses and other current assets |
( i 1,150,000 |
) | i 959,000 |
|||||
Accounts payable |
i 182,000 |
i 756,000 |
||||||
Customer deposits |
i 733,000 |
( i 2,101,000 |
) | |||||
Accrued expenses and other current liabilities |
i 34,000 |
i 577,000 |
||||||
Total adjustments |
i 3,249,000 |
( i 10,194,000 |
) | |||||
Cash flows provided by operating activities |
i 9,405,000 |
i 23,000 |
||||||
Cash flows used in investing activities: |
||||||||
Capital expenditures |
( i 1,246,000 |
) | ( i 1,600,000 |
) | ||||
Cash flows used in investing activities |
( i 1,246,000 |
) | ( i 1,600,000 |
) | ||||
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from stock option exercises |
|
|
i 103,000 |
|
|
|
— |
|
Cash flows provided by financing activities |
|
|
i 103,000 |
— |
| |||
Net increase (decrease) in cash |
i 8,262,000 |
( i 1,577,000 |
) | |||||
Cash at: |
||||||||
Beginning of period |
i 10,302,000 |
i 8,012,000 |
||||||
|
||||||||
End of period |
$ | i 18,564,000 |
$ | i 6,435,000 |
||||
|
Fair Value Measurements |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Equities |
$ |
i 12,089,000 |
$ |
— |
$ |
— |
$ |
i 12,089,000 |
||||||||
Mutual Funds |
i 3,983,000 |
— |
— |
i 3,983,000 |
||||||||||||
Exchange-Traded Funds |
i 7,140,000 |
— |
— |
i 7,140,000 |
||||||||||||
Corporate Bonds |
— |
i 38,058,000 |
— |
i 38,058,000 |
||||||||||||
Government Securities |
i 33,789,000 |
— |
— |
i 33,789,000 |
||||||||||||
Cash and Money Funds |
i 10,616,000 |
— |
— |
i 10,616,000 |
||||||||||||
$ |
i 67,617,000 |
$ |
i 38,058,000 |
$ |
i — |
$ |
i 105,675,000 |
|||||||||
Fair Value Measurements |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Equities |
$ | i 10,412,000 |
$ | — |
$ | — |
$ | i 10,412,000 |
||||||||
Mutual Funds |
i 3,987,000 |
— |
— |
i 3,987,000 |
||||||||||||
Exchange-Traded Funds |
i 5,163,000 |
— |
— |
i 5,163,000 |
||||||||||||
Corporate Bonds |
— |
i 38,690,000 |
— |
i 38,690,000 |
||||||||||||
Government Securities |
i 45,171,000 |
— |
— |
i 45,171,000 |
||||||||||||
Cash and Money Funds |
i 1,899,000 |
— |
— |
i 1,899,000 |
||||||||||||
$ | i 66,632,000 |
$ | i 38,690,000 |
$ | — |
$ | i 105,322,000 |
|||||||||
Raw materials |
$ | i 15,090,000 |
$ | i 14,158,000 |
||||
Work in process |
i 580,000 |
i 1,397,000 |
||||||
Finished goods |
i 8,852,000 |
i 9,811,000 |
||||||
Used equipment |
i 40,000 |
— |
||||||
$ | i 24,562,000 |
$ | i 25,366,000 |
|||||
Costs incurred on uncompleted contracts |
$ | i 13,792,000 |
$ | i 18,707,000 |
||||
Estimated earnings |
i 5,555,000 |
i 9,063,000 |
||||||
i 19,347,000 |
i 27,770,000 |
|||||||
Billings to date |
i 9,283,000 |
i 13,932,000 |
||||||
Costs and estimated earnings in excess of billings |
$ | i 10,064,000 |
$ | i 13,838,000 |
||||
Quarter Ended June 30, |
Nine Months Ended |
|||||||||||||||
2019 |
2020 |
2019 |
||||||||||||||
Net Income |
$ | i 4,322,000 |
$ | i 2,444,000 |
$ | i 6,156,000 |
$ | i 10,217,000 |
||||||||
Common Shares: |
||||||||||||||||
Weighted average common shares outstanding |
i 14,601,000 |
i 14,541,000 |
i 14,592,000 |
i 14,541,000 |
||||||||||||
Effect of dilutive stock options |
i 118,000 |
i 164,000 |
i 125,000 |
i 163,000 |
||||||||||||
Diluted shares outstanding |
i 14,719,000 |
i 14,705,000 |
i 14,717,000 |
i 14,704,000 |
||||||||||||
Basic: |
||||||||||||||||
Net earnings per share |
$ | i 0.30 |
$ | i 0.17 |
$ | i 0.42 |
$ | i 0.70 |
||||||||
Diluted: |
||||||||||||||||
Net earnings per share |
$ | i 0.29 |
$ | i 0.17 |
$ | i 0.42 |
$ | i 0.69 |
||||||||
Quarter Ended June 30, |
Nine Months Ended June 30, |
|||||||||||||||
2019 |
2020 |
2019 |
||||||||||||||
Equipment sales recognized over time |
$ |
i 10,350,000 |
$ |
i 7,844,000 | $ |
i 32,269,000 |
$ |
i 36,203,000 | ||||||||
Equipment sales recognized at a point in time |
i 8,995,000 |
i 6,747,000 |
i 20,946,000 |
i 17,190,000 |
||||||||||||
Parts and component sales |
i 2,671,000 |
i 2,870,000 |
i 10,492,000 |
i 10,387,000 |
||||||||||||
Freight revenue |
i 822,000 |
i 1,312,000 |
i 2,926,000 |
i 2,744,000 |
||||||||||||
Other |
i 102,000 |
i 75,000 |
i 330,000 |
i 321,000 |
||||||||||||
Net revenue |
$ |
i 22,940,000 |
$ |
i 18,848,000 |
$ |
i 66,963,000 |
$ |
i 66,845,000 |
||||||||
Exhibit 31.1 | Certification of Chief Executive Officer Pursuant to Rule 13a – 14(a) of the Securities Exchange Act of 1934, as amended | |
Exhibit 31.2 | Certification of Chief Financial Officer Pursuant to Rule 13a – 14(a) of the Securities Exchange Act of 1934, as amended | |
Exhibit 32 | Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U. S. C. Section 1350 | |
Exhibit 101.1 | Interactive Data File | |
101.INS | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
101.SCH | XBRL Schema Document | |
101.CAL | XBRL Calculation Linkbase Document | |
101.DEF | XBRL Definition Linkbase Document | |
101.LAB | XBRL Label Linkbase Document | |
101.PRE | XBRL Presentation Linkbase Document | |
104 | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, formatted in Inline XBRL (included in Exhibit 101) |
GENCOR INDUSTRIES, INC. |
/s/ John E. Elliott |
John E. Elliott |
Chief Executive Officer |
August 7, 2020 |
/s/ Eric E. Mellen |
Eric E. Mellen |
Chief Financial Officer |
(Principal Financial and Accounting Officer) |
August 7, 2020 |
This ‘10-Q/A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
9/30/20 | 10-K | |||
Filed on: | 8/10/20 | |||
8/7/20 | ||||
8/6/20 | 10-Q, 8-K | |||
7/31/20 | ||||
For Period end: | 6/30/20 | 10-Q | ||
3/31/20 | 10-Q | |||
12/31/19 | 10-Q, SD | |||
12/11/19 | 10-K, 8-K | |||
9/30/19 | 10-K | |||
6/30/19 | 10-Q | |||
3/31/19 | 10-Q | |||
12/31/18 | 10-Q, SD | |||
12/15/18 | ||||
9/30/18 | 10-K | |||
1/1/18 | ||||
12/31/17 | 10-Q, SD | |||
12/22/17 | ||||
12/15/17 | ||||
9/30/17 | 10-K | |||
4/28/17 | ||||
12/4/15 | ||||
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