WEB NEWS Share Structure
ORLANDO, Fla., July 11, 2016 (GLOBE NEWSWIRE ) -- Gencor Industries, Inc., (NASDAQ:GENC) (the “Company”) announced that its Board of Directors has approved a three-for-two split of the Company's Common and Class B stock to be effected in the form of a 50% stock dividend. As a result, shareholders will receive one additional share of Common or Class B stock for every two shares they held of the respective class of stock as of the record date. These shares will be distributed on August 1, 2016, to shareholders of record as of the end of business on July 22, 2016.
Following the 50% stock dividend, the Company’s total shares outstanding of Common and Class B stock will be 12,073,698 and 2,263,857, respectively.
Commenting on the announcement, E.J. Elliott, the Company’s Chairman and Chief Executive Officer, said: “The decision to split the stock reflects the Board of Directors’ confidence in the Company’s future growth. Gencor reported solid results in the first half of fiscal year 2016, highlighted by a 76% increase in revenues, net income of $3.2 million versus $0.1 million in the first half of fiscal year 2015 and a strong backlog going into the third quarter. By increasing the number of shares available for sale to the public, we believe the stock dividend will increase the liquidity of the Company's stock."
Comments & Business Outlook
Third Quarter 2014 Results
Rrevenue for the quarter ended June 30, 2014 decreased 43.6% to $10.6 million from $18.7 million for the quarter ended June 30, 2013
Net income was $1.7 million, or $0.17 per basic and diluted share, for the quarter ended June 30, 2014, compared to $2.5 million, or $0.26 per basic and diluted share, for the quarter ended June 30, 2013.
E.J. Elliott, Gencor's Chairman, stated, "Sales activity slowed in the third quarter as the domestic highway construction industry remained cautious on the potential change in Federal funding commitments due to the culmination of MAP-21 which expires on September 30, 2014. Over the past few years, Gencor has made numerous improvements in operations to increase its gross margins and reduce general and administrative expenses. This should benefit the Company in the future as volumes improve. Gencor remains focused on manufacturing high quality products and delivering superior service. The fact remains, that for the time being, funding for the nation's roads and highway infrastructure continues pleading while our elected officials are consumed by other political projects and causes, some of which are outright illegal and damaging to America. We are optimistic that funding for America's infrastructure cannot be ignored for much longer, and in the meantime continue operating profitably and increasing our market share albeit in a reduced market." - See more at: http://www.globenewswire.com/news-release/2014/08/05/656184/10093058/en/Gencor-Releases-Third-Quarter-Fiscal-2014-Results.html#sthash.0JdFT9d7.dpuf
E.J. Elliott, Gencor's Chairman, stated, "Sales activity slowed in the third quarter as the domestic highway construction industry remained cautious on the potential change in Federal funding commitments due to the culmination of MAP-21 which expires on September 30, 2014. Over the past few years, Gencor has made numerous improvements in operations to increase its gross margins and reduce general and administrative expenses. This should benefit the Company in the future as volumes improve. Gencor remains focused on manufacturing high quality products and delivering superior service. The fact remains, that for the time being, funding for the nation's roads and highway infrastructure continues pleading while our elected officials are consumed by other political projects and causes, some of which are outright illegal and damaging to America. We are optimistic that funding for America's infrastructure cannot be ignored for much longer, and in the meantime continue operating profitably and increasing our market share albeit in a reduced market."
Comments & Business Outlook
Second Quarter 2014 Results
Revenues for the quarter ended March 31, 2014 decreased 18.0% to $14.5 million from $17.7 million for the quarter ended March 31, 2013.
Net income was $1.9 million, or $0.20 per basic and diluted share, for the quarter ended March 31, 2014, compared to $3.0 million, or $0.31 per basic and diluted share, for the quarter ended March 31, 2013.
E.J. Elliott, Gencor's Chairman, stated, "The increased sales volume that Gencor experienced in the first quarter did not carry over into the second quarter. The domestic highway construction industry continues to remain cautious on the shortfall in Federal funding of the Highway Trust Fund. Gencor reported higher gross and operating margins even though revenues declined in the quarter. Our business process improvements continue to enable Gencor to remain profitable, even at these revenue levels. We have been evaluating opportunities for expansion through strategic acquisitions."
Comments & Business Outlook
First Quarter 2014 Results
Revenues for the quarter ended December 31, 2013 of $10.0 million, a 102.5% increase over the $4.9 million in net revenues for the quarter ended December 31, 2012
Net income for the quarter ended December 31, 2013 was $0.5 million, or $0.05 per basic and diluted share, compared to a net loss of $(1.0) million, or $(0.10) per basic and diluted share for the quarter ended December 31, 2012.
E.J. Elliott, Gencor's Chairman, stated, "We are encouraged by our increased sales in the first quarter in spite of the weakness in the domestic highway construction industry. Our improvements in productivity and purchasing and cost containment initiatives have resulted in higher gross and operating margins. We look forward to growth from operations and we continue to evaluate opportunities to expand our existing business and increase shareholder value."
Comments & Business Outlook
Fourth Quarter 2013 Results
Net revenue for the quarter ended September 30, 2013 was $7.6 million compared to $14.0 million for the quarter ended September 30, 2012, a 45.9% decrease.
The company reported EPS of $0.24 to a loss of $0.04 for the same quarter 2012.
E.J. Elliott, Gencor's Chairman, commented, "Sales in the fourth quarter slowed from prior year's level. Business was weak throughout the industry due to a continued concern over the lack of federal highway funding. Even though Gencor had significantly lower revenues in the fourth quarter and for the fiscal year, the Company's gross and operating margins improved from the prior year. Gross profit margin of 22.5% for fiscal 2013 was the Company's highest gross profit margin since 2008. Gencor is committed to building superior products while striving to maximize operating efficiencies."
