Fri, Jun 27, 4:44 PM (22 days ago)
### Summary of Gencor Industries, Inc. (GENC) 10-K Annual Report **Financial Performance:** - **Revenue:** $113,166,000 for the year ended September 30, 2024, up 7.7% from $105,075,000 in 2023. - **Net Income:** $14,558,000, or $0.99 per diluted and basic share, compared to $14,666,000, or $1.00 per diluted and basic share, in 2023. - **Gross Profit Margins:** Increased slightly to 27.7% in fiscal 2024 from 27.6% in fiscal 2023. - **Operating Income:** $13,687,000 in 2024 versus $13,425,000 in 2023. - **Net Other Income:** $7,043,000 in 2024 compared to $5,351,000 in 2023. - **Effective Income Tax Rate:** 29.8% in fiscal 2024 versus 21.9% in fiscal 2023. **Strategic Overview:** - **Core Products:** Asphalt pavers, hot mix asphalt plants, combustion systems, fluid heat transfer systems, and asphalt pavers. - **Seasonality:** Business is seasonal, with most orders received between October and February. - **Market Position:** Believes in technical and design capabilities and environmentally friendly process technology. - **Future Outlook:** Continues to invest in product engineering and development, focusing on energy-efficient and environmentally friendly equipment. **Risk Factors:** - **SEC Reporting Delays:** Delays in filing 2024 Annual Report and Quarterly Reports due to changes in independent registered public accounting firms. - **Internal Control Weaknesses:** Identified material weaknesses in internal control over financial reporting. - **Economic Conditions:** Adverse economic conditions may negatively impact sales and profits. - **Government Funding:** Dependence on federal and state funding for highway construction and repair. - **Customer Concentration:** Loss of a large customer could adversely affect revenues. - **Supply Chain Risks:** Vulnerability to supply shortages and price increases. - **Cybersecurity Risks:** Potential disruptions and costs from cybersecurity threats. **Financial Condition:** - **Cash and Cash Equivalents:** $25,482,000 as of September 30, 2024. - **Marketable Securities:** $89,927,000 as of September 30, 2024. - **Backlog:** $72.2 million at September 30, 2024. - **Working Capital:** $182.2 million at September 30, 2024. **Market Position Changes:** - **Stock Performance:** Common stock has been subject to substantial price and volume fluctuations. - **Market Risks:** Global, market, and economic conditions may negatively impact business, financial condition, and share price. **Amendment Details (if applicable):** - **Changes:** Not applicable as this is not an amendment. **Note:** Amounts are in thousands, 000s.