{"id":434911,"date":"2021-02-12T07:03:29","date_gmt":"2021-02-12T12:03:29","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=434911"},"modified":"2021-02-12T07:03:29","modified_gmt":"2021-02-12T12:03:29","slug":"gencor-releases-first-quarter-fiscal-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/gencor-releases-first-quarter-fiscal-2021-results\/","title":{"rendered":"Gencor Releases First Quarter Fiscal 2021 Results"},"content":{"rendered":"
\n

ORLANDO, Fla., Feb. 12, 2021 (GLOBE NEWSWIRE) — Gencor Industries, Inc. (Nasdaq: GENC) announced today net revenues of $19.0 million for the quarter ended December 31, 2020 compared to $18.0 million for the quarter ended December 31, 2019.\u00a0 There were no revenues generated by the Blaw-Knox paver product line during the quarter ended December 31, 2020, as the facility was being readied to begin production. Gross margins were 15.7% for the quarter ended December 31, 2020 compared to 24.0% for the quarter ended December 31, 2019. The gross profit margins for the quarter ended December 31, 2020 were negatively impacted by unabsorbed manufacturing labor and overhead expenses related to the Blaw-Knox paver product line. Excluding these Blaw-Knox expenses, the gross profit margin for the quarter ended December 31, 2020, would have been 23.5%, with increases in steel prices contributing to the lower overall gross margins.<\/p>\n

Product engineering and development expenses increased $79,000 to $845,000 for the quarter ended December 31, 2020, as compared to $766,000 for the quarter ended December 31, 2019, due primarily to engineering wages and benefits related to the Blaw-Knox paver product line. Selling, general and administrative (\u201cSG&A\u201d) expenses increased by $812,000 to $3,194,000 for the quarter ended December 31, 2020, compared to the quarter ended December 31, 2019. The increase in SG&A expenses was primarily due to professional fees, salaries, travel and other acquisition related expenses. In addition, increased advertising expenses contributed to the higher SG&A expenses during the first quarter of fiscal 2021.<\/p>\n

Operating income decreased from $1,172,000 for the quarter ended December 31, 2019 to an operating loss of $(1,058,000) for the quarter ended December 31, 2020, due primarily to the operational start-up costs related to the Blaw-Knox acquisition.<\/p>\n

For the quarter ended December 31, 2020, the Company had non-operating income of $3.0 million compared to non-operating income of $1.9 million for the quarter ended December 31, 2019. Interest income for the quarter ended December 31, 2020, included $456,000 collected from a customer due to permitting delays. Included in non-operating income for the quarter ended December 31, 2020 were net realized and unrealized gains on marketable securities of $2.2 million, due to a strong domestic stock market during the quarter ended December 31, 2020.<\/p>\n

The effective income tax rate for the quarters ended December 31, 2020 and December 31, 2019 was 20.0%. Net income for the quarter ended December 31, 2020 was $1.6 million, or $0.11 per basic and diluted share, compared to net income of $2.5 million, or $0.17 per basic and diluted share for the quarter ended December 31, 2019.<\/p>\n

At December 31, 2020, the Company had $116.0 million of cash and marketable securities compared to $125.1 million at September 30, 2020. The Company acquired the Blaw-Knox paver product line in October 2020 with cash on hand. Net working capital was $151.3 million at December 31, 2020.\u00a0 The Company had no short-term or long-term debt outstanding at December 31, 2020.<\/p>\n

The Company\u2019s backlog was $32.1 million at December 31, 2020 compared to $30.9 million at December 31, 2019.<\/p>\n

John Elliott, Gencor\u2019s CEO, commented, \u201cFirst quarter revenues of $19 million reflect a moderate increase from the prior year even though some customers delayed placing equipment orders.\u00a0 Sales activity improved later in the quarter and reflected a typical first quarter level.\u00a0<\/p>\n

Gross profit margin in the first quarter of fiscal 2021 declined as steel prices increased throughout the quarter.\u00a0 We have experienced a further increase in steel prices in January and February 2021.\u00a0 The company closely monitors steel prices and from time to time has locked in prices with key suppliers for six to twelve months.\u00a0 \u00a0<\/p>\n

As expected, we closed the Blaw-Knox acquisition and have been in the process of transferring the fixed assets and inventory purchased to a leased facility.\u00a0 During the quarter, we prepared the facility for production.\u00a0 We incurred typical start-up costs, including IT hardware and software, capex, IT and other professional fees, and hiring of key personnel.<\/p>\n

We begin calendar 2021 with some optimism that the new administration will receive bipartisan support to successfully approve and fund a Federal infrastructure bill, a portion of which would be used for highways.\u00a0 Prior administrations have proposed smaller infrastructure bills with little bipartisan support and success.\u00a0 Barring incremental Federal funding for infrastructure, we anticipate sales to be at historical norms for the remainder of fiscal 2021.\u201d<\/p>\n

Gencor Industries is a leading manufacturer of heavy machinery used in the production and application of highway construction materials and environmental control equipment.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n GENCOR INDUSTRIES, INC.<\/strong>
\n
\n Condensed Consolidated Income Statements<\/strong>
\n
\n For the Quarters Ended December 31, 2020 and 2019<\/strong>
\n
\n
\n (Unaudited)<\/em>
\n <\/strong>\n <\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net revenue<\/td>\n$<\/td>\n18,964,000<\/td>\n\u00a0<\/td>\n$<\/td>\n18,030,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of goods sold<\/td>\n\u00a0<\/td>\n15,983,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,710,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross profit<\/td>\n\u00a0<\/td>\n2,981,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,320,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating expenses:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Product engineering and development<\/td>\n\u00a0<\/td>\n845,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n766,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Selling, general and administrative<\/td>\n\u00a0<\/td>\n3,194,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,382,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total operating expenses<\/td>\n\u00a0<\/td>\n4,039,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,148,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating income (loss)<\/td>\n\u00a0<\/td>\n(1,058,000<\/td>\n)<\/td>\n\u00a0<\/td>\n1,172,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other income (expense), net:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest and dividend income, net of fees<\/td>\n\u00a0<\/td>\n804,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n632,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Realized and unrealized gains on marketable securities, net<\/td>\n\u00a0<\/td>\n2,193,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,317,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,000<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n2,997,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,939,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income before income tax expense<\/td>\n\u00a0<\/td>\n1,939,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,111,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax expense<\/td>\n\u00a0<\/td>\n388,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n622,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income<\/td>\n$<\/td>\n1,551,000<\/td>\n\u00a0<\/td>\n$<\/td>\n2,489,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic earnings per common share<\/td>\n$<\/td>\n0.11<\/td>\n\u00a0<\/td>\n$<\/td>\n0.17<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted earnings per common share<\/td>\n$<\/td>\n0.11<\/td>\n\u00a0<\/td>\n$<\/td>\n0.17<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n GENCOR INDUSTRIES, INC.<\/strong>
\n
\n Condensed Consolidated Balance Sheets<\/strong>
\n \u00a0<\/em>\n <\/td>\n<\/tr>\n
\n ASSETS<\/strong>\n <\/td>\n\n December 31,
2020<\/strong>
\n
\n
\n (Unaudited)<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n \u00a0<\/strong>
\n September 30,
2020<\/strong>\n <\/td>\n<\/tr>\n
Current assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n$<\/td>\n23,957,000<\/td>\n\u00a0<\/td>\n$<\/td>\n35,584,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Marketable securities at fair value (cost of $90,158,000 at December 31,
\u00a0 \u00a02020 and $89,514,000 at September 30, 2020)<\/td>\n		\u00a0<\/td>\n92,049,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n89,498,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable, less allowance for doubtful accounts of $360,000 at
\u00a0 \u00a0December 31, 2020 and $442,000 at September 30, 2020<\/td>\n		\u00a0<\/td>\n2,764,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,992,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Costs and estimated earnings in excess of billings<\/td>\n\u00a0<\/td>\n4,709,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,405,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventories, net<\/td>\n\u00a0<\/td>\n35,473,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27,090,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Prepaid expenses<\/td>\n\u00a0<\/td>\n1,114,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,189,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total current assets<\/td>\n\u00a0<\/td>\n160,066,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n161,758,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property and equipment, net<\/td>\n\u00a0<\/td>\n12,087,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,341,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other long-term assets<\/td>\n\u00a0<\/td>\n1,159,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n995,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Assets<\/td>\n$<\/td>\n173,312,000<\/td>\n\u00a0<\/td>\n$<\/td>\n171,094,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n

LIABILITIES AND SHAREHOLDERS\u2019 EQUITY<\/strong>\n <\/td>\n

\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable<\/td>\n$<\/td>\n3,224,000<\/td>\n\u00a0<\/td>\n$<\/td>\n1,728,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Customer deposits<\/td>\n\u00a0<\/td>\n2,697,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,853,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accrued expenses<\/td>\n\u00a0<\/td>\n2,386,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,605,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current operating lease liabilities<\/td>\n\u00a0<\/td>\n420,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n328,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\u00a0<\/td>\n8,727,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,514,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n

Deferred and other income taxes<\/td>\n

\u00a0<\/td>\n1,128,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n746,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-current operating lease liabilities<\/td>\n\u00a0<\/td>\n686,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n614,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total liabilities<\/td>\n\u00a0<\/td>\n10,541,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,874,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Commitments and contingencies<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Shareholders\u2019 equity:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Preferred stock, par value $.10 per share; 300,000 shares authorized;
\u00a0 \u00a0 none issued<\/td>\n		\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common stock, par value $.10 per share; 15,000,000 shares authorized;<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
12,287,337 shares issued and outstanding at
December 31, 2020 and September 30, 2020<\/td>\n		\u00a0<\/td>\n1,229,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,229,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Class B Stock, par value $.10 per share; 6,000,000 shares authorized;<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
2,318,857 shares issued and outstanding at
December 31, 2020 and September 30, 2020<\/td>\n		\u00a0<\/td>\n232,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n232,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Capital in excess of par value<\/td>\n\u00a0<\/td>\n12,331,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,331,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Retained earnings<\/td>\n\u00a0<\/td>\n148,979,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n147,428,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total shareholders\u2019 equity<\/td>\n\u00a0<\/td>\n162,771,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n161,220,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Liabilities and Shareholders\u2019 Equity<\/td>\n$<\/td>\n173,312,000<\/td>\n\u00a0<\/td>\n$<\/td>\n171,094,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Caution Concerning Forward Looking Statements – This press release and our other communications and statements may contain \u201cforward-looking statements,\u201d including statements about our beliefs, plans, objectives, goals, expectations, estimates, projections and intentions.\u00a0 These statements are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond our control.\u00a0 The words \u201cmay,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201ctarget,\u201d \u201cgoal,\u201d and similar expressions are intended to identify forward-looking statements.\u00a0 All forward-looking statements, by their nature, are subject to risks and uncertainties.\u00a0 Our actual future results may differ materially from those set forth in our forward-looking statements.\u00a0 For information concerning these factors and related matters, see our Annual Report on Form 10-K for the year ended September 30, 2020; (a) \u201cRisk Factors\u201d in Part I, Item 1A and (b)\u00a0 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7.\u00a0 However, other factors besides those referenced could adversely affect our results, and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties.\u00a0 Any forward-looking statements made by us herein speak as of the date of this press release.\u00a0 We do not undertake to update any forward-looking statement, except as required by law.<\/em>\n <\/p>\n<\/p>\n


\n
\n \n <\/div>\n

\n
Contact:\r\nEric Mellen, Chief Financial Officer\r\n407-290-6000<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
ORLANDO, Fla., Feb. 12, 2021 (GLOBE NEWSWIRE) — Gencor Industries, Inc. (Nasdaq: GENC) announced today net revenues of $19.0 million for the quarter ended December 31, 2020 compared to $18.0 million for the quarter ended December 31, 2019.\u00a0 There were no revenues generated by the Blaw-Knox paver product line during the quarter ended December 31, 2020, as the facility was being readied to begin production. Gross margins were 15.7% for the quarter ended December 31, 2020 compared to 24.0% for the quarter ended December 31, 2019. The gross profit margins for the quarter ended December 31, 2020 were negatively impacted by unabsorbed manufacturing labor and overhead expenses related to the Blaw-Knox paver product line. Excluding these Blaw-Knox expenses, the gross … <\/p>\n
Continue reading “Gencor Releases First Quarter Fiscal 2021 Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-434911","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nGencor Releases First Quarter Fiscal 2021 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/gencor-releases-first-quarter-fiscal-2021-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gencor Releases First Quarter Fiscal 2021 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"ORLANDO, Fla., Feb. 12, 2021 (GLOBE NEWSWIRE) — Gencor Industries, Inc. (Nasdaq: GENC) announced today net revenues of $19.0 million for the quarter ended December 31, 2020 compared to $18.0 million for the quarter ended December 31, 2019.\u00a0 There were no revenues generated by the Blaw-Knox paver product line during the quarter ended December 31, 2020, as the facility was being readied to begin production. Gross margins were 15.7% for the quarter ended December 31, 2020 compared to 24.0% for the quarter ended December 31, 2019. The gross profit margins for the quarter ended December 31, 2020 were negatively impacted by unabsorbed manufacturing labor and overhead expenses related to the Blaw-Knox paver product line. Excluding these Blaw-Knox expenses, the gross … Continue reading "Gencor Releases First Quarter Fiscal 2021 Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/gencor-releases-first-quarter-fiscal-2021-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-12T12:03:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODE1MTkzNiMzOTczNjY4IzIwMTk2MjQ=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/gencor-releases-first-quarter-fiscal-2021-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/gencor-releases-first-quarter-fiscal-2021-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Gencor Releases First Quarter Fiscal 2021 Results\",\"datePublished\":\"2021-02-12T12:03:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/gencor-releases-first-quarter-fiscal-2021-results\\\/\"},\"wordCount\":1125,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/gencor-releases-first-quarter-fiscal-2021-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODE1MTkzNiMzOTczNjY4IzIwMTk2MjQ=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/gencor-releases-first-quarter-fiscal-2021-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/gencor-releases-first-quarter-fiscal-2021-results\\\/\",\"name\":\"Gencor Releases First Quarter Fiscal 2021 Results - 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(Nasdaq: GENC) announced today net revenues of $19.0 million for the quarter ended December 31, 2020 compared to $18.0 million for the quarter ended December 31, 2019.\u00a0 There were no revenues generated by the Blaw-Knox paver product line during the quarter ended December 31, 2020, as the facility was being readied to begin production. Gross margins were 15.7% for the quarter ended December 31, 2020 compared to 24.0% for the quarter ended December 31, 2019. The gross profit margins for the quarter ended December 31, 2020 were negatively impacted by unabsorbed manufacturing labor and overhead expenses related to the Blaw-Knox paver product line. 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