Gencor Reports Q1 EPS of $0.12

Gencor Industries, Inc., GENC announced net revenue for the quarter ended December 31, 2010 was $7.8 million compared to $11.1 million for the quarter ended December 31, 2009. Operating loss for the quarter ended December 31, 2010 was $1.7 million compared to $1.4 million of operating loss for the first quarter of the prior fiscal year. The Company had non-operating, net investment income of $3.2 million for the quarter ended December 31, 2010 compared to a non-operating income of $1.0 million (including net investment income of $0.8 million) in the first three months of the prior fiscal year. As a result, the Company had net income of $1.1 million ($.12 per diluted share) for the quarter ended December 31, 2010, compared to a net loss of $0.2 million (a negative $.02 per diluted share) for the quarter ended December 31, 2009. At December 31, 2010 the Company had $78.3 million of cash and marketable securities, an increase of $2.0 million over the September 30, 2010 balance of $76.3 million. Net working capital was $94.1 million at December 31, 2010. The Company has no short or long term debt.