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Gencor Releases First Quarter Fiscal 2018 Results

GENCOR INDUSTRIES (GENC)  More Company Research Source: GlobeNewswire
US:NASDAQ Investor Relations: gencor.com/index.php?page=investors
PDF ORLANDO, Fla., Feb. 02, 2018 (GLOBE NEWSWIRE) -- Gencor Industries, Inc. (Nasdaq:GENC) announced today net revenues increased 46% to $23.1 million for the quarter ended December 31, 2017 compared to $15.8 million for the quarter ended December 31, 2016.  Gross margins were 22.0% for the quarter ended December 31, 2017 compared to 26.3% for the quarter ended December 31, 2016 as the Company increased its manufacturing overhead to support the significantly higher production, as annual revenues have doubled over the past two years. Product engineering and development expenses increased $284,000 to $700,000 for the quarter ended December 31, 2017 due to increased staffing to meet the higher demands for our engineered products. Selling, general and administrative (“SG&A”) expenses increased $502,000 to $2,692,000 for the quarter ended December 31, 2017. Headcount additions, higher sales commissions and increased advertising and trade show expenses to capitalize on the [Read more]

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