On this page of StockholderLetter.com we present the 1/25/2024 shareholder letter from GENCOR INDUSTRIES INC — ticker symbol GENC. Reading current and past GENC letters to shareholders can bring important insights into the investment thesis.

 •  1/25/2024 Letter Continued (Full PDF)
 •  8/25/2025 GENC Stockholder Letter
 •  3/3/2026 GENC Stockholder Letter
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 •  GENC Benford's Law Stock Score = 81

GENC 1/25/2024 Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT
ONE COMPANY     ONE SOURCE     ONE SOLUTION
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Message to Our Shareholders
Fiscal year 2023 was a year of continued growth for our Company in terms of both top-line revenues
and operating income. The market demand for Gencor   s asphalt plants and equipment remained
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projects courtesy of the    Infrastructure Investment and Jobs Act   .
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some relief with the stabilization of steel prices and were able to contain manufacturing costs during
the year. Our plan of investing in long lead time items in anticipation of customer demand provided
more market opportunities and better delivery times to our customers that would have otherwise been
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workforce utilization also bore fruit as evidenced by our much improved margins. As a result, net
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industry.
Looking forward, the impact of the    Infrastructure Investment and Jobs Act    will continue to
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industry emphasis on improved energy consumption and environmental stewardship will also prove
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For the near-term, we will remain steadfast in our mission of superior technology, manufacturing
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the future of Gencor and thank our loyal customers, dedicated employees, and shareholders for their
continued support.
In the short-term, we are well-positioned to capitalize on our success and any new
opportunities that may arise with our debt-free and positive cash position. I am grateful
to our hardworking employees who remain committed to our mission of delivering highquality products and services, and to our loyal customers and dedicated shareholders for
their ongoing support of Gencor.
Marc G. Elliott
President
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[X]
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended September 30, 2023

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File No. 001-11703
(Exact name of registrant as specified in its charter)
Delaware
59-0933147
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
5201 North Orange Blossom Trail
Orlando, Florida 32810
(Address of principal executive offices, including zip code)
Registrant   s telephone number, including area code: (407) 290-6000
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Class
Trading Symbol(s)
Name of Exchange on which Registered
Common Stock ($.10 Par Value)
GENC
NYSE American LLC
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act
[ ] Yes
[ ] No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 (d) of the Act
[ ] Yes
[ ] No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to
[ ] No
such filing requirements for the past 90 days.
[ ] Yes
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (   232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to
[ ] No
submit such files).
[ ] Yes
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,
or an emerging growth company. See definitions of    large accelerated filer,       accelerated filer,       smaller reporting company,    and    emerging
growth company    in Rule 12b-2 of the Exchange Act:
Large Accelerated Filer
Non-Accelerated Filer


Emerging Growth Company

Accelerated Filer
Smaller Reporting Company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
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Indicate by check mark whether the registrant has filed a report on and attestation to its management   s assessment of the effectiveness of its
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting
firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included
in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant   s executive officers during the relevant recovery period pursuant to   240.10D-1(b). [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
[ ] Yes
[ ] No
State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which
the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant   s most
recently completed second fiscal quarter:
$160,204,000.
Indicate the number of shares outstanding of each of the registrant   s classes of Common Stock, as of the latest practicable date. As of December 8,
2023:
Common Stock ($.10 par value):
Class B Stock ($.10 par value):
12,338,845 shares
2,318,857 shares
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DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant   s 2024 Proxy Statement for the Annual Meeting of the Stockholders (the    Proxy Statement   )
are incorporated by reference into Part III hereof. Except with respect to information specifically incorporated by
reference in this Form 10-K, the Proxy Statement is not deemed to be filed as a part hereof.
Introductory Note: Caution Concerning Forward-Looking Statements
This Annual Report on Form 10-K (this    Annual Report   ) and the Company   s other communications and statements
may contain certain    forward-looking statements    within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the    Exchange Act   ), including
statements about the Company   s beliefs, plans, objectives, goals, expectations, estimates, projections and intentions. All
forward-looking statements, by their nature, are subject to significant risks and uncertainties and are subject to change
based on various factors, many of which are beyond the Company   s control. The Company   s actual future results may
differ materially from those set forth in the Company   s forward-looking statements depending on a variety of important
factors, including the financial condition of the Company   s customers, changes in the economic and competitive
environments and demand for the Company   s products. In addition, on February 24, 2022, Russian military forces
invaded Ukraine. The impact to Ukraine from the invasion as well as actions taken by other countries, including new
and stricter sanctions imposed by the U.S. and other countries and companies against officials, individuals, regions, and
industries in Russia, and actions taken by Russia and certain other countries in response to such sanctions, could result
in a disruption in our supply chain and higher costs of our products. The words    may,       could,       should,       would,   
   believe,       anticipate,       estimate,       expect,       intend,       plan,       target,       goal,    and similar expressions are intended to
identify forward-looking statements.
For information concerning these factors and related matters, see    Risk Factors    in Part I, Item 1A in this Annual
Report, and    Management   s Discussion and Analysis of Financial Condition and Results of Operations    in Part II, Item
7 in this Annual Report. However, other factors besides those referenced could adversely affect the Company   s results,
and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties. Any
forward-looking statements made by the Company herein speak as of the date of this Annual Report. The Company
does not undertake to update any forward-looking statement, except as required by law.
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 1/25/2024 Letter Continued (Full PDF)