ORLANDO - Gencor Industries Inc. (NYSE American: GENC) is facing noncompliance issues with the NYSE American's listing standards after failing to file its annual report on time. The heavy machinery manufacturer, which maintains a strong financial position with an exceptional current ratio of 26.55 and virtually no debt according to InvestingPro data, disclosed on Monday that it received a delinquency notification from NYSE Regulation due to the delay in submitting its Form 10-K for the fiscal year ending September 30, 2024.
The company was to file the report by December 31, 2024, but failed to meet the deadline, even after the extension period provided. This has triggered procedures under Section 1007 of the NYSE American Company Guide. Despite the delinquency notice, Gencor's common stock continues to be listed and traded on the NYSE American without immediate effect. The company maintains healthy profitability with earnings per share of $1.11 over the last twelve months, though its stock has declined about 13% over the past six months.
Gencor had previously filed a Notification of Late Filing with the SEC on December 17, 2024, outlining the reasons for the delay. The NYSE has allowed the company a six-month grace period, ending June 30, 2025, to file the overdue report and regain compliance. The exchange may, at its discretion, extend this period by another six months, depending on Gencor's circumstances. However, the NYSE also reserves the right to initiate delisting proceedings if the situation warrants such action.
The Orlando-based company, which manufactures equipment for highway construction and environmental control, expects to file the Form 10-K within the six-month period. Yet, it acknowledges that there is no certainty that it will meet this new deadline.
Gencor's announcement includes forward-looking statements regarding its intentions and expectations, which are inherently subject to risks and uncertainties. InvestingPro analysis reveals several key factors investors should consider, including the company's current trading near its 52-week low of $15.26 and its relatively low P/E ratio compared to near-term earnings growth potential. Factors that could affect the company's actual results include customer financial conditions, market competition, and product demand. The company also noted potential supply chain disruptions and cost increases due to geopolitical events, such as the conflict in Eastern Europe and the Middle East. For deeper insights into Gencor's valuation and eight additional exclusive ProTips, consider subscribing to InvestingPro.
Investors are directed to Gencor's Annual Report on Form 10-K for the year ended September 30, 2023, for a detailed discussion of risk factors and management's analysis. This article is based on a press release statement from Gencor Industries Inc.
In other recent news, Gencor Industries has undergone a significant change in its independent registered public accounting firm. The company's board of directors, with the Audit Committee's recommendation, decided to appoint Forvis Mazars as the new accounting firm, following a major transaction that saw Forvis Mazars acquiring most assets of the previous accounting firm, MSL, P.A. This change comes after a majority of MSL's partners and personnel joined Forvis Mazars. Gencor Industries emphasized that there were no disagreements or adverse opinions with MSL, ensuring a smooth transition to the new firm. The company also confirmed that it had not consulted with Forvis Mazars on any accounting principles or transactions prior to the change. These are the latest developments in Gencor Industries, based on a recent press release statement.
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