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Gencor Industries Inc. Message Board

bcinvestadvisor 20 posts  |  Last Activity: Dec 30, 2015 11:06 AM Member since: Jul 9, 2004
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  • Reply to

    Very Poor Timing

    by bcinvestadvisor Dec 23, 2015 5:24 PM
    bcinvestadvisor bcinvestadvisor Dec 30, 2015 11:06 AM Flag

    I agree that was a nice article. I echo the same sentiments I guess the recent great piece of news was not the straw that broke the camels back. That amounts to $20 million in land sales over the last two months. Eventually the price will catch up with the good news.

  • Reply to

    Very Poor Timing

    by bcinvestadvisor Dec 23, 2015 5:24 PM
    bcinvestadvisor bcinvestadvisor Dec 24, 2015 10:48 AM Flag

    Good point.

  • Reply to

    Very Poor Timing

    by bcinvestadvisor Dec 23, 2015 5:24 PM
    bcinvestadvisor bcinvestadvisor Dec 24, 2015 10:15 AM Flag

    They are using the funds to purchase that $42 mil office complex. That certainly should boost operating income.

  • bcinvestadvisor by bcinvestadvisor Dec 23, 2015 5:24 PM Flag

    After a flurry of sales who knows where the price would be absent the Winter accusations. Was there a reason to keep the price suppressed? Makes you wonder. Did anyone have a heads up before he issued the press release. Would love to have my hands on the trading data for the past few months. What better time to slam a company's share price then after it has run up and you know a string of good news is likely to come along at some point in the near future.

    Nonetheless the share price is likely to recover in the near term. This is the classic example of the straw that broke the camels back. A positive press release and the price doesn't move, and then another and then another and the price still stays put. Eventually another piece of news sends shares significantly higher. One mor edeal should close next weeks and if it does, it will mean over $20 million in land sales in the quarter. That equals huge earnings and a critical mass of development going on. It should be a catalyst for further sales.

  • Reply to

    Terrific qrt

    by smallercap Dec 23, 2015 9:22 AM
    bcinvestadvisor bcinvestadvisor Dec 23, 2015 10:43 AM Flag

    I guess we will not know until it is all over. The E-2D revenues are likely to jump significantly after this year. The program calls for increased production after the five in this current year. With the Myricom ramping up and managed services seeing increased activity revenues and earnings look like they are finally going to take a trun for the better. Share price should be considerably higher in the coming year as this reality unfolds.

  • Reply to

    Tantrum or Otherwise?

    by bcinvestadvisor Dec 17, 2015 12:58 PM
    bcinvestadvisor bcinvestadvisor Dec 18, 2015 6:03 PM Flag

    I think we are in agreement that Winters has done a great deal of good for shareholders. The options are not material and the equity investments are puzzling, but still only $8 million. The notes are another story. I am not privy to the details, but the company has made a nice buck holding these notes. Do they have access and intimate knowledge that gives them a leg up making these investments? I don't know.

    At the same time I am becoming concerned that Winters is pushing the envelope to far in trying to get his way. Attracting the ambulance chasers is certainly a nuisance. Management just announced another land sale tonight and the possibility of closing anther sale by year end. Who knows where the share price would be without all of the trumped up hullabaloo. I don;t see any merit in his claims and they appear to me to be a bit of sensationalism. I think Malachowski's analysis was spot on. Try to get shareholders lined up behind him. I am skeptical that it will work and suspicious that he is guilty of share price manipulation. Maybe that is who the SEC needs to focus their attention on.

    I do hope all of the pieces fall into place without a class action securities litigation and without SEC involvement. Either of those two options will see shareholders lose. I just want to see land sales, income properties purchased using section 1031 and maybe a nice surprise like big money to sell mineral rights. The share price will eventually take care of itself.

  • bcinvestadvisor by bcinvestadvisor Dec 18, 2015 9:12 AM Flag

    They all indicate they are investigating on behalf of shareholders. They are only investigating to line their own pockets at the expense of shareholders. I reviewed the presentation and the filings and as far as I see Winters's points are weak. This is going to create a distraction for management and cost shareholders dearly. This is certainly not in my best interest. This noise is going to keep shares from being priced correctly for a while. My hope is that this just fades into the background in a few months.

  • Reply to

    Tantrum or Otherwise?

    by bcinvestadvisor Dec 17, 2015 12:58 PM
    bcinvestadvisor bcinvestadvisor Dec 17, 2015 3:20 PM Flag

    The derivative are less than $100k. They are immaterial. I would be interested in the reason behind initiating equity investments. Not sure what the objective is for that.

  • Reply to

    Tantrum or Otherwise?

    by bcinvestadvisor Dec 17, 2015 12:58 PM
    bcinvestadvisor bcinvestadvisor Dec 17, 2015 2:44 PM Flag

    Not sure but I don't think this is going to boost the share price. I think their motive certainly deserves some scrutiny.

  • bcinvestadvisor by bcinvestadvisor Dec 17, 2015 12:58 PM Flag

    Is the press release a tantrum by Wintergreen or does it raise legitimate issues? I plan on digging into the financial and seeing what I can find.

  • Reply to

    Very Good Article on Astronics

    by oldatro Dec 9, 2015 4:49 PM
    bcinvestadvisor bcinvestadvisor Dec 14, 2015 3:08 PM Flag

    I agree. The reverse certainly seems to apply at the current valuation level. Valued with a p/e of 10ish is low for a company with 10% net margins and the kind of growth they have been able to generate.

  • Reply to

    Test of will...

    by freezing_in_toronto Dec 10, 2015 12:16 PM
    bcinvestadvisor bcinvestadvisor Dec 11, 2015 6:23 PM Flag

    I agree, let's see what is out there. I am just not very optimistic that any offer will be all that great. It would be great to be proved wrong. Better yet lets just see the company close on $50 million in land sales this coming year. I am pretty sure the price will move to reflect the new reality.

  • Reply to

    Test of will...

    by freezing_in_toronto Dec 10, 2015 12:16 PM
    bcinvestadvisor bcinvestadvisor Dec 10, 2015 4:42 PM Flag

    Hard to imagine who could think it is good idea to sell at this price. There apparently no shortage of ignorance to go around.

  • bcinvestadvisor bcinvestadvisor Dec 8, 2015 2:39 PM Flag

    The low commodity prices are going to provide a nice boost.

  • Reply to

    Large Shareholder Proposal

    by bcinvestadvisor Nov 24, 2015 5:02 PM
    bcinvestadvisor bcinvestadvisor Dec 3, 2015 10:04 PM Flag

    Do you think Wintergreen saying that the company should explore a sale of some sort will cause someone to step up and pay what the company is worth or what you feel it is worth? If someone steps up and offers what I feel approaches FMV I will gladly sell. I just don't see the incentive for a buyer to offer that kind of money. There is no real economy of scale to be had that I see.

  • Reply to

    Large Shareholder Proposal

    by bcinvestadvisor Nov 24, 2015 5:02 PM
    bcinvestadvisor bcinvestadvisor Dec 3, 2015 6:06 PM Flag

    That is an often repeated fallacy regarding this company. The time value of money applies when you have assets that do not appreciate. The company has land that is likely appreciating as rapidly as or faster than inflation and investing property that is apparently appreciating at inflation or faster.

    The company has done a great job of converting undervalued assets to investment properties over the past few years. Management doesn't set the share price. This whole situation is the result of investors not knowing what they are looking at when they review the company's financials. If investors don't recognize how undervalued the land is on the books and the fact that the deferred tax liability is not really a liability (at least in the current state of affairs).

    As the company converts land to investment properties the picture will become clearer for investors. I don't think it will take that long before the share price moves up to the next level with 18% of the land under contract.

  • Reply to

    proposal by wintergreen

    by jaysandfan Dec 1, 2015 9:49 PM
    bcinvestadvisor bcinvestadvisor Dec 2, 2015 3:39 PM Flag

    I have been here since long before Wintergreen arrived. You are welcome to pay attention to Wintergreen if you wish. I will certainly consider and proposal, but will only support something that is in my best interest, not wintergreens

  • Reply to

    Large Shareholder Proposal

    by bcinvestadvisor Nov 24, 2015 5:02 PM
    bcinvestadvisor bcinvestadvisor Dec 1, 2015 8:33 PM Flag

    I think, we believe, shareholders may, are not the type of terms that inspire me to jump into action. The press release contained a short 4 paragraph excerpt from Wintergreen's proposal. We believe appeared four times and may appeared twice. I can tell you what I believe, but it will probably have the same effect on you that Wintergreen's proposal had on me, not much.

    I agree Wintergreen has had a tough go of it. Has that influenced their action and is it a move designed to benefit them at the expense of other shareholders?

    If rates do increase property values will take a bit of a hit. Some of this will be buffered due to the long lease terms remaining on the company's properties. The value of the deferred taxes is huge. They will have to do a better job of showing how paying the taxes and returning the money to shareholders will make shareholders better off.

    I agree that the money will come from selling the land. I can't see a buyer coming in and being willing to pay anything near FMV for the land. If the company is sold it will be at a discount to FMV unless a buyer comes in with stupid money. I don't see any argument where the company would make a synergistic acquisition that would allow the buyer to cut expenses and realize additional value.

    Without a compelling case I am content to wait for additional land sales to drag the price higher. If someone was willing to pay a fair price for the land I would gladly consider voting in favor of a sale.

  • bcinvestadvisor by bcinvestadvisor Nov 24, 2015 5:02 PM Flag

    Not sure Wintergreen's interests align with my own. I got the impression that they said shareholder value when they meant share price. They certainly have a large stake and that could mean a number of things. I have no problem with the process of exploring a sale, but am skeptical of a proposal that is not accompanied by any analysis.

  • bcinvestadvisor bcinvestadvisor Nov 24, 2015 4:57 PM Flag

    Our it may be the subject of a pump and dump, or it may be nothing more than a shell with a ton of PR and nothing else, or ...

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