Gencor released last financial statements. I have a bunch of shares of gencor in my portfolio. It currently occupies over 15 to 20% of my portfolio but I think I’ll affirm my investment at 20 percent.
This business is sold for free! Current municipal bonds and cash equivalent are traded at 78million. You get inventory (18m), account receivables (1.5M) and assets (8m) for free! You even get the patents and trademark (not written in books) at that 0$ price!
The company is making money in 2010 (0.12 EPS) after a small loss of 0.02$ per share in 2009. The only issue in Gencor board is the operating loss of 1.6M in 2010. But I do not care if it takes some months to show a rebound in United States road building industries, we get the company for nothing . We actually get paid to buy this company(current market cap is 74.5M).
The company also bought back 100k shares in 2010 worth over 7M.
The board owns 17% of the stock but there also is an insider with tons of this stock received from her passed away father : Sherry Houtkin. She now is at 25.9% ownership! She could bring in a big catalyst to distribute that sleeping cash if she would like to do so.
Oh! by the way did I said it was trading for free?