Gencor industries write up on this blog describe the investment thesis still intact.
You may find them here:
The thesis must be updated but is is still valid. Here are the numbers from Q1-2012.
|Q1-2012||Margin of safety|
|Net Cash & Equivalent||71||4%|
Just on an earning standpoint, the operations are still negative but investment portfolio conterbalance those losses. Until this cyclal industry comes back to an high, we have major downside protection. Before 2008, net incomes were over 1.5 per share. If we can expect this amount in a year or two, I’m still in.
Disclosure : Author is long GENC.