How are energy investors positioned?
Orlando-based Gencor Industries Inc. (NYSE American:GENC), a manufacturer in the construction machinery sector with a market capitalization of $190 million, has announced a change in its independent accounting firm. According to InvestingPro data, the company maintains strong financial health with an exceptional current ratio of 26.55, indicating robust liquidity management. On Thursday, the company disclosed in a filing with the Securities and Exchange Commission that it has dismissed Forvis Mazars, LLP and appointed Berkowitz Pollack Brant Advisors + CPAs (BPB) as its new auditor.
The decision to replace Forvis Mazars with BPB was made by the Board of Directors upon the recommendation of the Audit Committee and became effective on the same day as the announcement. The filing clarified that during Forvis Mazars’ tenure, which lasted from November 1, 2024, to February 13, 2025, there were no disagreements on accounting principles or practices, financial statement disclosure, or auditing scope or procedure that would have warranted mention in their reports.
However, the company acknowledged material weaknesses in its internal control over financial reporting during the audit for the fiscal year ended September 30, 2024. These weaknesses, previously reported in the company’s NT 10-K filed on December 17, 2024, related to information technology general controls, third-party service provider reports, the period-end close process, and the monitoring of the internal control framework.
Prior to engaging BPB, Gencor Industries had not sought advice from them on any accounting or auditing matters that would influence their financial statements. The transition to BPB followed the firm’s completion of its client acceptance procedures.
The SEC filing included a letter from Forvis Mazars dated February 20, 2025, as an exhibit, which further details the change.
Gencor Industries has taken these steps to ensure the integrity and reliability of its financial reporting. The switch to BPB as its certifying accountant reflects the company’s commitment to maintaining robust financial controls and compliance with regulatory standards.
This change in the company’s financial oversight comes as part of Gencor Industries’ ongoing efforts to strengthen its corporate governance and financial management practices. The information is based on a press release statement from the SEC filing.
In other recent news, Gencor Industries Inc. is currently facing noncompliance issues with the NYSE American’s listing standards due to a delay in filing its annual report. The company did not meet the December 31, 2024 deadline for submitting its Form 10-K for the fiscal year ending September 30, 2024. This delay resulted in Gencor receiving a delinquency notification from NYSE Regulation. Despite this, Gencor’s stock remains listed and traded on the NYSE American. The company has been granted a six-month grace period, ending June 30, 2025, to file the overdue report and regain compliance. The NYSE may extend this period by another six months if necessary, but it also reserves the right to initiate delisting proceedings. Gencor plans to file the Form 10-K within the grace period but acknowledges uncertainties in meeting this deadline. The company cites potential risks such as supply chain disruptions and geopolitical events that could impact its operations. Investors are advised to refer to Gencor’s previous annual report for more details on risk factors and management’s analysis.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.