<SEC-DOCUMENT>0001193125-16-783206.txt : 20161202
<SEC-HEADER>0001193125-16-783206.hdr.sgml : 20161202
<ACCEPTANCE-DATETIME>20161202082532
ACCESSION NUMBER:		0001193125-16-783206
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161202
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161202
DATE AS OF CHANGE:		20161202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GENCOR INDUSTRIES INC
		CENTRAL INDEX KEY:			0000064472
		STANDARD INDUSTRIAL CLASSIFICATION:	CONSTRUCTION MACHINERY & EQUIP [3531]
		IRS NUMBER:				590933147
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11703
		FILM NUMBER:		162029844

	BUSINESS ADDRESS:	
		STREET 1:		5201 N ORANGE BLOSSOM TRAIL
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32810
		BUSINESS PHONE:		4072906000

	MAIL ADDRESS:	
		STREET 1:		5201 N ORANGE BLOSSOM
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32810

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MECHTRON INTERNATIONAL CORP
		DATE OF NAME CHANGE:	19880128

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MECHTRON GENCO CORP
		DATE OF NAME CHANGE:	19720411

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MECHTRON CORP
		DATE OF NAME CHANGE:	19690909
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>d227459d8k.htm
<DESCRIPTION>FORM 8-K
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 OR 15(d) of the </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report: December&nbsp;2, 2016 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Date of earliest event reported) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>GENCOR
INDUSTRIES, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>5201 North Orange Blossom Trail, Orlando, Florida 32810 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) (Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(407) 290-6000 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-11703</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>59-0933147</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>incorporated or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Commission File Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Item&nbsp;2.02. Results of Operations and Financial Condition. </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;2, 2016 Gencor Industries, Inc. issued a press release announcing its financial results for the full year and fourth quarter of fiscal 2016. A
copy of the press release is attached as Exhibit 99.1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information in this Form 8-K and the Exhibit attached hereto shall not be deemed
&#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference
in such filing. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Item&nbsp;9.01. Financial Statements and Exhibits. </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">99.1&nbsp;&nbsp;&nbsp;&nbsp; Earnings Release dated December&nbsp;2, 2016 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top" COLSPAN="3">GENCOR INDUSTRIES, INC.</TD></TR>
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<TD VALIGN="top" COLSPAN="3">December 2, 2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ John E. Elliott</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">John E. Elliott, Chief Executive Officer</TD></TR>
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<TD VALIGN="top" COLSPAN="3">December 2, 2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Eric E. Mellen</TD></TR>
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<TD VALIGN="bottom">Eric E. Mellen, Chief Financial Officer</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Index to Exhibits </B></P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:42.20pt; font-size:8pt; font-family:Times New Roman"><B>Exhibits&nbsp;No.</B></P></TD>
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<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Earnings Release dated December 2, 2016</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d227459dex991.htm
<DESCRIPTION>PRESS RELEASE
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>GENCOR RELEASES FISCAL YEAR AND FOURTH QUARTER 2016 RESULTS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;2, 2016 (PRIME NEWSWIRE)&#151;Gencor Industries, Inc., (NASDAQ: GENC) announced today net revenue for the quarter ended September&nbsp;30, 2016
increased 79.3% to $14.8 million compared to $8.2 million for the quarter ended September&nbsp;30, 2015. Gross margin as a percentage of net revenue increased 80.3% to 24.7% for the quarter ended September&nbsp;30, 2016 from 13.7% for the quarter
ended September&nbsp;30, 2015. The increase in gross margin was due to increased production resulting in better overhead absorption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Income from
operations for the quarter ended September&nbsp;30, 2016 was $1.0 million compared to loss of $(1.0) million for the quarter ended September&nbsp;30, 2015. The Company had non-operating income of $0.3 million for the quarter ended September&nbsp;30,
2016 compared to a non-operating loss of $(3.1) million for the quarter ended September&nbsp;30, 2015. The Company had a tax benefit of ($0.4) million for the quarter ended September&nbsp;30, 2016 compared to a tax benefit of $(1.9) million for the
quarter ended September&nbsp;30, 2015. Net income for the quarter ended September&nbsp;30, 2016 was $1.7 million ($0.12 per basic and diluted share) compared to a net loss of $(2.2) million ($(0.15) per basic and diluted share) for the quarter ended
September&nbsp;30, 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Net revenue for the year ended September&nbsp;30, 2016 increased 78.4% to $70.0 million compared to $39.2 million for the year
ended September&nbsp;30, 2015. Gross margin as a percentage of net revenue increased to 25.0% for the year ended September&nbsp;30, 2016 from 19.1% for the year ended September&nbsp;30, 2015. The Company had operating income for the year ended
September&nbsp;30, 2016 of $7.8 million compared to an operating loss of $(0.8) million for the year ended September&nbsp;30, 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company had
non-operating income of $1.6 million for the year ended September&nbsp;30, 2016 compared to a non-operating loss of $(2.8) million for the year ended September&nbsp;30, 2015. The effective income tax rate for fiscal 2016 was 25.1% versus a tax
benefit of (48.7%)&nbsp;in fiscal 2015. The Company&#146;s net income was $7.0 million ($0.49 per basic share and $0.48 per diluted share) for the year ended September&nbsp;30, 2016, compared to a net loss of $(1.8) million ($(0.13) per basic and
diluted share) for the year ended September&nbsp;30, 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At September&nbsp;30, 2016 the Company had $104.1 million in cash and marketable securities,
an increase of $8.6 million over the September&nbsp;30, 2015 balance of $95.5 million. Net working capital was $115.2 million at September&nbsp;30, 2016. The Company has no short or long term debt. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">E.J. Elliott, Gencor&#146;s Chairman, commented, &#147;Our industry has been rejuvenated and Gencor&#146;s results are reflecting it. Our fourth quarter 2016
revenues increased 79% which is on top of a 68% increase in revenues in the fourth quarter 2015. What is typically our slowest quarter from a revenue perspective, this year we experienced an improvement. Orders came in throughout the summer and
customers were requesting deliveries into the fall and early winter months. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gencor managed the 78% growth in fiscal 2016 revenues with good cost
discipline. This resulted in an increase in both gross margins and operating margins for the quarter and fiscal year. Operating margins of 11% in fiscal 2016 reflect a significant improvement over recent years. Net profit margins of 10% in fiscal
2016 were also notable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Backlog going into fiscal year 2017 reflects an improved order flow which we expect to continue as the FAST Act has provided the
secured funding that the industry needs. Our backlog at September&nbsp;30, 2016 of $43 million represents a 131% increase from a year ago. Order inquiry for our equipment across all regions of the country continues to be promising. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our efficient operations and cost discipline should result in fiscal 2017 operating margins that continue to reflect the margin improvements we realized in
fiscal 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In fiscal 2016 Gencor increased manufacturing headcount by 30% and continues to actively hire to meet production demands at both our Iowa
and Florida facilities.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gencor Industries is a diversified heavy machinery manufacturer for the production of highway construction materials,
synthetic fuels and environmental control machinery and equipment used in a variety of applications. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Caution Concerning Forward Looking
Statements&#151;This press release and our other communications and statements may contain &#147;forward-looking statement,&#148; including statement about our beliefs, plans, objectives, goals, expectations, estimates, projections and intentions.
These statements are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. The words &#147;may,&#148; &#147;could,&#148; &#147;should,&#148; &#147;would,&#148;
&#147;believe,&#148; &#147;anticipate,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;target,&#148; &#147;goal,&#148; and similar expressions are intended to identify forward-looking statements. All
forward-looking statements, by their nature, are subject to risks and uncertainties. Our actual future results may differ materially from those set forth in our forward looking statements. For information concerning these factors and related
matters, see our Annual Report on Form 10-K for </P>

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the year ended September&nbsp;30, 2016: (a)&nbsp;&#147;Risk Factors&#148; in Part I, Item&nbsp;1A and (b)&nbsp;&#147;Management&#146;s Discussion and Analysis of Financial Position and Results of
Operations&#148; in Part II, Item&nbsp;7. However, other factors besides those referenced could adversely affect our results, and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties. Any
forward-looking statements made by us herein speak as of the date of the press release. We do not undertake to update any forward-looking statement, except as required by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Contact: Eric Mellen, Chief Financial Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">407-290-6000 </P>

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