Gencor Releases First Quarter Fiscal 2003 Results

February 14, 2003 - Gencor Industries, Inc., Orlando-based manufacturer of heavy machinery and equipment, announced Net Income for the quarter ended December 31, 2002, of $1,571,000 or $.18 per diluted share on revenues of $13.3 million. This compares favorably to a Net Loss of ($1.1) million or ($.13) per share for the quarter ended December 31, 2001, on revenues of $10.9 million.

Mr. E.J. Elliott, Gencor’s Chairman, stated, "Our domestic sales have increased significantly from the slow start in the prior year. Our fiscal first quarter is typically slow and we are encouraged by the Company’s prospects. Also income from our investees increased from $465,000 in fiscal 2002 to $4.2 million in fiscal 2003. Overall we believe the Company is well-positioned in its core markets and even though purchase deferrals by our industry have significantly reduced the size of our market (due largely to the unfavorable economic climate), it appears that our slice of the pie has become larger with significant increase in bookings after the holidays.

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.

This press release may contain forward-looking statements, including but not limited to, statements regarding the future prospects of the Company. Such statements are subject to numerous risks and uncertainties, in addition to those discussed above, including but not limited to the continuing strength of the Company’s financial condition, and the Company’s ability to continue to generate positive operating results. Further, there are risks and uncertainties associated with the Company’s business and its industry generally, some of which are beyond the Company’s control and which include but are not limited to, the health of the construction equipment market, global stability, our nation’s mobilization efforts, changes in domestic and international economic conditions, government regulation, political uncertainty in international markets, cyclical demand for the Company’s products, availability and cost of raw materials, changes in the competitive environment, and other factors from time to time contained in the Company’s reports filed with the SEC.