Gencor Industries Inc. (NYSE American:GENC), a manufacturer of construction machinery and equipment, announced a change in its independent registered public accounting firm.
On November 1, 2024, the company was informed that MSL, P.A., its previous accounting firm, had undergone a significant transaction with Forvis Mazars, LLP. This transaction resulted in Forvis Mazars acquiring most of MSL's assets, with a majority of MSL's partners and personnel joining Forvis Mazars.
Following this development, Gencor's Board of Directors, with the Audit Committee's recommendation, decided to dismiss MSL and appoint Forvis Mazars as the new independent registered public accounting firm on the same day.
According to the company's statement based on the press release, there were no adverse opinions or disclaimers in MSL's audit reports for the fiscal years ending September 30, 2023, and September 30, 2022.
Furthermore, there were no disagreements between the company and MSL on accounting principles or practices, financial statement disclosures, audit scope, or procedures during those fiscal years and the interim period up to June 30, 2024, that would have required mention in MSL's reports.
Gencor Industries also confirmed that it had not consulted with Forvis Mazars on any accounting principles or transactions, nor were there any disagreements or reportable events during the most recent fiscal years and interim period.
This transition in Gencor's financial oversight comes without any reported issues from the prior fiscal years, ensuring a smooth changeover to the new accounting firm.
The information is based on a press release statement.
InvestingPro Insights
As Gencor Industries (NYSE American:GENC) navigates this transition in its financial oversight, InvestingPro data provides additional context to the company's financial health. With a market capitalization of $327.01 million, Gencor demonstrates solid financial footing. The company's P/E ratio of 19.95 suggests a reasonable valuation relative to its earnings.
InvestingPro Tips highlight Gencor's strong financial position. The company holds more cash than debt on its balance sheet, indicating financial stability. This robust cash position could provide flexibility as the company works with its new accounting firm, Forvis Mazars.
Another InvestingPro Tip notes that Gencor is trading at a low P/E ratio relative to its near-term earnings growth. This could be particularly relevant as investors assess the company's value in light of the accounting firm transition.
For those interested in a deeper analysis, InvestingPro offers 5 additional tips that could provide further insights into Gencor's financial outlook and market performance.
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