Attached files
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| 8-K - FORM 8-K - GORMAN RUPP CO | c20658e8vk.htm |
Exhibit 99
GORMAN-RUPP REPORTS RECORD QUARTER SALES AND RECORD
BACKLOG
BACKLOG
Mansfield, Ohio — July 28, 2011 — The Gorman-Rupp Company (NYSE Amex: GRC) reports net sales
and earnings for the second quarter and six months ended June 30, 2011.
Net sales during the second quarter ended June 30, 2011 increased 27.3% to a quarterly record
$92,159,000 compared to $72,380,000 during the same period in 2010. Net income increased 57.8% to
$8,925,000 compared to $5,656,000 in the second quarter 2010. Earnings per share were $0.42 and
$0.27 for the respective periods.
Net sales for the six months ended June 30, 2011 increased 27.6% to a six-month record $176,233,000
compared to $138,166,000 during the same period in 2010. Net income increased 58.0% to $16,044,000
compared to $10,153,000 in the first six months of 2010. Earnings per share were $0.76 and $0.49,
respectively for these two periods. The operating results for 2011 include National Pump Company
acquired October 1, 2010.
Higher sales during the quarter were impacted by the improving global economy compared to a year
ago. Primary increases were in sales to the industrial, agricultural, construction and rental
markets. In addition, sales of custom pumps increased during the quarter as a result of pumps
supplied for flood control projects. Partially offsetting these increases was a decrease in sales
to the fire protection market.
Increased orders in the aforementioned markets and in the original equipment market during the
quarter resulted in a record backlog of $154.2 million at June 30, 2011, a 46.9% increase from a
year ago and 43.6% higher than the backlog of $107.4 million at December 31, 2010.
The increase in earnings for the quarter and six months principally reflects improved operating
leverage on the higher volume of sales.
The Company continues to maintain a strong and liquid balance sheet with $27.5 million in cash and
short-term investments and working capital of $94.6 million at June 30, 2011. During the quarter,
$2.0 million of borrowings used to finance the acquisition of National Pump Company were re-paid.
Jeffrey S. Gorman, President and CEO said, “We are extremely pleased with our record sales
performance for the second quarter and six months 2011 and are encouraged by our record backlog.
Although the economic recovery remains uneven, the Company has achieved solid order, revenue and
earnings growth in the first half of 2011. We believe this continued growth demonstrates the
quality of our products and the depth of our markets and we look forward to a good second half of
the year.”
David P. Emmens
Corporate Secretary
The Gorman-Rupp Company
Telephone (419) 755-1477
NYSE Amex: GRC
Corporate Secretary
The Gorman-Rupp Company
Telephone (419) 755-1477
NYSE Amex: GRC
For additional information contact Wayne L. Knabel, Chief Financial Officer, Telephone (419)
755-1397.
The Gorman-Rupp Company designs, manufactures and sells pumps and related equipment (pumps and
motor controls) for use in water, wastewater, construction, industrial, petroleum, original
equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military
and other liquid handling applications.
Exhibit 99
The Gorman-Rupp Company and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(in thousands of dollars, except per share data)
Condensed Consolidated Statements of Income (Unaudited)
(in thousands of dollars, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
Net sales |
$ | 92,159 | $ | 72,380 | $ | 176,233 | $ | 138,166 | ||||||||
Cost of products sold |
67,910 | 55,094 | 130,598 | 105,431 | ||||||||||||
Gross profit |
24,249 | 17,286 | 45,635 | 32,735 | ||||||||||||
Selling, general and
administrative expenses |
10,768 | 8,375 | 21,495 | 17,134 | ||||||||||||
Operating income |
13,481 | 8,911 | 24,140 | 15,601 | ||||||||||||
Other income (expense) — net |
(66 | ) | (400 | ) | (97 | ) | (391 | ) | ||||||||
Income before income taxes |
13,415 | 8,511 | 24,043 | 15,210 | ||||||||||||
Income taxes |
4,490 | 2,855 | 7,999 | 5,057 | ||||||||||||
Net income |
$ | 8,925 | $ | 5,656 | $ | 16,044 | $ | 10,153 | ||||||||
Earnings per share |
$ | 0.42 | $ | 0.27 | $ | 0.76 | $ | 0.49 | ||||||||
The Gorman-Rupp Company and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands of dollars)
Condensed Consolidated Balance Sheets
(in thousands of dollars)
| Unaudited | ||||||||
| June 30, | December 31, | |||||||
| 2011 | 2010 | |||||||
Assets |
||||||||
Cash and short-term investments |
$ | 27,477 | $ | 34,246 | ||||
Accounts receivable — net |
61,267 | 51,996 | ||||||
Inventories |
64,971 | 51,449 | ||||||
Deferred income taxes and other current assets |
4,443 | 5,503 | ||||||
Total current assets |
158,158 | 143,194 | ||||||
Property, plant and equipment — net |
114,313 | 113,526 | ||||||
Prepaid pension and other assets |
6,685 | 3,545 | ||||||
Goodwill and other intangible assets |
25,953 | 26,442 | ||||||
Total assets |
$ | 305,109 | $ | 286,707 | ||||
Liabilities and shareholders’ equity |
||||||||
Accounts payable |
$ | 17,770 | $ | 12,042 | ||||
Short-term debt |
20,000 | 25,000 | ||||||
Accrued liabilities and expenses |
25,772 | 22,636 | ||||||
Total current liabilities |
63,542 | 59,678 | ||||||
Postretirement benefits |
22,554 | 22,241 | ||||||
Deferred and other income taxes |
4,954 | 4,954 | ||||||
Shareholders’ equity |
214,059 | 199,834 | ||||||
Total liabilities and shareholders’ equity |
$ | 305,109 | $ | 286,707 | ||||
Shares outstanding |
20,984,893 | 20,984,893 | ||||||
Shares outstanding and per share data reflect the 5 for 4 stock split effective June 10, 2011.
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