8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 10, 2011

THE GORMAN-RUPP COMPANY

(Exact name of registrant as specified in its charter)

Ohio	1-6747	34-0253990
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

600 South Airport Road, Mansfield, Ohio	44903
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (419) 755-1011

(Former name or former address, if changed since last report.)

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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February 10, 2011, The Gorman-Rupp Company issued a news release announcing its financial results for the fourth quarter and year ended December 31, 2010. This news release is included as Exhibit 99 and is being furnished, not filed, with the Current Report on Form 8-K.

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

Exhibit
	(99	)	News Release dated February 10, 2011

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SIGNATURES

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.

THE GORMAN-RUPP COMPANY
By:	/s/ David P. Emmens
	David P. Emmens
	Corporate Counsel and Secretary

February 15, 2011

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EXHIBIT INDEX

Exhibit				Page
	(99	)	News Release dated February 10, 2011		5

4

EX-99

Exhibit 99

GORMAN-RUPP REPORTS 2010 RESULTS ON RECORD FOURTH QUARTER

Mansfield, Ohio — February 10, 2011 — The Gorman-Rupp Company (NYSE Amex: GRC) reports net sales and earnings for the fourth quarter and twelve months ended December 31, 2010.

Net sales during the fourth quarter ended December 31, 2010 increased 36.1% to a record $84,689,000 compared to $62,203,000 during the same period in 2009. Net income increased 159.6% to a record $9,655,000 compared to $3,719,000 in 2009’s fourth quarter. Earnings per share were $0.57 and $0.22 for the respective periods.

Net sales during the quarter continued to be positively impacted by the slowly improving global economy. Primary increases were in sales to the international, municipal, construction, rental and industrial markets, partially offset by decreased sales in the OEM market. The fourth quarter also includes sales of National Pump Company acquired October 1, 2010.

The increase in earnings for the quarter principally reflects improved operating leverage on the higher volume of sales. Earnings include $0.05 per share due to the partial liquidation of LIFO quantities as a result of reduced inventory levels at two operating units. The Company does not expect this inventory trend to continue. Fourth quarter earnings also benefited $0.04 per share from adjustments of inventory standard costs at two operating units and $0.03 per share from the 2010 research and development tax credit and the addition of National Pump Company.

Net sales during 2010 increased 11.5% to $296,808,000 compared to $266,242,000 during 2009. Net income increased 42.1% to $25,963,000 compared to $18,269,000 in 2009. Earnings per share were $1.55 and $1.09 for the respective periods. Sales to most markets increased in 2010 when compared to depressed 2009 levels, while the OEM market continued to be weak due to decreased sales of power generation equipment.

The Company’s backlog of orders increased 14.6% to $107.4 million at December 31, 2010 compared to $93.7 million a year ago. The increase from December 31, 2009 was largely due to orders arising from the construction, rental, and custom pump markets along with the inclusion of National Pump Company. Partially offsetting these backlog increases were declines in the municipal and OEM markets.

The Company’s balance sheet continues to remain strong with $34.2 million cash and short-term investments at year end. The Company generated $25.8 million in operating cash flow during 2010 and has excellent liquidity. During the quarter, $10.0 million of borrowings used to finance the acquisition of National Pump Company were re-paid with the remaining $25.0 million planned to be paid by the end of 2011.

Jeffrey S. Gorman, President and CEO said, “After experiencing a very challenging 2009 the Company finished 2010 strong, primarily as a result of organic revenue with notable improvements in incoming orders, operating income and earnings. It appears the global economy is gradually continuing to improve, although challenges remain in the OEM market and may slow fire protection opportunities. With a solid order backlog and the full integration of National Pump Company, we are increasingly optimistic that 2011 will be a good year for the Company.”

Released by David P. Emmens, Corporate Secretary, Telephone (419) 755-1477.

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.

The Gorman-Rupp Company and Subsidiaries
Condensed Consolidated Statements of Income
(in thousands of dollars, except per share data)

	Three Months Ended December 31,					Twelve Months Ended December 31,
	2010			2009		2010			2009
Net sales	$	84,689		$	62,203	$	296,808		$	266,242
Cost of products sold		59,742			47,665		220,471			204,469
Gross profit		24,947			14,538		76,337			61,773
Selling, general and administrative expenses		10,843			9,229		37,378			35,380
Operating income		14,104			5,309		38,959			26,393
Other income (expense) — net		(238	)		71		(626	)		862
Income before income taxes		13,866			5,380		38,333			27,255
Income taxes		4,211			1,661		12,370			8,986
Net income	$	9,655		$	3,719	$	25,963		$	18,269
Basic and diluted earnings per share	$	0.57		$	0.22	$	1.55		$	1.09

The Gorman-Rupp Company and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands of dollars)

	December 31,		December 31,
	2010		2009
Assets
Cash and short-term investments	$	34,246	$	45,908
Accounts receivable — net		51,996		37,239
Inventories		51,449		40,506
Deferred income taxes and other current assets		5,503		7,747
Total current assets		143,194		131,400
Property, plant and equipment — net		113,526		108,523
Deferred income taxes and other assets		29,987		9,501
Total assets	$	286,707	$	249,424
Liabilities and shareholders’ equity
Accounts payable	$	12,042	$	8,972
Short-term debt		25,000		15,000
Accrued liabilities and expenses		22,636		19,203
Total current liabilities		59,678		43,175
Deferred and other income taxes		4,954		1,323
Retirement benefits		—		5,044
Postretirement benefits		22,241		22,270
The Gorman-Rupp Company shareholders’ equity		199,834		176,905
Noncontrolling interest		—		707
Total shareholders’ equity		199,834		177,612
Total liabilities and shareholders’ equity	$	286,707	$	249,424
Shares outstanding		16,788,535		16,710,535

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