-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L+1yhm4i2TOfr8Y5Um9JA1v5JcFKtE/TgmmW4/IAXERUJBbX2MUtl/CuB2w+holi C5na6dJoOIwa1HteIhqq8g== 0000950152-04-003032.txt : 20040420 0000950152-04-003032.hdr.sgml : 20040420 20040420172532 ACCESSION NUMBER: 0000950152-04-003032 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040420 ITEM INFORMATION: FILED AS OF DATE: 20040420 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GORMAN RUPP CO CENTRAL INDEX KEY: 0000042682 STANDARD INDUSTRIAL CLASSIFICATION: PUMPS & PUMPING EQUIPMENT [3561] IRS NUMBER: 340253990 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06747 FILM NUMBER: 04743524 BUSINESS ADDRESS: STREET 1: 305 BOWMAN ST STREET 2: PO BOX 1217 CITY: MANSFIELD STATE: OH ZIP: 44901 BUSINESS PHONE: 4197551011 MAIL ADDRESS: STREET 1: 305 BOWMAN STREET STREET 2: P.O. BOX 1217 CITY: MANSFIELD STATE: OH ZIP: 44901 8-K 1 l07129ae8vk.txt GORMAN-RUPP COMPANY 8-K 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): April 20, 2004 THE GORMAN-RUPP COMPANY -------------------------------------------- (Exact Name of Registrant as Specified in its Charter) Ohio ---------------------------------------------------------------- (State or Other Jurisdiction of Incorporation) 1-6747 34-0253990 - ------------------------------------ ----------------------------------- (Commission File Number) (I.R.S. Employee Identification No.) 305 Bowman Street, Mansfield, Ohio 44903 - ------------------------------------------ --------- (Address of Principal Executive Offices) (Zip Code) (419) 755-1011 ------------------------------------------------------------------------------- (Registrant's Telephone Number, Including Area Code) Page 1 of 4 Pages ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On April 20, 2004 The Gorman-Rupp Company issued a news release announcing its unaudited financial results for the first quarter ended March 31, 2004. This news release is included as Exhibit 99 and is being furnished, not filed, with this Current Report on Form 8-K. 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 April 20, 2004 EXHIBIT INDEX
Exhibit Page ------- ---- (99) News Release dated April 20, 2004 3
2 EX-99.1 3 l07129aexv99w1.txt EXHIBIT 99.1 EXHIBIT 99, Page 1 GORMAN-RUPP REPORTS HIGHER FIRST QUARTER PROFIT Mansfield, Ohio - April 20, 2004 - The Gorman-Rupp Company (AMEX:GRC) reports increased sales and profit for the first quarter 2004. Net sales were $49,431,000 for the three months ended March 31, 2004, an increase of 12.6% from $43,903,000 reported for the first quarter 2003. Net income for the first quarter 2004 was $2,207,000 compared to $1,202,000 for the first quarter 2003, equal to earnings per share of $0.26 and $0.14, respectively. The increase in net income for the quarter principally reflected higher product sales in the industrial, construction and international markets and increased manufacturing utilization resulting in a positive impact on profits. While some markets are showing signs of recovery, sluggish spending in the capital sector overall, including the municipal market, continues to place pressure on companies selling products into this sector. Shipments during the quarter of fabricated components for the power generation market appeared to level after two years of decline. The Company's March 31, 2004 order backlog was $56.4 million compared to $58.4 million at December 31, 2003. The Company believes it continues to be well positioned for the future with its positive cash flow from operations, no debt and improved profitability. Company President and Chief Executive Officer, Jeffrey S. Gorman stated, " We are pleased with the improved results of the first quarter and signs of general economic activity, and, although some markets remain soft, we feel confident economic activity will continue to expand across most markets and operations." David P. Emmens Corporate Secretary The Gorman-Rupp Company Telephone (419) 755-1477 For information contact Robert E. Kirkendall, Senior Vice President & CFO, Tel (419) 755-1294. The Gorman-Rupp Company is a manufacturer of pumps and related equipment for water, wastewater, construction, industrial, petroleum, original equipment, agricultural, fire and government applications. EXHIBIT 99, Page 2 The Gorman-Rupp Company and Subsidiaries Condensed Consolidated Statements of Income (unaudited) (in thousands of dollars, except per share data)
Three Months Ended March 31, 2004 2003 ---- ---- Net sales $49,431 $43,903 Cost of products sold 39,301 35,465 ------- ------- Gross profit 10,130 8,438 Selling, general & administrative expenses 6,859 6,763 ------- ------- Operating income 3,271 1,675 Other income (expense), net 232 261 ------- ------- Income before income taxes 3,503 1,936 Income taxes 1,296 734 ------- ------- Net income $ 2,207 $ 1,202 ======= ======= Basic & diluted earnings per share $ 0.26 $ 0.14
The Gorman-Rupp Company and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) (in thousands of dollars)
March 31, December 31, 2004 2003 ---- ---- Assets Cash & cash equivalents $ 19,575 $ 17,446 Accounts receivable 36,404 32,148 Inventories 34,902 38,062 Other current assets & deferred income taxes 6,541 6,606 ---------- ---------- Total Current Assets 97,422 94,262 Property, plant & equipment - net 53,557 54,338 Other assets 12,126 12,339 ---------- ---------- Total Assets $ 163,105 $ 160,939 ========== ========== Liabilities and Shareholders' Equity Accounts payable $ 6,479 $ 6,163 Accrued liabilities & expenses 16,938 15,745 ---------- ---------- Total Current Liabilities 23,417 21,908 Postretirement benefits 22,717 22,569 Shareholders' Equity 116,971 116,462 ---------- ---------- Total Liabilities & Shareholders' Equity $ 163,105 $ 160,939 ========== ========== Shares outstanding 8,543,553 8,543,553
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