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