-----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, VapL0pCaXy6rvz+riBjsCUsP2LSCJnkUmRN9Kdi5R68fxFDlUdHoKfozihgPS0pF 2p+u4zGxrtjRjK7kqRFETw== 0000950152-04-007592.txt : 20041025 0000950152-04-007592.hdr.sgml : 20041025 20041025131421 ACCESSION NUMBER: 0000950152-04-007592 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041022 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20041025 DATE AS OF CHANGE: 20041025 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: 041093488 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 l10162ae8vk.txt THE GORMAN-RUPP COMPANY 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): October 22, 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 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On October 22, 2004 The Gorman-Rupp Company issued a news release announcing its unaudited financial results for the third quarter ended September 30, 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 October 25, 2004 EXHIBIT INDEX Exhibit Page ------- ---- (99) News Release dated October 22, 2004 3 2 EX-99 2 l10162aexv99.txt EXHIBIT 99 NEWS RELEASE DATED OCTOBER 22, 2004 EXHIBIT 99, Page 1 GORMAN-RUPP REPORTS THIRD QUARTER 2004 RESULTS Mansfield, Ohio - October 22, 2004 - The Gorman-Rupp Company (AMEX: GRC) reports net sales for the third quarter ended September 30, 2004 were $52,392,000 compared to $53,500,000 for the third quarter 2003. Net income during the quarter was $2,056,000 compared to $2,555,000 in 2003. Earnings per share for the third quarter 2004 and 2003, stated to reflect the five-for-four stock split effective September 10, 2004, equaled $0.19 and $0.24, respectively. Third quarter net sales, while slightly lower than the quarter a year ago, marked the third consecutive quarter of increased sales for the Company during 2004 and reflect positive signs of general economic and business improvement. Sales increases, principally in the industrial, construction and international markets, are credited for the improvement while sales in the municipal market decreased from a year ago. Margins on sales during the quarter were slightly lower, principally due to higher cost of materials, product mix factors and excess capacity at some divisions. Increases in operating costs related to the introduction of a new product line of pumping systems, health care, and compliance with the requirements of the Sarbanes-Oxley Act of 2002 also effected margins. Net sales for the first nine months of 2004 were $152,627,000 compared to $146,667,000 in 2003, an increase of 4.1%. Net income during the same period was $6,712,000 compared to $6,324,000 in 2003, an increase of 6.1%, equal to post-split earnings per share of $0.63 and $0.59, respectively. The Company's backlog of orders at September 30, 2004 was $65.9 million compared to $58.4 million at December 31, 2003, an increase of 12.8%, principally reflecting increased orders at Patterson Pump Company. The Company continues to be financially well positioned with positive cash flow and no debt contributing to its balance sheet strength. Company President and Chief Executive Officer, Jeffrey S. Gorman stated, "Although the pace of the economic upturn seems to have slowed somewhat, we remain confident that a general economic improvement is in place and should result in improved spending in the capital goods sector." David P. Emmens Corporate Secretary The Gorman-Rupp Company Telephone (419) 755-1477 For information contact Robert E. Kirkendall, Sr. 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 September 30, Nine Months Ended September 30, -------------------------------- ------------------------------- 2004 2003 2004 2003 -------- -------- -------- -------- Net sales $ 52,392 $ 53,500 $152,627 $146,667 Cost of products sold 41,497 42,236 120,744 115,696 -------- -------- -------- -------- Gross profit 10,895 11,264 31,883 30,971 Selling, general & administrative expenses 7,584 7,379 21,545 21,337 -------- -------- -------- -------- Operating income 3,311 3,885 10,338 9,634 Other income (expense), net (48) 229 316 567 -------- -------- -------- -------- Income before income taxes 3,263 4,114 10,654 10,201 Income taxes 1,207 1,559 3,942 3,877 -------- -------- -------- -------- Net income $ 2,056 $ 2,555 $ 6,712 $ 6,324 ======== ======== ======== ======== Basic & diluted earnings per share $ 0.19 $ 0.24 $ 0.63 $ 0.59
Per share data reflects the 5 for 4 stock split effective September 10, 2004. The Gorman-Rupp Company and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) (in thousands of dollars)
September 30, December 31, 2004 2003 ----------- ----------- Assets Cash & cash equivalents $ 23,370 $ 17,446 Accounts receivable - net 35,344 32,148 Inventories 35,629 38,062 Other current assets & deferred income taxes 7,290 6,606 ----------- ----------- Total Current Assets 101,633 94,262 Property, plant & equipment - net 52,408 54,338 Other assets 12,116 12,339 ----------- ----------- Total Assets $ 166,157 $ 160,939 =========== =========== Liabilities and Shareholders' Equity Accounts payable $ 6,362 $ 6,163 Accrued liabilities & expenses 15,134 13,203 Income taxes 2,657 2,542 ----------- ----------- Total Current Liabilities 24,153 21,908 Postretirement benefits 23,033 22,569 Shareholders' Equity 118,971 116,462 ----------- ----------- Total Liabilities & Shareholders' Equity $ 166,157 $ 160,939 =========== =========== Shares outstanding 10,682,697 10,678,947
Shares reflect the 5 for 4 split effective September 10, 2004. -----END PRIVACY-ENHANCED MESSAGE-----