-----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, Ie7hKSUpMyzHe8a7aALiMIBoyjHrj/jl3Rd7Y0bJ/Aczp2U4GL1vgWa2k+DIpWPe 120UGmIRGfGrdc6AkK3eXQ== 0000950152-05-003721.txt : 20050429 0000950152-05-003721.hdr.sgml : 20050429 20050429152322 ACCESSION NUMBER: 0000950152-05-003721 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050427 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050429 DATE AS OF CHANGE: 20050429 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: 05785221 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 l13708ae8vk.txt THE 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 27, 2005 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 April 27, 2005, The Gorman-Rupp Company issued a news release announcing its unaudited financial results for the first quarter ended March 31, 2005. 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 29, 2005 EXHIBIT INDEX Exhibit Page ------- ---- (99) News Release dated April 27, 2005 3 2 EX-99 2 l13708aexv99.txt EXHIBIT 99 Exhibit 99 Page 1 GORMAN-RUPP REPORTS FIRST QUARTER 2005 RESULTS Mansfield, Ohio - April 27, 2005 - The Gorman-Rupp Company (AMEX:GRC) reports record net sales of $52,037,000 during the first quarter ended March 31, 2005 compared to $49,431,000 during the same period in 2004, an increase of 5.3%. Net income for the first quarter 2005 was $1,654,000 compared to $2,207,000 in 2004 resulting in earnings per share of $0.15 and $0.21, respectively. Record sales during the first quarter 2005 reflected a continuation of positive signs of growth in the economy and the expansion of the capital goods market. Benefit from increased sales volume on first quarter 2005 margins continued to be impacted by lower operating results at the Company's wholly-owned subsidiary, Patterson Pump Company. Principal factors contributing to these operating results were start-up costs associated with a new line of pumps and pump systems for the heating, ventilating and air-conditioning market and the ability to pass on price increases for such items as steel. The decline in first quarter, 2005 earnings resulted principally from Patterson Pump Company operations. However, good acceptance of new products and projected increases in shipments of fabricated components and fire pumps during the second half of 2005 should improve Patterson's operating results. A record $89.0 million in backlog of orders at March 31, 2005, reflects a 57.6% increase from the backlog of a year ago and is 29.0% higher than the $69.0 million backlog at December 31, 2004. The Company's financial strength continues to come from its positive cash flow and lack of debt. In March, 2005 the Company acquired a submersible pump line from a private European company. The addition of this pump line will complement and expand the family of pumps currently offered to international markets. President Jeffrey Gorman stated, "New orders received in the first quarter 2005 from the construction, rental and fire protection markets continue to be very good. With the capital goods market seemingly in a solid recovery and our record backlog, we believe that 2005 will be a good year for the Company." David P. Emmens Corporate Secretary The Gorman-Rupp Company Telephone (419) 755-1477 For information contact Robert E. Kirkendall, Senior Vice President & CFO, Telephone (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, 2005 2004 ----------- ----------- Net sales $ 52,037 $ 49,431 Cost of products sold 42,252 39,335 ----------- ----------- Gross Profit 9,785 10,096 Selling, general & administrative expenses 7,431 6,864 ----------- ----------- Operating Income 2,354 3,232 Other income (expense), net 270 271 ----------- ----------- Income Before Income Taxes 2,624 3,503 Income taxes 970 1,296 ----------- ----------- Net Income $ 1,654 $ 2,207 =========== =========== Basic & Diluted Earnings Per Share $ 0.15 $ 0.21
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)
March 31, December 31, 2005 2004 ----------- ----------- Assets Cash & short-term investments $ 17,712 $ 18,898 Accounts receivable 32,145 32,988 Inventories 42,875 38,234 Other current assets & deferred income taxes 6,101 6,525 ----------- ----------- Total Current Assets 98,833 96,645 Property, Plant & Equipment - Net 53,101 54,812 Other 14,932 13,887 ----------- ----------- Total Assets $ 166,866 $ 165,344 =========== =========== Liabilities and Shareholders' Equity Accounts payable $ 7,057 $ 6,615 Accrued liabilities & expenses 15,280 14,497 ----------- ----------- Total Current Liabilities 22,337 21,112 Postretirement Benefits 22,641 22,334 Shareholders' Equity 121,888 121,898 ----------- ----------- Total Liabilities & Shareholders' Equity $ 166,866 $ 165,344 =========== =========== Shares outstanding 10,682,697 10,682,697
Shares outstanding reflect the 5 for 4 stock split effective September 10,2004. -----END PRIVACY-ENHANCED MESSAGE-----