EX-99 2 l15303aexv99.txt EX-99 NEWS RELEASE EXHIBIT 99 Page 1 GORMAN-RUPP REPORTS IMPROVED SECOND QUARTER RESULTS Mansfield, Ohio - July 28, 2005 - The Gorman-Rupp Company (AMEX:GRC) reported record net sales of $56,109,000 for the second quarter ended June 30, 2005 compared to $50,804,000 during the same period in 2004, an increase of 10.4%. Net income for the quarter was $3,337,000 compared to $2,449,000 during the same period in 2004, an increase of 36.3%. Net income during the quarter exceeded each of the five previous quarters. Earnings per share during the quarter were $0.32 compared to $0.23 during the same period in 2004. Net sales for the six months ended June 30, 2005 were $108,146,000 compared to $100,235,000 during the same period in 2004, an increase of $7,911,000 or 7.9%. Net income for the first six months of 2005 was $4,991,000 compared to $4,656,000 for the same period 2004, an increase of 7.2% and equal to earnings per share of $0.47 and $0.44, respectively. Increased sales and new orders in the construction, fire protection and international markets during the second quarter 2005 reflected continuing improvement in the capital goods sector in response to the general economic recovery. Stronger sales volume from the Company's Mansfield Division during the second quarter contributed to the improved operating results. Increased incoming orders at Patterson Pump Company during this quarter are expected to further improve its shipments during the second half of 2005. The Company's backlog of orders at June 30, 2005 was $87.2 million, an increase of 44.5% from June 30, 2004, and 26.4% higher than the $69.0 million backlog at December 31, 2004. President and CEO Jeffrey Gorman stated, "We are encouraged by the amount of new orders during the first half of 2005 and look forward to a good second-half of the year." 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 June 30, Six Months Ended June 30, 2005 2004 2005 2004 ------- ------- -------- -------- Net sales $56,109 $50,804 $108,146 $100,235 Cost of products sold 43,703 39,984 85,955 79,319 ------- ------- -------- -------- Gross Profit 12,406 10,820 22,191 20,916 Selling, general and administrative expenses 7,274 7,102 14,705 13,966 ------- ------- -------- -------- Operating Income 5,132 3,718 7,486 6,950 Other income (expense) - net 166 170 436 441 ------- ------- -------- -------- Income Before Income Taxes 5,298 3,888 7,922 7,391 Income taxes 1,961 1,439 2,931 2,735 ------- ------- -------- -------- Net Income $ 3,337 $ 2,449 $ 4,991 $ 4,656 ======= ======= ======== ======== Basic and Diluted Earnings Per Share $ 0.32 $ 0.23 $ 0.47 $ 0.44
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)
June 30, December 31, 2005 2004 ----------- ------------ Assets Cash and short-term investments $ 15,589 $ 18,898 Accounts receivable 34,331 32,988 Inventories 46,667 38,234 Other current assets and deferred income taxes 5,504 6,525 ----------- ----------- Total Current Assets 102,091 96,645 Property, Plant and Equipment - Net 52,294 54,812 Other 15,366 13,887 ----------- ----------- Total Assets $ 169,751 $ 165,344 =========== =========== Liabilities and Shareholders' Equity Accounts payable $ 6,720 $ 6,615 Accrued liabilities and expenses 16,673 14,497 ----------- ----------- Total Current Liabilities 23,393 21,112 Postretirement Benefits 22,946 22,334 Shareholders' Equity 123,412 121,898 ----------- ----------- Total Liabilities and Shareholders' Equity $ 169,751 $ 165,344 =========== =========== Shares outstanding 10,682,697 10,682,697
Shares reflect the 5 for 4 split effective September 10, 2004.