EX-99 2 l30185aexv99.htm EX-99 EX-99
 

Exhibit 99

Page 1
GORMAN-RUPP REPORTS RECORD PERFORMANCE FOR 2007
Mansfield, Ohio — February 15, 2008 — The Gorman-Rupp Company (AMEX:GRC) reported record net sales of $305,562,000 for the year ending December 31, 2007, compared to $270,910,000 in 2006, an increase of 12.8%. Net income increased 19.9% in 2007 and was a record $22,859,000 compared to $19,072,000 in 2006. Record earnings per share were $1.37 for 2007 compared to $1.14 in 2006, after adjusting for a 5-for-4 split effective December 10, 2007.
Net sales in the fourth quarter 2007 increased 18.0% to a record $76,825,000 compared to $65,085,000 in the fourth quarter 2006. Fourth quarter 2007 net income was $5,754,000, more than double the $2,423,000 during the fourth quarter of 2006. Record 2007 fourth quarter earnings per share were $0.35 compared to $0.14 in 2006, an increase of $0.21 per share.
The Company’s backlog of orders was $116.4 million at December 31, 2007, an increase of 6.3% compared to the previous backlog of $109.5 million at the end of 2006. Nearly all of the backlog is scheduled to ship during 2008.
Growth in the international, fire protection, flood control, water/wastewater and government markets contributed to the Company’s 2007 success. Patterson Pump Company, a wholly-owned subsidiary of the Company, continued on a very strong track in 2007, highlighted by an order for large pumps for flood control in New Orleans.
During the fourth quarter 2007 the Company distributed a 5-for-4 stock split to shareholders and increased the quarterly cash dividend 4.2% to $0.10 per share. 2007 marked the 35th consecutive year the Company has increased cash dividends to shareholders.
“We are extremely pleased with the 2007 results” said Jeffrey S. Gorman, President and CEO. “Our market diversification across the fluid handling industry continues to position us well as we move forward. We remain optimistic that 2008 will be another successful year for the Company, despite news reports of a weakening economy”.
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 designs, manufactures and sells pumps and related equipment (pumps and motor controls) for use in water, wastewater, construction, industrial, petroleum, original equipment, agriculture, fire protection, heating ventilating and air conditioning (HVAC), military and other liquid handling applications.

 


 

Exhibit 99

Page 2
The Gorman-Rupp Company and Subsidiaries
Condensed Consolidated Statements of Income
(Thousands of dollars, except per share data)
                                 
    Three Months Ended December 31,     Twelve Months Ended December 31,  
    (unaudited)        
    2007     2006     2007     2006  
 
                               
Net sales
  $ 76,825     $ 65,085     $ 305,562     $ 270,910  
Cost of products sold
    59,804       53,536       238,110       212,234  
 
                       
 
                               
Gross Profit
    17,021       11,549       67,452       58,676  
 
                               
Selling, general and administrative expenses
    9,499       8,483       34,567       32,411  
 
                       
 
                               
Operating Income
    7,522       3,066       32,885       26,265  
Other income (expense) — net
    948       457       2,498       1,461  
 
                       
 
                               
Income Before Income Taxes
    8,470       3,523       35,383       27,726  
Income taxes
    2,716       1,100       12,524       8,654  
 
                       
 
                               
Net Income
  $ 5,754     $ 2,423     $ 22,859     $ 19,072  
 
                       
 
                               
Basic and Diluted Earnings Per Share
  $ 0.35     $ 0.14     $ 1.37     $ 1.14  
The Gorman-Rupp Company and Subsidiaries
Condensed Consolidated Balance Sheets
(Thousands of dollars)
                 
    December 31,     December 31,  
    2007     2006  
Assets
               
Cash and short-term investments
  $ 30,190     $ 16,855  
Accounts receivable — net
    47,256       45,135  
Inventories — net
    53,223       50,299  
Deferred income taxes and other current assets
    4,619       7,829  
 
           
 
               
Total Current Assets
    135,288       120,118  
 
               
Property, Plant and Equipment — Net
    59,970       52,351  
Deferred income taxes and other assets
    16,276       15,071  
 
           
 
               
Total Assets
  $ 211,534     $ 187,540  
 
           
 
               
Liabilities and Shareholders’ Equity
               
 
               
Accounts payable
  $ 14,162     $ 10,417  
Accrued liabilities and expenses
    19,319       17,229  
 
           
 
               
Total Current Liabilities
    33,481       27,646  
 
               
Deferred and Other Long-term Income Taxes
    1,432        
Retirement Benefits
          4,185  
Postretirement Benefits
    26,661       27,567  
 
               
Minority Interest
    520        
 
               
Shareholders’ Equity
    149,440       128,142  
 
           
 
               
Total Liabilities and Shareholders’ Equity
  $ 211,534     $ 187,540  
 
           
 
               
Shares outstanding
    16,703,035       16,699,285  
Shares outstanding and per share data reflect the 5 for 4 stock split effective December 10, 2007.