Note 1 - Basis of Presentation of Financial Statements

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Basis of Accounting [Text Block]

NOTE

1

- BASIS OF PRESENTATION OF FINANCIAL STATEMENTS

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form

10

-Q and do

not

include all of the information and footnotes required by U.S. GAAP for complete financial statements. The consolidated financial statements include the accounts of The Gorman-Rupp Company (the “Company” or “Gorman-Rupp”) and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. In the opinion of management of the Company, all adjustments considered necessary for a fair presentation have been included. Operating results for the

three

and

nine

months ended

September 30, 2018

are

not

necessarily indicative of results that

may

be expected for the year ending

December 

31,

2018.

For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form

10

-K for the year ended

December 

31,

2017,

from which related information herein has been derived.

Certain prior year amounts have been reclassified to conform to the

three

and

nine

months ended

September 30, 2018

presentation and reflect the adoption of certain accounting standard updates. These reclassifications had

no

impact on the Company’s previously reported net income, consolidated balance sheets, or consolidated statements of cash flows.