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.
