Exhibit 99
Page 1
GORMAN-RUPP REPORTS RECORD BACKLOG AND 9 MONTHS RESULTS
Mansfield, Ohio — October 23, 2008 — The Gorman-Rupp Company (AMEX:GRC) reports record backlog and nine months ended September 30, 2008 financial results.
Net income for the third quarter 2008 was $7,385,000 compared to $5,475,000 during the third quarter of 2007, an increase of 34.9%. Net sales increased 12.8% to a record $84,188,000 for the quarter ended September 30, 2008 from $74,629,000 during the same period in 2007. Earnings per share during the quarter were $0.44 compared to $0.33 during 2007’s third quarter.
Net income for the first nine months of 2008 increased 31.1% to a record $22,432,000 compared to $17,105,000 during 2007. Net sales increased 9.1% to a record $249,653,000 for the nine months ended September 30, 2008 from $228,737,000 during the same period in 2007. Earnings per share for the current nine months were a record $1.34 compared to $1.02 in the first nine months of 2007.
Increased net sales for the quarter principally resulted from water and wastewater applications, fabricated components, and continued strength in international business. The increase in the Company’s third quarter earnings primarily resulted from additional operating leverage on sales growth and favorable product mix.
Incoming orders principally arising from water and wastewater applications and fabricated components contributed to a record backlog of $128.3 million at September 30, 2008, a 10.2% increase from the backlog of $116.4 million at December 31, 2007.
Capital expenditures of $9.7 million for the previously announced consolidation and expansion of the Mansfield, Ohio facilities have been incurred as of September 30, 2008, of which $7.3 million has been incurred during 2008. Construction started during this quarter and is expected to be completed by the end of 2009.
President and CEO Jeffrey Gorman stated, “We are extremely pleased with the record performance for the third quarter and nine months 2008, and are encouraged by the record backlog and level of business so far this year. Even with the current economic conditions, we remain confident as we move into the fourth quarter. On behalf of all of our global employees and investors, I am proud that The Gorman-Rupp Company has again been named as one of Forbes Magazine’s “200 Best Small Companies” for the third consecutive 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 designs, manufactures and sells pumps and related equipment (pumps and motor controls) for use in water, wastewater, construction, industrial, petroleum, original equipment, agricultural, fire protection, heating ventilating and air conditioning (HVAC), military and other liquid handling applications.
