Exhibit 99
Page 1
GORMAN-RUPP REPORTS FIRST QUARTER 2005 RESULTS
Mansfield, Ohio - April 27, 2005 - The Gorman-Rupp Company (AMEX:GRC) reports
record net sales of $52,037,000 during the first quarter ended March 31, 2005
compared to $49,431,000 during the same period in 2004, an increase of 5.3%. Net
income for the first quarter 2005 was $1,654,000 compared to $2,207,000 in 2004
resulting in earnings per share of $0.15 and $0.21, respectively.
Record sales during the first quarter 2005 reflected a continuation of positive
signs of growth in the economy and the expansion of the capital goods market.
Benefit from increased sales volume on first quarter 2005 margins continued to
be impacted by lower operating results at the Company's wholly-owned subsidiary,
Patterson Pump Company. Principal factors contributing to these operating
results were start-up costs associated with a new line of pumps and pump systems
for the heating, ventilating and air-conditioning market and the ability to pass
on price increases for such items as steel.
The decline in first quarter, 2005 earnings resulted principally from Patterson
Pump Company operations. However, good acceptance of new products and projected
increases in shipments of fabricated components and fire pumps during the second
half of 2005 should improve Patterson's operating results.
A record $89.0 million in backlog of orders at March 31, 2005, reflects a 57.6%
increase from the backlog of a year ago and is 29.0% higher than the $69.0
million backlog at December 31, 2004.
The Company's financial strength continues to come from its positive cash flow
and lack of debt.
In March, 2005 the Company acquired a submersible pump line from a private
European company. The addition of this pump line will complement and expand the
family of pumps currently offered to international markets.
President Jeffrey Gorman stated, "New orders received in the first quarter 2005
from the construction, rental and fire protection markets continue to be very
good. With the capital goods market seemingly in a solid recovery and our record
backlog, we believe that 2005 will be a good year for the Company."
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 March 31,
2005 2004
----------- -----------
Net sales $ 52,037 $ 49,431
Cost of products sold 42,252 39,335
----------- -----------
Gross Profit 9,785 10,096
Selling, general &
administrative expenses 7,431 6,864
----------- -----------
Operating Income 2,354 3,232
Other income (expense), net 270 271
----------- -----------
Income Before Income Taxes 2,624 3,503
Income taxes 970 1,296
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Net Income $ 1,654 $ 2,207
=========== ===========
Basic & Diluted Earnings Per Share $ 0.15 $ 0.21
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)
March 31, December 31,
2005 2004
----------- -----------
Assets
Cash & short-term investments $ 17,712 $ 18,898
Accounts receivable 32,145 32,988
Inventories 42,875 38,234
Other current assets & deferred income taxes 6,101 6,525
----------- -----------
Total Current Assets 98,833 96,645
Property, Plant & Equipment - Net 53,101 54,812
Other 14,932 13,887
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Total Assets $ 166,866 $ 165,344
=========== ===========
Liabilities and Shareholders' Equity
Accounts payable $ 7,057 $ 6,615
Accrued liabilities & expenses 15,280 14,497
----------- -----------
Total Current Liabilities 22,337 21,112
Postretirement Benefits 22,641 22,334
Shareholders' Equity 121,888 121,898
----------- -----------
Total Liabilities & Shareholders' Equity $ 166,866 $ 165,344
=========== ===========
Shares outstanding 10,682,697 10,682,697
Shares outstanding reflect the 5 for 4 stock split effective September 10,2004.