EXHIBIT 99
Page 1
GORMAN-RUPP REPORTS IMPROVED SECOND QUARTER RESULTS
Mansfield, Ohio - July 28, 2005 - The Gorman-Rupp Company (AMEX:GRC) reported
record net sales of $56,109,000 for the second quarter ended June 30, 2005
compared to $50,804,000 during the same period in 2004, an increase of 10.4%.
Net income for the quarter was $3,337,000 compared to $2,449,000 during the same
period in 2004, an increase of 36.3%. Net income during the quarter exceeded
each of the five previous quarters. Earnings per share during the quarter were
$0.32 compared to $0.23 during the same period in 2004.
Net sales for the six months ended June 30, 2005 were $108,146,000 compared to
$100,235,000 during the same period in 2004, an increase of $7,911,000 or 7.9%.
Net income for the first six months of 2005 was $4,991,000 compared to
$4,656,000 for the same period 2004, an increase of 7.2% and equal to earnings
per share of $0.47 and $0.44, respectively.
Increased sales and new orders in the construction, fire protection and
international markets during the second quarter 2005 reflected continuing
improvement in the capital goods sector in response to the general economic
recovery.
Stronger sales volume from the Company's Mansfield Division during the second
quarter contributed to the improved operating results. Increased incoming orders
at Patterson Pump Company during this quarter are expected to further improve
its shipments during the second half of 2005.
The Company's backlog of orders at June 30, 2005 was $87.2 million, an increase
of 44.5% from June 30, 2004, and 26.4% higher than the $69.0 million backlog at
December 31, 2004.
President and CEO Jeffrey Gorman stated, "We are encouraged by the amount of new
orders during the first half of 2005 and look forward to a good second-half of
the 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 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 June 30, Six Months Ended June 30,
2005 2004 2005 2004
------- ------- -------- --------
Net sales $56,109 $50,804 $108,146 $100,235
Cost of products sold 43,703 39,984 85,955 79,319
------- ------- -------- --------
Gross Profit 12,406 10,820 22,191 20,916
Selling, general and
administrative expenses 7,274 7,102 14,705 13,966
------- ------- -------- --------
Operating Income 5,132 3,718 7,486 6,950
Other income (expense) - net 166 170 436 441
------- ------- -------- --------
Income Before Income Taxes 5,298 3,888 7,922 7,391
Income taxes 1,961 1,439 2,931 2,735
------- ------- -------- --------
Net Income $ 3,337 $ 2,449 $ 4,991 $ 4,656
======= ======= ======== ========
Basic and Diluted Earnings
Per Share $ 0.32 $ 0.23 $ 0.47 $ 0.44
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)
June 30, December 31,
2005 2004
----------- ------------
Assets
Cash and short-term investments $ 15,589 $ 18,898
Accounts receivable 34,331 32,988
Inventories 46,667 38,234
Other current assets and deferred income taxes 5,504 6,525
----------- -----------
Total Current Assets 102,091 96,645
Property, Plant and Equipment - Net 52,294 54,812
Other 15,366 13,887
----------- -----------
Total Assets $ 169,751 $ 165,344
=========== ===========
Liabilities and Shareholders' Equity
Accounts payable $ 6,720 $ 6,615
Accrued liabilities and expenses 16,673 14,497
----------- -----------
Total Current Liabilities 23,393 21,112
Postretirement Benefits 22,946 22,334
Shareholders' Equity 123,412 121,898
----------- -----------
Total Liabilities and Shareholders' Equity $ 169,751 $ 165,344
=========== ===========
Shares outstanding 10,682,697 10,682,697
Shares reflect the 5 for 4 split effective September 10, 2004.