EX-99 2 l21614aexv99.htm EXHIBIT 99 exv99
 

Exhibit 99

Page 1
GORMAN-RUPP REPORTS RECORD SECOND QUARTER AND SIX MONTH RESULTS
Mansfield, Ohio — July 28, 2006 — The Gorman-Rupp Company (AMEX:GRC) reports record earnings and sales for the second quarter and six months ended June 30, 2006. Net income increased 64.8% to $5,499,000 for the quarter compared to $3,337,000 during the second quarter 2005. Net sales of $67,905,000 during the quarter were up 21% compared to $56,109,000 during the same period in 2005. Earnings per share for the quarter were $0.52 compared to $0.32 for the second quarter 2005.
Net income for the first six months of 2006 was $10,037,000 compared to $4,991,000 during the same period in 2005. Net sales during the first six months of 2006 were $134,992,000 compared to $108,146,000 during the same period in 2005, an increase of 24.8%. Earnings per share for the first six months of 2006 were $0.94 compared to $0.47 during the same period in 2005.
Domestic demand for pumps and pump systems continued to be very good in the construction, municipal, fire protection and original equipment manufacturer markets. International shipments, a focus for the Company, were above forecast and are expected to remain strong for the foreseeable future.
The backlog of orders at June 30, 2006 was $91.7 million compared to $87.2 million at June 30, 2005. While incoming orders remained strong during the second quarter, backlog was reduced from the record backlog of $98.6 million at March 31, 2006.
“We are very pleased with the first six months’ performance of the Company, especially the renewed contribution of Patterson Pump Company,” reported Jeffrey Gorman, President and CEO. “With the rate of incoming orders remaining very good and the favorable backlog, 2006 should continue to be a good year for The Gorman-Rupp 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 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.

 


 

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,  
    2006     2005     2006     2005  
               
Net sales
  $ 67,905     $ 56,109     $ 134,992     $ 108,146  
Cost of products sold
    52,318       43,703       104,455       85,955  
 
                       
Gross Profit
    15,587       12,406       30,537       22,191  
Selling, general and administrative expenses
    7,643       7,274       15,749       14,705  
 
                       
Operating Income
    7,944       5,132       14,788       7,486  
Other income (expense) — net
    439       166       643       436  
 
                       
Income Before Income Taxes
    8,383       5,298       15,431       7,922  
Income taxes
    2,884       1,961       5,394       2,931  
 
                       
Net Income
  $ 5,499     $ 3,337     $ 10,037     $ 4,991  
 
                       
Basic and Diluted Earnings Per Share
  $ 0.52     $ 0.32     $ 0.94     $ 0.47  
The Gorman-Rupp Company and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)
(in thousands of dollars)
                 
    June 30,     December 31,  
    2006     2005  
               
Assets
               
Cash and short-term investments
  $ 14,298     $ 11,540  
Accounts receivable
    47,199       41,473  
Inventories
    54,167       52,403  
Other current assets and deferred income taxes
    4,119       5,085  
 
           
Total Current Assets
    119,783       110,501  
Property, Plant and Equipment — Net
    50,915       51,505  
Other
    17,628       17,535  
 
           
Total Assets
  $ 188,326     $ 179,541  
 
           
Liabilities and Shareholders’ Equity
               
Accounts payable
  $ 9,913     $ 9,835  
Accrued liabilities and expenses
    19,328       18,384  
 
           
Total Current Liabilities
    29,241       28,219  
Postretirement Benefits
    23,870       23,255  
Deferred Income Taxes
    1,014       1,019  
Shareholders’ Equity
    134,201       127,048  
 
           
Total Liabilities and Shareholders’ Equity
  $ 188,326     $ 179,541  
 
           
Shares outstanding
    10,685,697       10,685,697