<SEC-DOCUMENT>0001157523-19-000271.txt : 20190208
<SEC-HEADER>0001157523-19-000271.hdr.sgml : 20190208
<ACCEPTANCE-DATETIME>20190208093605
ACCESSION NUMBER:		0001157523-19-000271
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190208
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190208
DATE AS OF CHANGE:		20190208

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GORMAN RUPP CO
		CENTRAL INDEX KEY:			0000042682
		STANDARD INDUSTRIAL CLASSIFICATION:	PUMPS & PUMPING EQUIPMENT [3561]
		IRS NUMBER:				340253990
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06747
		FILM NUMBER:		19578222

	BUSINESS ADDRESS:	
		STREET 1:		600 SOUTH AIRPORT ROAD
		STREET 2:		P.O. BOX 1217
		CITY:			MANSFIELD
		STATE:			OH
		ZIP:			44901
		BUSINESS PHONE:		419-755-1011

	MAIL ADDRESS:	
		STREET 1:		600 SOUTH AIRPORT ROAD
		STREET 2:		P.O. BOX 1217
		CITY:			MANSFIELD
		STATE:			OH
		ZIP:			44901
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51937791.htm
<DESCRIPTION>THE GORMAN-RUPP COMPANY 8-K
<TEXT>
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          &#160;
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    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 12pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-family: Times New Roman; font-size: 16pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Pursuant
      to Section 13 OR 15(d)&#160;of The Securities Exchange Act of 1934</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt"><b>Date
      of Report &#160;(Date of earliest event reported): February 8, 2019</b></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><br><font style="font-size: 20pt"><b>THE
      GORMAN-RUPP COMPANY</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Ohio</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; width: 32%; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1-6747</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; width: 32%; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>34-0253990</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 32%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            of incorporation)
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td style="padding-left: 0.0px; width: 32%; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission&#160;File Number)
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td style="padding-left: 0.0px; width: 32%; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer Identification No.)
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
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    <table style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; width: 49%; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>600 South Airport Road, Mansfield, Ohio</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; width: 49%; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>44903</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 49%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td style="padding-left: 0.0px; width: 49%; text-align: center" valign="bottom">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code</font>: &#160;<b>(419) 755-1011</b>
    </p>
    <div style="text-align:center">
    <table style="width: 60%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto" cellspacing="0">
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          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Former name or former address, if changed since last report.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Indicate by
      check mark whether the registrant is an emerging growth company as
      defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this
      chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;240.12b-2 of this chapter).</font>
    </p>
    <p>
      Emerging growth company <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
    </p>
    <p>
      If an emerging growth company, indicate by check mark if the registrant
      has elected not to use the extended transition period for complying with
      any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act. <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
    </p>
    <p>

    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="text-align: center">

        </div>
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          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>
      <b>Item&#160;2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION</b>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      On February 8, 2019, The Gorman-Rupp Company issued a news release
      announcing its financial results for the fourth quarter and year ended
      December 31, 2018.&#160;&#160;This news release is included as Exhibit&#160;99 and is
      being furnished, not filed, with the Current Report on Form 8-K.
    </p>
    <p>
      <b>Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS</b>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      (d) <u>Exhibits</u>
    </p>
    <p>
      <u>Exhibit</u><br>(99)&#160;&#160;&#160;&#160;&#160;&#160;News Release dated February 8, 2019
    </p>
    <p style="white-space: nowrap">

    </p>
    <p>

    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the Registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
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    <table style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
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        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            THE GORMAN-RUPP COMPANY
          </p>
        </td>
        <td style="width: 6%">

        </td>
      </tr>
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        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 41%">

        </td>
        <td style="width: 6%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 50%; padding-bottom: 2.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 3%; padding-bottom: 2.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By
          </p>
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; width: 41%; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Brigette A. Burnell
          </p>
        </td>
        <td style="width: 6%">

        </td>
      </tr>
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        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; width: 41%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Brigette A. Burnell
          </p>
        </td>
        <td style="width: 6%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; width: 41%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            General Counsel and Corporate Secretary
          </p>
        </td>
        <td style="width: 6%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 41%">

        </td>
        <td style="width: 6%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 50%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            February 8, 2019
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 41%">

        </td>
        <td style="width: 6%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
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        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT&#160;INDEX</b>
    </p>
    <p style="text-align: center">

    </p>
<div style="text-align:left">
    <table style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="top">
          Exhibit
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51937791ex99.htm">(99) News Release dated February 8,
            2019</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>a51937791ex99.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Gorman-Rupp
      Reports Fourth Quarter Financial Results and Record Full-Year 2018
      Earnings</b></font>
    </p>
    <p>
      MANSFIELD, Ohio--(BUSINESS WIRE)--February 8, 2019--The Gorman-Rupp
      Company (NYSE: GRC) reports financial results for the fourth quarter and
      year ended December 31, 2018.
    </p>
    <p>
      <u>Fourth Quarter 2018 Highlights</u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Fourth quarter earnings per share were $0.36 compared to $0.31 per
        share for the fourth quarter of 2017<br>- Fourth quarter of 2018
        included a special cash bonus paid to all employees in connection with
        the U.S. Tax Cuts and Jobs Act of $0.04 per share and an unfavorable
        LIFO impact of $0.03 per share<br>- Lower effective income tax rate in
        the fourth quarter of 2018 due primarily to the U.S. Tax Cuts and Jobs
        Act
      </li>
      <li style="margin-bottom: 10.0px">
        Net sales increased 8.5% or $8.1 million
      </li>
      <li style="margin-bottom: 10.0px">
        A special cash dividend of $2.00 per share was paid to shareholders on
        December 10, 2018
      </li>
    </ul>
    <p>
      Net sales for the fourth quarter of 2018 were $103.0 million compared to
      $94.9 million for the fourth quarter of 2017, an increase of 8.5% or
      $8.1 million. Domestic sales increased 17.1% or $10.3 million while
      international sales decreased 6.4% or $2.2 million compared to the same
      period in 2017.
    </p>
    <p>
      Sales in our water markets increased 8.0% or $5.3 million in the fourth
      quarter of 2018 compared to the fourth quarter of 2017. Sales in the
      municipal market increased $4.9 million driven primarily by
      infrastructure needs domestically. In addition, sales of repair parts
      increased $1.3 million and sales in the construction market increased
      $1.0 million. These increases were partially offset by decreased sales
      in the fire protection market of $1.4 million and in the agriculture
      market of $0.5 million.
    </p>
    <p>
      Sales increased 9.6% or $2.8 million in our non-water markets during the
      fourth quarter of 2018 compared to the fourth quarter of 2017. Sales in
      the petroleum and industrial markets increased a combined $3.1 million
      due principally to increased capital spending related to oil and gas
      drilling activity. These increases were partially offset by decreased
      sales in the OEM market of $0.3 million.
    </p>
    <p>
      International sales were $32.4 million in the fourth quarter of 2018
      compared to $34.6 million in the same period last year and represented
      31.5% and 36.5% of total sales for the Company, respectively.
      International sales decreased most notably in the fire protection and
      construction markets, primarily driven by timing of shipments.
    </p>
    <p>
      Gross profit was $26.5 million for the fourth quarter of 2018, resulting
      in gross margin of 25.7%, compared to gross profit of $25.3 million and
      gross margin of 26.6% for the same period in 2017. Gross margin
      decreased 90 basis points primarily driven by an unfavorable LIFO impact
      of 80 basis points. Material cost increases due to inflation and tariffs
      were offset by lower labor and overhead costs as a percent of sales due
      to leverage from increased sales volume and lower healthcare expense.
    </p>
    <p>
      Selling, general and administrative (&#8220;SG&amp;A&#8221;) expenses were $15.8 million
      and 15.4% of net sales for the fourth quarter of 2018 compared to $13.7
      million and 14.4% of net sales for the same period in 2017. The fourth
      quarter of 2018 included a special cash bonus paid to all employees in
      connection with the U.S. Tax Cuts and Jobs Act (&#8220;Tax Act&#8221;) of $1.3
      million or 130 basis points. Excluding this special cash bonus, SG&amp;A
      expenses as a percentage of sales improved 30 basis points primarily as
      a result of leverage from increased sales volume.
    </p>
    <p>
      Operating income was $10.7 million, resulting in operating margin of
      10.4% for the fourth quarter of 2018, compared to operating income of
      $11.6 million and operating margin of 12.2% for the same period in 2017.
      The fourth quarter of 2018 included a special cash bonus paid to all
      employees of $1.3 million or 130 basis points. Excluding the special
      cash bonus, operating margin decreased 50 basis points due principally
      to material cost inflation and a related unfavorable LIFO impact,
      partially offset by leverage from increased sales volume.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      The Company&#8217;s effective tax rate decreased to 16.9% for the fourth
      quarter of 2018 from 35.4% for the fourth quarter of 2017, due primarily
      to the impact of the Tax Act enacted in December 2017.
    </p>
    <p>
      Net income was $9.5 million for the fourth quarter of 2018 compared to
      $7.9 million in the fourth quarter of 2017, and earnings per share were
      $0.36 and $0.31 for the respective periods. Earnings per share for the
      fourth quarter of 2018 included a special cash bonus paid to all
      employees of $0.04 per share and an unfavorable LIFO impact of $0.03 per
      share.
    </p>
    <p>
      Net sales for 2018 were $414.3 million compared to $379.4 million for
      2017, an increase of 9.2% or $34.9 million. Domestic sales increased
      12.4% or $30.0 million and international sales increased 3.5% or $4.9
      million compared to 2017.
    </p>
    <p>
      Sales in our water markets increased 9.9% or $25.9 million in 2018
      compared to 2017. Sales in the municipal market increased $8.1 million
      and sales in the fire protection market increased $7.0 million, which
      were both driven by domestic sales related to infrastructure needs and
      improved economic conditions. Sales in the construction market increased
      $6.2 million due primarily to increased oil and gas drilling activity
      and sales of repair parts increased $4.2 million driven by favorable
      economic conditions. In addition, sales in the agriculture market
      increased $0.4 million.
    </p>
    <p>
      Sales increased 7.6% or $9.0 million in our non-water markets during
      2018 compared to 2017. Sales in the industrial and petroleum markets
      increased a combined $9.8 million due principally to increased capital
      spending related to oil and gas drilling activity. These increases were
      partially offset by decreased sales in the OEM market of $0.8 million.
    </p>
    <p>
      International sales were $142.5 million in 2018 compared to $137.6
      million in 2017 and represented 34.4% and 36.3% of total sales for the
      Company in each of the two years, respectively. International sales
      increased in all markets except the OEM and agriculture markets.
    </p>
    <p>
      Gross profit was $109.9 million for 2018, resulting in gross margin of
      26.5%, compared to gross profit of $101.2 million and gross margin of
      26.7% for 2017. Gross margin decreased 20 basis points largely driven by
      an unfavorable LIFO impact of 70 basis points, partially offset by lower
      healthcare expense.
    </p>
    <p>
      SG&amp;A expenses were $59.3 million and 14.3% of net sales for 2018
      compared to $55.5 million and 14.6% of net sales for 2017. In 2018, a
      special cash bonus paid to all employees impacted SG&amp;A expenses by $1.3
      million or 30 basis points. Excluding this special cash bonus, SG&amp;A
      expenses as a percentage of sales improved 60 basis points as a result
      of leverage from increased sales volume.
    </p>
    <p>
      Operating income was $50.6 million, resulting in operating margin of
      12.2% for 2018, compared to operating income of $41.6 million and
      operating margin of 11.0% for 2017. In 2018, a special cash bonus paid
      to all employees impacted operating income by $1.3 million or 30 basis
      points. Included in 2017 operating income were non-cash impairment
      charges of $4.1 million or 100 basis points. Excluding these items,
      operating margin improved 50 basis points due principally to leverage
      from increased sales volume and lower healthcare expense, partially
      offset by an unfavorable LIFO impact.
    </p>
    <p>
      The Company&#8217;s effective tax rate decreased to 20.5% for 2018 from 32.6%
      for 2017, due primarily to the impact of the Tax Act enacted in December
      2017. The effective tax rate for 2018 also benefited by 120 basis points
      from pension plan contributions eligible for tax deduction at the 35.0%
      federal corporate tax rate for 2017 rather than the 21.0% rate for 2018.
      The Company&#8217;s current estimate of its full year 2019 effective income
      tax rate is between 22% and 24%.
    </p>
    <p>
      Net income was a record $40.0 million for 2018 compared to $26.6 million
      in 2017, and earnings per share were a record $1.53 for 2018 compared to
      $1.02 in 2017. In 2018 earnings were reduced by an unfavorable LIFO
      impact of $0.12 per share, non-cash pension settlement charges of $0.08
      per share and a special cash bonus paid to all employees of $0.04 per
      share. In 2017 earnings were reduced by an unfavorable LIFO impact of
      $0.03 per share, non-cash pension settlement charges of $0.10 per share
      and non-cash impairment charges of $0.10 per share.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      The Company&#8217;s backlog of orders was $113.7 million at December 31, 2018
      and essentially unchanged compared to $114.0 million at December 31,
      2017. Incoming orders increased 5.7% in 2018 compared to 2017 and
      included increases in almost all the markets the Company serves, most
      notably in the municipal, construction, petroleum and industrial markets.
    </p>
    <p>
      Capital expenditures for 2018 were $10.9 million and consisted primarily
      of machinery and equipment. Capital expenditures for 2019 are presently
      planned to be in the range of $15-$20 million and are expected to be
      financed through internally-generated funds.
    </p>
    <p>
      Jeffrey S. Gorman, President and CEO commented, &#8220;During the fourth
      quarter, we were pleased to make two special payouts from our strong
      cash position. All shareholders of the Company received a special
      dividend of $2.00 per share. In addition, each employee of the Company
      received a cash bonus of $1,000. Both of these one-time distributions
      were made possible in part due to the lower U.S. corporate tax rate and
      our strong cash flow. Ample liquidity remains in place for operations
      and possible acquisitions.
    </p>
    <p>
      &#8220;We completed 2018 with most of the major markets we serve continuing on
      a positive track. We have implemented pricing actions that we expect to
      offset margin pressure from material cost inflation and tariffs, and
      will closely monitor material costs and pricing going forward. We are
      optimistic that our diverse products and markets and our commitment to
      quality and customer service will allow us to drive positive growth over
      the longer-term.&#8221;
    </p>
    <p>
      About The Gorman-Rupp Company
    </p>
    <p>
      Founded in 1933, The Gorman-Rupp Company is a leading designer,
      manufacturer and international marketer of pumps and pump systems for
      use in diverse water, wastewater, construction, dewatering, industrial,
      petroleum, original equipment, agriculture, fire protection, heating,
      ventilating and air conditioning (HVAC), military and other
      liquid-handling applications.
    </p>
    <p>
      Safe Harbor Statement
    </p>
    <p>
      In connection with the &#8220;safe harbor&#8221; provisions of the Private
      Securities Litigation Reform Act of 1995, The Gorman-Rupp Company
      provides the following cautionary statement: This news release contains
      various forward-looking statements based on assumptions concerning The
      Gorman-Rupp Company&#8217;s operations, future results and prospects. These
      forward-looking statements are based on current expectations about
      important economic, political, and technological factors, among others,
      and are subject to risks and uncertainties, which could cause the actual
      results or events to differ materially from those set forth in or
      implied by the forward-looking statements and related assumptions. Such
      factors include, but are not limited to: (1)&#160;continuation of the current
      and projected future business environment; (2)&#160;highly competitive
      markets; (3)&#160;availability and costs of raw materials; (4)&#160;loss of key
      management; (5)&#160;cyber security threats; (6)&#160;acquisition performance and
      integration; (7)&#160;compliance with, and costs related to, a variety of
      import and export laws and regulations; (8)&#160;environmental compliance
      costs and liabilities; (9)&#160;exposure to fluctuations in foreign currency
      exchange rates; (10)&#160;conditions in foreign countries in which The
      Gorman-Rupp Company conducts business; (11)&#160;changes in our tax rates and
      exposure to additional income tax liabilities; (12)&#160;impairment in the
      value of intangible assets, including goodwill; (13)&#160;defined benefit
      pension plan settlement expense; (14)&#160;family ownership of common equity;
      and (15)&#160;risks described from time to time in our reports filed with the
      Securities and Exchange Commission. Except to the extent required by
      law, we do not undertake and specifically decline any obligation to
      review or update any forward-looking statements or to publicly announce
      the results of any revisions to any of such statements to reflect future
      events or developments or otherwise.
    </p>
    <p>
      For additional information, contact James C. Kerr, Chief Financial
      Officer, Telephone (419) 755-1548.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="15">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="15">
          The Gorman-Rupp Company
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="15">
          Condensed Consolidated Statements of Income (Unaudited)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="15">
          (thousands of dollars, except per share data)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center" valign="top" colspan="5">
          Three Months Ended December 31,
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center" valign="top" colspan="7">
          Year Ended December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="bottom" colspan="2">
          2018
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="bottom" colspan="2">
          2017
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="bottom" colspan="3">
          2018
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="bottom" colspan="3">
          2017
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Net sales
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          103,010
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          94,938
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          414,334
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          379,389
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Cost of products sold
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          76,487
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          69,685
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          304,413
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          278,181
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          Gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          26,523
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          25,253
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          109,921
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          101,208
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Selling, general and administrative expenses
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          15,847
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          13,674
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          59,282
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          55,474
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Impairment of goodwill and other intangible assets
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          4,098
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          Operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          10,676
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          11,579
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          50,639
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          41,636
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Other income (expense), net
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          746
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          715
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (323
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (2,258
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          11,422
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          12,294
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          50,316
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          39,378
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          1,934
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          4,354
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          10,337
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          12,823
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          9,488
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          7,940
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          39,979
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          26,555
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Earnings per share
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          0.36
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          0.31
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1.53
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1.02
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="7">
          The Gorman-Rupp Company
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="7">
          Condensed Consolidated Balance Sheets (Unaudited)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="7">
          (thousands of dollars)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center" valign="top" colspan="2">
          December 31,
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center" valign="top" colspan="2">
          December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="bottom" colspan="2">
          2018
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="bottom" colspan="2">
          2017
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Assets</u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          46,458
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          79,680
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Accounts receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          67,714
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          67,369
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Inventories, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          87,387
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          74,967
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Prepaid and other
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          7,127
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          5,918
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          208,686
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          227,934
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Property, plant and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          113,493
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          117,071
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          5,101
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          7,779
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Prepaid pension benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          4,817
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          4,313
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Goodwill and other intangible assets, net
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          36,185
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          37,918
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Total assets
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          368,282
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          395,015
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Liabilities and shareholders' equity</u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Accounts payable
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          16,678
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          15,798
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Accrued liabilities and expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          31,787
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          29,898
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          48,465
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          45,696
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Postretirement benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          21,853
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          15,737
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          4,832
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          8,087
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          75,150
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          69,520
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Shareholders' equity
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          293,132
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          325,495
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Total liabilities and shareholders' equity
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          368,282
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          395,015
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          26,117,045
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          26,106,623
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Brigette A. Burnell<br>Corporate Secretary<br>The
      Gorman-Rupp Company<br>Telephone (419) 755-1246<br>NYSE: GRC
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
