<SEC-DOCUMENT>0001193125-23-192188.txt : 20230829
<SEC-HEADER>0001193125-23-192188.hdr.sgml : 20230829
<ACCEPTANCE-DATETIME>20230724151656
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-23-192188
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20230724

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g451262snap1.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;24, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA
EDGAR </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549-3030 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr.&nbsp;Karl Hiller </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Branch Chief </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>The Gorman-Rupp Company </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Filed March&nbsp;8, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Response dated June&nbsp;26, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-06747</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Hiller: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Gorman-Rupp Company (the
&#147;Company&#148; or &#147;we&#148;) is submitting this letter in response to the comment letter from the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;), dated July&nbsp;6, 2023. Following are
the Company&#146;s responses. For the convenience of the Staff, we have repeated each of the Staff&#146;s comments before our corresponding response. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2022 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Properties, page 11 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment:</U> We note that you proposed revisions that include the square footage, principal use, and markets
served for various facilities in response to prior comment one, in which we advised of the requirements to disclose information that will reasonably inform investors as to the suitability, adequacy, productive capacity, and extent of utilization of
your facilities, although your revisions do not include details of capacity and utilization. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We continue to believe that
you will need to provide such details to comply with Instruction 1 to Item 102 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> Please submit the revisions that you propose to address these concerns. We reissue prior comment one. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g45126222snap3.jpg" ALT="LOGO">
 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As noted in our initial response the Company will revise our disclosure to include the square footage, principal use, markets served, and ownership status for
each of our material facilities. Our current disclosure also includes a statement regarding the quality and overall production capacity of our facilities being sufficient for the foreseeable future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s product line consists of thousands of pump models ranging in size from <SUP STYLE="vertical-align:top">1</SUP>&#8260;<SUB
STYLE="vertical-align:bottom">4</SUB> inch to nearly 15 feet and ranging in rated capacity from less than one gallon per minute to nearly one million gallons per minute. In addition, within each product line individual component parts are assembled
to unique customer requirements creating a large product mix, requiring varying levels of utilization. Due to the complexity of our business including the number of product lines and variables in product mix, determining specific capacity and
utilization by facility is not practical. However, we do monitor whether our facilities are operating at full or partial capacity. Our facilities have the capacity to work three full-time shifts up to seven days per week as well as automated
machining running during unstaffed hours, which the Company defines as full utilization. At partial utilization, our facilities are working one fully staffed shift five days per week, supplemented with partial second shifts and running certain
automated machining operations during peak periods. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and advises the Staff the Company will further
revise its disclosures to address the aforementioned guidance in future filings. In addition to the revisions to Item 2. Properties communicated in our prior response, the Company will add an additional column &#147;Utilization (Full or
Partial)&#148; and disclose whether utilization is &#147;Partial&#148; or &#147;Full&#148; in order to reasonably inform investors as to the productive capacity and extent of utilization of each of our material facilities. By way of example, the
following modified Item 2. Properties disclosure from page 11 of our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2022 reflects the format we intend to employ in future filings. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;2. Properties. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company conducts business
at plants and offices that are owned or leased and located in the United States and other countries as described below. The following table sets forth the location, approximate size, principal use, markets served, ownership status and utilization of
each of our material facilities. Our facilities have the capacity to work three full-time shifts up to seven days per week as well as automated machining running during unstaffed hours, which the Company defines as full utilization. At partial
utilization, our facilities are working one fully staffed shift five days per week, supplemented with partial second shifts and running certain automated machining operations during peak periods. We believe we made effective use of our productive
capacities at our facilities. We consider our plants, machinery and equipment to be well maintained and in good operating condition. We believe the quality and production capacity of our facilities is sufficient to maintain our competitive position
for the foreseeable future. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="23%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Properties</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Approximate<BR>Sq Footage</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Principal Use</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Markets Served</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Owned/<BR>Leased</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Utilization</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>United States</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Bellville, OH</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Manufacturing, R&amp;D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Industrial, OEM</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Owned</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Partial</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Fort Wayne, IN</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Manufacturing, R&amp;D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Industrial, agriculture, construction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Owned</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Partial</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Glendale, AZ</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Manufacturing, R&amp;D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Industrial, agriculture, municipal, pretroleum, OEM</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Owned</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Partial</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Lenexa, KS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Manufacturing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Industrial, agriculture, construction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Leased</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Partial</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Lubbock, TX</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Manufacturing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Industrial, agriculture, municipal, pretroleum, OEM</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Owned</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Partial</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Mansfield, OH (2&nbsp;properties)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">970,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Corporate HQ, Manufacturing, R&amp;D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Industrial, construction, municipal, pretroleum, OEM</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Owned</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Partial</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Olive Branch, MS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Manufacturing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Industrial, agriculture, municipal, pretroleum, OEM</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Owned</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Partial</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Royersford, PA (2&nbsp;properties)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">120,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Manufacturing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Industrial, agriculture, construction, municipal, OEM</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Owned</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Partial</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Toccoa, GA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">295,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Manufacturing, R&amp;D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Industrial, fire, municipal</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Owned</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Partial</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>Other Countries</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">County Westmeath, Ireland</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Manufacturing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Industrial, fire, municipal</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Waardenburg, The Netherlands</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Manufacturing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Industrial, agriculture, construction, municipal, pretroleum, OEM</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Owned</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Partial</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">St. Thomas, Ontario, Canada</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Manufacturing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Industrial, agriculture, construction, municipal, pretroleum, OEM</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Owned</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Partial</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Johannesburg, South Africa</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Manufacturing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Industrial, agriculture, construction, municipal, pretroleum, OEM</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Owned</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Partial</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Namur, Belgium</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Manufacturing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Industrial, agriculture, construction, municipal, pretroleum, OEM</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Owned</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Partial</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</U><U> Results of Operations,
page 17</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment:</U> We note that you have agreed to provide incremental disclosures in future filings in response
to prior comment three, including a tabulation showing eight categories of revenue, information &#147;regarding the reasons&#148; for revenue fluctuations, describing and &#147;to the extent possible&#148; quantifying material reasons for changes,
and indicating the extent to which fluctuations are attributable to changes in prices, changes in the volume or amount of goods sold or to the introduction of new products. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">You also mention several types of information that may be encompassed within such disclosures &#147;to the extent possible&#148; although you
have not explained how the disclosures in your annual report would need to change to comply with these requirements. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We continue to believe that you should include quantification of the volumes of products
sold in the various markets identified for each period and disclose the extent to which material changes in net sales are attributable to changes in prices or to changes in the volume or the amount of goods or services being sold. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Please submit the specific disclosure revisions that you believe would fully address the requirements in Item 303(b)(2) of Regulation <FONT
STYLE="white-space:nowrap">S-K,</FONT> with regard to the information that pertains to the periods covered by your annual and subsequent interim report. It should be clear how you quantify, compare and evaluate the volume of products that are being
produced and sold each period. We reissue prior comment three. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since our initial response, we have carefully considered the requirements of Item 303(b)(2) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and
undertaken further analyses in careful consideration of the nature of our business. While all of the products sold are pumps and pump systems the Company&#146;s product lines consist of thousands of pump models ranging in size from <SUP
STYLE="vertical-align:top">1</SUP>&#8260;<SUB STYLE="vertical-align:bottom">4</SUB> inch to nearly 15 feet and ranging in rated capacity from less than one gallon per minute to nearly one million gallons per minute. In addition, within each product
line individual component parts are assembled to unique customer requirements creating a large product mix. Due to the complexity of our business including the number of product lines and variables in product mix, volume is not a metric that we
monitor internally as we do not believe there is a direct correlation between unitary volumes and net sales. Further, in light of these variables we do not believe the disclosure of specific volumes sold in each market would be useful for the
Company or investors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company monitors changes in total sales dollars by market as this normalizes variations in product mix and effectively provides
an assessment of performance. We also monitor underlying qualitative reasons for fluctuations in net sales. In future filings, we intend to provide a tabular presentation of disaggregated revenue by end markets, as well as, more robust disclosure
regarding the reasons for our revenue fluctuations including quantifications to the extent possible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By way of example the following revisions are
submitted to address the requirements of Item 303(b)(2) of Regulation <FONT STYLE="white-space:nowrap">S-K,</FONT> with regards to our Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2022 and our Form <FONT
STYLE="white-space:nowrap">10-Q</FONT> for the Period Ended March&nbsp;31, 2023. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Results of Operations 2022 Compared to 2021: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Net Sales </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="71%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended<BR>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2022</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2021</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>$ Change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%&nbsp;Change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Industrial</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">74,913</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">61,371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13,542</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fire</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">121,001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">103,653</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17,348</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Agriculture</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,817</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,879</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,062</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-4.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Construction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39,433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34,368</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,065</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Municipal</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69,726</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">54,964</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,762</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Petroleum</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13,034</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15,618</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,584</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-16.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">OEM</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34,820</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32,964</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,856</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Repair parts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">59,931</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53,499</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,432</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total net sales excluding Fill-Rite</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">433,675</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">378,316</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">55,359</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fill-Rite (acquired May&nbsp;31, 2022)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">87,352</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">87,352</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total net sales</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">521,027</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">378,316</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">142,711</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Net sales for 2022 were $521.0&nbsp;million compared to net sales of $378.3&nbsp;million for 2021, an increase of 37.7% or
$142.7&nbsp;million. Domestic sales of $381.3&nbsp;million increased 46.3%, or $120.6&nbsp;million, and international sales of $139.7&nbsp;million increased 18.8%, or $22.1&nbsp;million, compared to 2021. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fill-Rite sales were $87.4&nbsp;million from the acquisition date of May&nbsp;31, 2022 to December&nbsp;31, 2022. In addition to the increase from Fill-Rite,
sales increased $55.3&nbsp;million, or 14.6% due to an increase in volume as well as an increase in pricing to offset inflationary costs. During 2022 the Company had two price increases during the year, compared to the typical annual price increase.
Each of the price increases averaged between 4.0% - 5.0%, but due to timing, were not fully realized in 2022. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sales increased $17.3&nbsp;million, or
16.7% in the fire market primarily from increased domestic commercial construction. Sales increased $14.8&nbsp;million, or 26.9% in the municipal market, as the result of domestic flood control and waste-water projects related to increased
infrastructure investment. Sales in the industrial market increased $13.5&nbsp;million, or 22.1% and repair part sales increased $6.4&nbsp;million, or 12.0% both due to general strengths in the broader industrial economy. Sales increased
$5.1&nbsp;million, or 14.7% in the construction market due to strong project volume post Covid. Sales increases in these markets were partially offset by a decrease in the petroleum market of $2.6&nbsp;million, or 16.5% due to fewer sales of our
larger petroleum transfer pumps and a decrease in the agriculture market of $1.0&nbsp;million, or 4.9% due to missed opportunities due to our inventory position. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Three Months Ended March&nbsp;31, 2023 vs. Three Months Ended March&nbsp;31, 2022 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Net Sales </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="71%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Three Months Ended<BR>March&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2023</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2022</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>$ Change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%&nbsp;Change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Industrial</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,951</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17,853</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,098</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fire</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36,105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28,422</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,683</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Agriculture</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,749</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,012</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(263</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-5.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Construction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11,038</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9,165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,873</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Municipal</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17,418</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,307</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,111</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Petroleum</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,542</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">482</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">OEM</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9,011</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,731</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">280</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Repair parts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17,209</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15,135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,074</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total net sales excluding Fill-Rite</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">120,505</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">102,167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18,338</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fill-Rite (acquired May&nbsp;31, 2022)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39,961</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39,961</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total net sales</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">160,466</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">102,167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58,299</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Net sales for the first quarter of 2023 were $160.5&nbsp;million compared to net sales of $102.2&nbsp;million for the first
quarter of 2022, an increase of 57.1% or $58.3&nbsp;million. Domestic sales increased 65.4% or $47.4&nbsp;million and international sales increased 36.7% or $10.9&nbsp;million compared to the same period in 2022. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fill-Rite sales were $40.0&nbsp;million for the first quarter of 2023. In addition to the increase from Fill-Rite, sales increased $18.3&nbsp;million, or
17.9% due to an increase in volume as well as the impact of two pricing increases taken in 2022 and an annual price increase in January 2023. The Company&#146;s two price increases in 2022, as well as the price increase in 2023 averaged between 4.0%
- 5.0%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sales increased $7.7&nbsp;million, or 27.0% in the fire market primarily from increased domestic commercial construction. Sales increased
$3.1&nbsp;million, or 21.7% in the municipal market, as the result of domestic flood control projects related to increased infrastructure investment. Sales in the industrial market increased $3.1&nbsp;million, or 17.4% and repair part sales increase
$2.1&nbsp;million, or 13.7% both due to general strengths in the broader industrial economy. Sales increased $1.9 million, or 20.4% in the construction market due to strong overall conditions including infrastructure related projects. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">***** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with providing its responses to the Staff&#146;s comments, the Company acknowledges the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company is responsible for the adequacy and accuracy of the disclosure in the filing; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking
any action with respect to the filing; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any
person under the federal securities laws of the United States. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you or any other member of your staff has any further questions or
comments concerning the Company&#146;s responses, please contact me at (419) <FONT STYLE="white-space:nowrap">755-1548.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ James C. Kerr</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">James C. Kerr</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE></DIV>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g45126222snap3.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g45126222snap3.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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M)I@/,DED+N<=!D]JYZE24WJ=%&E&FM#FR/$&CZSK4.G:4\[ZC=I-#=''DHN
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M^69E'Y U#5SHA5E!67Y$7_"/V'I/_P!_W_QHL7]8GY?<@_X1^P])_P#O^_\
MC18/K$_+[D'_  C]AZ3_ /?]_P#&BP?6)^7W(/\ A'[#TG_[_O\ XT6#ZQ/R
M^Y!_PC]AZ3_]_P!_\:+!]8GY?<@_X1^P])_^_P"_^-%@^L3\ON0?\(_8>D__
M '_?_&BP?6)^7W(/^$?L/2?_ +_O_C18/K$_+[D'_"/V'I/_ -_W_P :+!]8
MGY?<@_X1^P])_P#O^_\ C18/K$_+[D'_  C]AZ3_ /?]_P#&BP?6)^7W(/\
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M/2?_ +_O_C18/K$_+[D'_"/V'I/_ -_W_P :+!]8GY?<@_X1^P])_P#O^_\
MC18/K$_+[D'_  C]AZ3_ /?]_P#&BP?6)^7W(/\ A'[#TG_[_O\ XT6#ZQ/R
M^Y!_PC]AZ3_]_P!_\:+!]8GY?<@_X1^P])_^_P"_^-%@^L3\ON0?\(_8>D__
M '_?_&BP?6)^7W(/^$?L/2?_ +_O_C18/K$_+[D'_"/V'I/_ -_W_P :+!]8
MGY?<@_X1^P])_P#O^_\ C18/K$_+[D'_  C]AZ3_ /?]_P#&BP?6)^7W(/\
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M/2?_ +_O_C18/K$_+[D'_"/V'I/_ -_W_P :+!]8GY?<@_X1^P])_P#O^_\
MC18/K$_+[D'_  C]AZ3_ /?]_P#&BP?6)^7W(/\ A'[#TG_[_O\ XT6#ZQ/R
M^Y!_PC]AZ3_]_P!_\:+!]8GY?<@_X1^P])_^_P"_^-%@^L3\ON0?\(_8>D__
M '_?_&BP?6)^7W(/^$?L/^F__?\ ?_&BP?6)^7W(FM=)M;.82Q>;O (^:9F'
MY$T6(G5E-6=ON+U,R"@ H * "@ H * "@ H * "@ H * "@ H * "@ H * "
M@ H * "@ H * "@ H * "@ H * "@ H * "@ H * "@ H * "@ H * "@ H
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M#'UY!H S1XNADM!-;6,\I\R5=G"G;&,LW/L1@=Z +D6OQ37Z016\C0.0@GR
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M<^@]: $;6-,C0.VH6RIG;N,HQGN/U% #O[4T_P N*3[; $E;;&WF##'T'K0
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M5E6&%H$*RC=,6FW;NG'!SSWH O:[IU_+>2W%A LQN;)[-@SA/+R<A_<<G@4
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M04 :^FZ-<6>N-=,D:PG[0?E//SNC+^@- '04 % !0 4 % !0 4 % !0 4 %
M!0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4
M % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !
G0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % '__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g451262snap1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g451262snap1.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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M[3_N?C_P!/\ A=A_Z '_ )-__84?V9_?_#_@B_M/^Y^/_ %7XU,S!5\/Y)X
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MNA0W\0".?EECSG8XZC^OT-?-UZ+HS<6?1T*RK04D;=8FY2U;3XM5TFZL)O\
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E]OK!)KE0 '9CD =.AIPK5(+EB] G0IS?-):FR!@8K$V"@#__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
