Gorman-Rupp Reports Third Quarter 2001 Results.Business Editors MANSFIELD Mansfield, city and district, England Mansfield, city (71,325) and district, Nottinghamshire, central England, on the western border of Sherwood Forest. The city lies in a coal district, with manufactures of hosiery, shoes, and metal products. , Ohio--(BUSINESS WIRE)--Oct. 11, 2001 The Gorman-Rupp Company (AMEX AMEX See: American Stock Exchange :GRC GRC Greece (ISO Country code) GRC Glenn Research Center (NASA) GRC Governance, Risk and Compliance GRC Gendarmerie Royale du Canada (RCMP - Canada) GRC John H. ) reported a third quarter increase in net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of 9.6% and a gain in net income of 16.3% maintaining record sales and earnings for the nine months ended September September: see month. 30, 2001. Third quarter 2001 net sales amounted to $51,430,000 compared to $46,904,000 in 2000, net income was $3,637,000 compared to $3,128,000. Earnings per share equaled $0.42 for the current quarter compared to $0.37 for the corresponding 2000 quarter. Third quarter 2001 increases in revenues resulted principally from continued demand in the power generation market for product supplied by Patterson Pump Company, the Company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. . Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $5,532,000 reported in the third quarter 2001 was negatively effected by underutilized plant capacity resulting from a slowed economy and decreased 7.2% as compared to $5,959,000 in 2000 before the deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. of a non-recurring plant relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. expense of $1,051,000. Nine month 2001 net sales were $155,939,000 compared to $142,481,000 for 2000 an increase of 9.4% and net income amounted to $11,239,000 for 2001 compared to $10,889,000 in 2000 an increase of 3.2%, earnings per share amounted to $1.31 an increase of $0.04 from the $1.27 per share reported in 2000. The backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of orders at September 30 of $88,233,000 is 24.2% above a year ago and is principally supported by the Company's business associated with the power generation and municipal water markets. Demand by G. E. Power Systems for fabricated fab·ri·cate tr.v. fab·ri·cat·ed, fab·ri·cat·ing, fab·ri·cates 1. To make; create. 2. To construct by combining or assembling diverse, typically standardized parts: components used in the gas turbine turbine, rotary engine that uses a continuous stream of fluid (gas or liquid) to turn a shaft that can drive machinery. A water, or hydraulic, turbine is used to drive electric generators in hydroelectric power stations. power generation industry and pump stations serving the municipal water and wastewater markets principally accounted for the increase in sales. Shipments of pumps into the commercial and original equipment markets remain sluggish due to the economic downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. . The Company is pleased with the nine month results in light of the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the U.S. economy and remains optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op with the order backlog, global emphasis in power generation and expanding environmental awareness in water and wastewater. The Gorman-Rupp Company is a manufacturer of pumps and related equipment for water, wastewater, construction, industrial, petroleum, original equipment, agricultural, fire and government applications.
The Gorman-Rupp Company and Subsidiaries
Condensed Consolidated Statements of Income (unaudited)
(in thousands of dollars, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
--------- --------- --------- ---------
Net sales $ 51,430 $ 46,904 $ 155,939 $ 142,481
Cost of products sold 39,471 34,460 118,209 105,116
--------- --------- --------- ---------
Gross profit 11,959 12,444 37,730 37,365
Selling, general &
administrative expenses 6,427 6,485 20,122 19,061
Non-recurring expense/plant
relocation - 1,051 - 1,051
--------- --------- --------- ---------
Operating profit 5,532 4,908 17,608 17,253
Other income 225 207 601 606
--------- --------- --------- ---------
Income before income taxes 5,757 5,115 18,209 17,859
Income taxes 2,120 1,987 6,970 6,970
--------- --------- --------- ---------
Net income $ 3,637 $ 3,128 $ 11,239 $ 10,889
========= ========= ========= =========
Basic & diluted earnings
per share $ 0.42 $ 0.37 $ 1.31 $ 1.27
The Gorman-Rupp Company and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)
(in thousands of dollars)
September 30, December 31,
2001 2000
------------- ------------
Assets
Cash & short-term investments $ 20,791 $ 7,630
Accounts receivable 29,084 28,851
Inventories 35,098 39,760
Other current assets & deferred income taxes 5,967 6,048
--------- ---------
Total Current Assets 90,940 82,289
Other assets 6,785 5,707
Property, plant & equipment - net 54,870 57,885
--------- ---------
Total Assets $ 152,595 $ 145,881
========= =========
Liabilities and Shareholders' Equity
Accounts payable $ 5,872 $ 7,391
Accrued liabilities & expenses 15,734 11,688
Income taxes 1,597 -
--------- ---------
Total Current Liabilities 23,203 19,079
Long-term debt - 3,413
Postretirement benefits 23,028 23,390
Shareholders' Equity 106,364 99,999
--------- ---------
Total Liabilities & Shareholders' Equity $ 152,595 $ 145,881
========= =========
Shares outstanding 8,543,553 8,565,553
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