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Press Release: Gorman-Rupp Reports Fourth Quarter -2-

· 02/05/2021 06:30
CONTACT: Brigette A. BurnellThe Gorman-Rupp Company Condensed Consolidated Statements of Income (Unaudited) (thousands of dollars, except per share data) Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 ------------ ------------- ------------ ----------- Net sales $82,500 $93,692 $348,967 $398,179 Cost of products sold 61,213 68,314 259,412 295,504 ------------ ------------- ------------ ----------- Gross profit 21,287 25,378 89,555 102,675 Selling, general and administrative expenses 12,851 15,330 53,802 58,835 ------------ ------------- ------------ ----------- Operating income 8,436 10,048 35,753 43,840 Other income (expense), net (146) 534 (4,507) 1,326 ------------ ------------- ------------ ----------- Income before income taxes 8,290 10,582 31,246 45,166 Income taxes 1,483 2,244 6,058 9,351 ------------ ------------- ------------ ----------- Net income $6,807 $8,338 $25,188 $35,815 ============ ============= ============ =========== Earnings per share $0.26 $0.32 $0.97 $1.37 The Gorman-Rupp Company Condensed Consolidated Balance Sheets (Unaudited) (thousands of dollars, except share data) December 31, December 31, 2020 2019 ------------ ------------ Assets ------------------------------------- Cash and cash equivalents $108,203 $80,555 Accounts receivable, net 50,763 65,433 Inventories, net 82,686 75,997 Prepaid and other 5,169 5,680 ------------ ------------ Total current assets 246,821 227,665 Property, plant and equipment, net 108,666 111,779 Other assets 4,795 8,320 Goodwill and other intangible assets, net 34,175 34,996 ------------ ------------ Total assets $394,457 $382,760 ============ ============ Liabilities and shareholders' equity ------------------------------------- Accounts payable $9,466 $16,030 Accrued liabilities and expenses 29,035 29,465 ------------ ------------ Total current liabilities 38,501 45,495 Pension benefits 9,232 1,040 Postretirement benefits 28,250 24,453 Other long-term liabilities 2,961 3,894 ------------ ------------ Total liabilities 78,944 74,882 Shareholders' equity 315,513 307,878 ------------ ------------ Total liabilities and shareholders' equity $394,457 $382,760 ============ ============ Shares outstanding 26,101,992 26,067,502

I would like to again thank the Gorman-Rupp team as well as our customers, suppliers and shareholders for their support as we managed through these challenging times. Without your support and cooperation we would not have been able to address these challenges as successfully as we have."

About The Gorman-Rupp Company

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.

Forward-Looking Statements

In connection with the "safe harbor" 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'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) continuation of the current and projected future business environment, including the duration and scope of the COVID-19 pandemic, the impact of the pandemic and actions taken in response to the pandemic; (2) highly competitive markets; (3) availability and costs of raw materials; (4) loss of key personnel; (5) cyber security threats; (6) intellectual property security; (7) acquisition performance and integration; (8) compliance with, and costs related to, a variety of import and export laws and regulations; (9) environmental compliance costs and liabilities; (10) exposure to fluctuations in foreign currency exchange rates; (11) conditions in foreign countries in which The Gorman-Rupp Company conducts business; (12) changes in our tax rates and exposure to additional income tax liabilities; (13) impairment in the value of intangible assets, including goodwill; (14) defined benefit pension plan settlement expense; (15) family ownership of common equity; and (16) 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.

For additional information, contact James C. Kerr, Chief Financial Officer, Telephone (419) 755-1548.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210205005032/en/

Corporate Secretary

The Gorman-Rupp Company

Telephone (419) 755-1246

NYSE: GRC

(END) Dow Jones Newswires

February 05, 2021 06:30 ET (11:30 GMT)