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MarketScreener Homepage  >  Equities  >  Nyse  >  The Gorman-Rupp Company    GRC

THE GORMAN-RUPP COMPANY

(GRC)
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GORMAN RUPP : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)

10/26/2020 | 11:05am EST

(Dollars in thousands, except for per share amounts)

The following discussion and analysis of the Company's financial condition and Results of Operations should be read in conjunction with the Consolidated Financial Statements, and notes thereto, and the other financial data included elsewhere in this Quarterly Report on Form 10-Q. The following discussion should also be read in conjunction with the Company's audited Consolidated Financial Statements and accompanying notes, and Management's Discussion and Analysis of Financial Condition and Results of Operations included in its Annual Report on Form 10-K for the year ended December 31, 2019. The coronavirus (COVID-19) pandemic had an adverse effect on the Company's reported results. This, together with the overall economic downturn that has resulted from the pandemic, slowed demand in the third quarter compared to the prior year third quarter, however demand stabilized compared the second quarter of 2020. Reduced demand when compared to the prior year will likely continue into the fourth quarter of 2020. Our facilities and supply chain have remained operational through the pandemic. The extent to which the Company's operations continue to be impacted by the pandemic will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning the severity of the pandemic and actions by government authorities to contain the pandemic or treat its impact, among other things.



Executive Overview


The following discussion of Results of Operations includes certain non-GAAP financial data and measures such as adjusted earnings before interest, taxes, depreciation and amortization and adjusted earnings per share amounts which exclude non-cash pension settlement charges in 2020. Management utilizes these adjusted financial data and measures to assess comparative operations against those of prior periods without the distortion of non-comparable factors. The Gorman-Rupp Company believes that these non-GAAP financial data and measures also will be useful to investors in assessing the strength of the Company's underlying operations from period to period. Provided below is a reconciliation of adjusted earnings per share amounts and adjusted earnings before interest, taxes, depreciation and amortization.



                                              Three Months Ended           Nine Months Ended
                                                September 30,                September 30,
                                              2020          2019           2020          2019

Adjusted earnings per share: Reported earnings per share - GAAP basis $ 0.28$ 0.37$ 0.70$ 1.05 Plus pension settlement charge per share 0.03

             -           0.13             -

Non-GAAP adjusted earnings per share $ 0.31$ 0.37$ 0.83$ 1.05


Adjusted earnings before interest,
taxes, depreciation and amortization:
Reported net income-GAAP basis             $    7,261$   9,775$   18,381$  27,477
Plus income taxes                               1,738         2,132          4,575         7,107
Plus depreciation and amortization              3,324         3,468          9,649        10,563
Non-GAAP earnings before interest,
taxes, depreciation and amortization           12,323        15,375         32,605        45,147
Plus pension settlement charge                    991             -          4,373             -
Non-GAAP adjusted earnings before
interest, taxes, depreciation and
amortization                               $   13,314$  15,375$   36,978$  45,147

The Gorman-Rupp Company ("we", "our", "Gorman-Rupp" or the "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. The Company attributes its success to long-term product quality, applications and performance combined with timely delivery and service, and continually seeks to develop initiatives to improve performance in these key areas.

Gorman-Rupp actively pursues growth opportunities through organic growth, international business expansion and acquisitions.

We regularly invest in training for our employees, in new product development and in modern manufacturing equipment, technology and facilities all designed to increase production efficiency and capacity and drive growth by delivering innovative solutions to our customers. We believe that the diversity of our markets is a major contributor to the generally stable financial growth we have produced for more than 85 years.




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The Company places a strong emphasis on cash flow generation and maintaining excellent liquidity and financial flexibility. This focus has afforded us the ability to reinvest our cash resources and preserve a strong balance sheet to position us to weather the COVID-19 pandemic and for future acquisition and product development opportunities. The Company had no bank debt as of September 30, 2020. The Company's cash position increased $13.1 million during the first nine months of 2020 to $93.7 million at September 30, 2020 and the Company generated $37.0 million in adjusted earnings before interest, taxes, depreciation and amortization during the same period.

Capital expenditures for the first nine months of 2020 were $6.3 million and consisted primarily of machinery and equipment and building improvements. Capital expenditures for the full-year 2020 are presently planned to be in the range of $8-$10 million primarily for building improvements and machinery and equipment purchases, and are expected to be financed through internally-generated funds.

Net sales for the third quarter of 2020 were $89.0 million compared to net sales of $99.3 million for the third quarter of 2019, a decrease of 10.4% or $10.3 million. Domestic sales decreased 8.9% or $6.2 million and international sales decreased 13.8% or $4.1 million compared to the same period in 2019. Sales have decreased across all of our markets primarily as a result of the COVID-19 pandemic, along with a slowdown in the oil and gas industry. However, net sales increased by 3.7% compared to the second quarter of 2020.

Gross profit was $23.0 million for the third quarter of 2020, resulting in gross margin of 25.8%, compared to gross profit of $25.8 million and gross margin of 26.0% for the same period in 2019. Gross margin decreased 20 basis points due to a 120 basis point favorable LIFO impact in the prior year third quarter which did not recur in the current year. Gross profit margin compared to the prior year was negatively impacted from the loss of leverage on fixed labor and overhead from lower sales volume compared to 2019 which was partially offset by favorable product mix.

Selling, general and administrative ("SG&A") expenses were $13.2 million and 14.9% of net sales for the third quarter of 2020 compared to $14.1 million and 14.3% of net sales for the same period in 2019. SG&A expenses decreased 6.5% or $0.9 million due to reduced payroll related and travel expenses combined with overall expense management. SG&A expenses as a percentage of sales increased 60 basis points primarily as a result of loss of leverage from lower sales volume.

Operating income was $9.7 million for the third quarter of 2020, resulting in an operating margin of 10.9%, compared to operating income of $11.6 million and operating margin of 11.7% for the same period in 2019. Operating margin decreased 80 basis points primarily as a result of loss of leverage from lower sales volume.

Other income (expense), net was $0.7 million of expense for the third quarter of 2020 compared to income of $0.3 million for the same period in 2019. The increase to expense was due primarily to a non-cash pension settlement charge of $1.0 million which occurred in the third quarter of 2020.

Net income was $7.3 million for the third quarter of 2020 compared to $9.8 million in the third quarter of 2019, and earnings per share were $0.28 and $0.37 for the respective periods. Earnings per share for the third quarter of 2020 included a non-cash pension settlement charge of $0.03 per share. Earnings per share improved over the second quarter of 2020 due to increased sales and costs containment efforts.

Net sales for the first nine months of 2020 were $266.5 million compared to net sales of $304.5 million for the first nine months of 2019, a decrease of 12.5% or $38.0 million. Domestic sales decreased 11.2% or $23.7 million and international sales decreased 15.5% or $14.3 million compared to the same period in 2019. Sales have decreased across most of our markets primarily as a result of the COVID-19 pandemic, along with a slowdown in the oil and gas industry.

Gross profit was $68.3 million for the first nine months of 2020, resulting in gross margin of 25.6%, compared to gross profit of $77.3 million and gross margin of 25.4% for the same period in 2019. Gross margin improved 20 basis points due principally to lower material costs of 180 basis points as a result of the stabilization of material costs and favorable product mix. Gross profit margin improvements were partially offset by the loss of leverage on fixed labor and overhead from lower sales volume compared to 2019.

SG&A expenses were $41.0 million and 15.4% of net sales for the first nine months of 2020 compared to $43.5 million and 14.3% of net sales for the same period in 2019. SG&A expenses decreased 5.9% or $2.5 million due to reduced payroll related and travel expenses combined with overall expense management. SG&A expenses as a percentage of sales increased 110 basis points primarily as a result of loss of leverage from lower sales volume.




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Operating income was $27.3 million for the first nine months of 2020, resulting in an operating margin of 10.3%, compared to operating income of $33.8 million and operating margin of 11.1% for the same period in 2019. Operating margin decreased 80 basis points primarily as a result of loss of leverage from lower sales volume partially offset by lower material costs.

Other income (expense), net was $4.4 million of expense for the first nine months of 2020 compared to income of $0.8 million for the same period in 2019. The increase to expense was due primarily to non-cash pension settlement charges of $4.4 million.

Net income was $18.4 million for the first nine months of 2020 compared to $27.5 million in the first nine months of 2019, and earnings per share were $0.70 and $1.05 for the respective periods. Earnings per share for the first nine months of 2020 included non-cash pension settlement charges of $0.13 per share.

The Company's backlog of orders was $102.0 million at September 30, 2020 compared to $101.4 million at September 30, 2019 and $105.0 million at December 31, 2019. Incoming orders decreased 10.1% for the first nine months of 2020 compared to the same period in 2019. Incoming orders were down across most markets the Company serves driven primarily by the COVID-19 pandemic and a slowdown in the oil and gas industry.

On October 22, 2020, the Board of Directors authorized the payment of a quarterly dividend of $0.16 per share on the common stock of the Company, payable December 10, 2020, to shareholders of record as of November 13, 2020. This will mark the 283rd consecutive quarterly dividend paid by The Gorman-Rupp Company.

The Company currently expects to continue its exceptional history of paying regular quarterly dividends and increased annual dividends. However, any future dividends will be reviewed individually and declared by our Board of Directors at its discretion, dependent on our assessment of the Company's financial condition and business outlook at the applicable time.



Outlook


While we are actively managing our response to the COVID-19 pandemic, its impact on our full-year 2020 results and beyond is uncertain. We serve as an essential business providing products that are critical to our customers. All of our manufacturing facilities continue to operate while closely following all national and local guidelines to provide for the health and safety of those working in these facilities. We expect our sales to remain challenging over the near-term as a result of uncertainty related to the ultimate impact of COVID-19 and continued oil and gas market softness. Incoming orders stabilized in the third quarter, however incoming orders during the first nine months were down compared to 2019 across most of the markets the Company serves.

Our underlying fundamentals remain strong and we believe that we remain well positioned to weather the COVID-19 pandemic and continue to drive long-term growth. Our strong balance sheet provides us with the flexibility to continue to evaluate acquisition opportunities and new product development that we expect will help add value to our operations over the longer term.

Three Months Ended September 30, 2020 vs. Three Months Ended September 30, 2019



Net Sales



              Three Months Ended
                 September 30,
               2020          2019       $ Change       % Change
Net Sales   $   88,982$ 99,298$ (10,316 )        (10.4 )%



Net sales for the third quarter of 2020 were $89.0 million compared to net sales of $99.3 million for the third quarter of 2019, a decrease of 10.4% or $10.3 million. Domestic sales decreased 8.9% or $6.2 million and international sales decreased 13.8% or $4.1 million compared to the same period in 2019. Sales have decreased across all of our markets primarily as a result of the COVID-19 pandemic, along with a slowdown in the oil and gas industry.

Sales in our water markets decreased 5.2% or $3.5 million in the third quarter of 2020 compared to the third quarter of 2019. Sales in the construction market decreased $1.5 million driven primarily by softness in oil and gas drilling activity. Sales decreased $1.3 million in the repair market, $0.5 million in the municipal market, $0.1 million in fire protection, and $0.1 million in agriculture primarily as a result of the COVID-19 pandemic.

Sales in our non-water markets decreased 21.6% or $6.8 million in the third quarter of 2020 compared to the third quarter of 2019 primarily as a result of the COVID-19 pandemic, along with reduced demand from midstream oil and gas customers and softness in oil and gas drilling activity. Sales in the industrial market decreased $2.5 million, sales in the OEM market decreased $2.3 million and sales in the petroleum market decreased $2.0 million.




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International sales were $25.7 million in the third quarter of 2020 compared to $29.8 million in the same period last year and represented 29% and 30% of total sales for both periods, respectively. The decrease in international sales was across most of the markets the Company serves, most notably in the fire protection market and in non-water markets.

Cost of Products Sold and Gross Profit



                          Three Months Ended
                             September 30,
                           2020          2019       $ Change       % Change
Cost of products sold   $   66,011$ 73,506$  (7,495 )        (10.2 )%
% of Net sales                74.2 %       74.0 %
Gross Margin                  25.8 %       26.0 %



Gross profit was $23.0 million for the third quarter of 2020, resulting in gross margin of 25.8%, compared to gross profit of $25.8 million and gross margin of 26.0% for the same period in 2019. Gross margin decreased 20 basis points due to a 120 basis point favorable LIFO impact in the prior year third quarter which did not recur in the current year. Gross profit margin compared to the prior year was negatively impacted from the loss of leverage on fixed labor and overhead from lower sales volume compared to 2019 which was partially offset by favorable product mix.

Selling, General and Administrative (SG&A) Expenses



                                         Three Months Ended
                                           September 30,
                                        2020            2019         $ Change        % Change
Selling, general and
administrative expenses              $    13,228$   14,154$      (926 )          (6.5 )%
% of Net sales                              14.9 %         14.3 %



SG&A expenses were $13.2 million and 14.9% of net sales for the third quarter of 2020 compared to $14.1 million and 14.3% of net sales for the same period in 2019. SG&A expenses decreased 6.5% or $0.9 million due to reduced payroll related and travel expenses combined with overall expense management. SG&A expenses as a percentage of sales increased 60 basis points primarily as a result of loss of leverage from lower sales volume.




Operating Income



                     Three Months Ended
                        September 30,
                     2020           2019       $ Change       % Change
Operating income   $   9,743$ 11,638$  (1,895 )        (16.3 )%
% of Net sales          10.9 %        11.7 %




Operating income was $9.7 million for the third quarter of 2020, resulting in an
operating margin of 10.9%, compared to operating income of $11.6 million and
operating margin of 11.7% for the same period in 2019. Operating margin
decreased 80 basis points primarily as a result of loss of leverage from lower
sales volume.



Net Income



                               Three Months Ended
                                  September 30,
                               2020           2019       $ Change       % Change
Income before income taxes   $   8,999$ 11,907$  (2,908 )        (24.4 )%
% of Net sales                    10.1 %        12.0 %
Income taxes                 $   1,738$  2,132$    (394 )        (18.5 )%
Effective tax rate                19.3 %        17.9 %
Net income                   $   7,261$  9,775$  (2,514 )        (25.7 )%
% of Net sales                     8.2 %         9.8 %
Earnings per share           $    0.28$   0.37$   (0.09 )        (24.0 )%




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The Company's effective tax rate was 19.3% for the third quarter of 2020 compared to 17.9% for the third quarter of 2019 primarily due to the impact of discrete items.

The decrease in net income in the third quarter of 2020 compared to the same period in 2019 of $2.5 million included a non-cash pension settlement charge of $0.8 million, net of income taxes.

Earnings per share for the third quarter of 2020 included a non-cash pension settlement charge of $0.03 per share.

Nine Months Ended September 30, 2020 vs. Nine Months Ended September 30, 2019




Net Sales



               Nine Months Ended
                 September 30,
              2020          2019        $ Change       % Change
Net Sales   $ 266,467$ 304,487$ (38,020 )        (12.5 )%





Net sales for the first nine months of 2020 were $266.5 million compared to net sales of $304.5 million for the first nine months of 2019, a decrease of 12.5% or $38.0 million. Domestic sales decreased 11.2% or $23.7 million and international sales decreased 15.5% or $14.3 million compared to the same period in 2019. Sales have decreased across most of our markets primarily as a result of the COVID-19 pandemic, along with a slowdown in the oil and gas industry.

Sales in our water markets decreased 10.3% or $21.7 million in the first nine months of 2020 compared to the first nine months of 2019. Sales in the agriculture market increased $0.1 million. This increase was offset by sales decreases in the construction market of $12.1 million driven primarily by softness in oil and gas drilling activity, decreases in the repair market of $4.5 million due primarily to the COVID-19 pandemic, and decreases in the municipal market of $3.5 million driven primarily by timing of shipments related to weather and the COVID-19 pandemic. Also, sales in the fire protection market decreased $1.7 million driven primarily by lower international shipments as a result of the COVID-19 pandemic.

Sales in our non-water markets decreased 17.5% or $16.3 million in the first nine months of 2020 compared to the first nine months of 2019 primarily as a result of the COVID-19 pandemic, along with reduced demand from midstream oil and gas customers and softness in oil and gas drilling activity. Sales in the OEM market decreased $7.1 million, sales in the petroleum market decreased $5.8 million and sales in the industrial market decreased $3.4 million.

International sales were $78.2 million in the first nine months of 2020 compared to $92.5 million in the same period last year and represented 29% and 30% of total sales, respectively. The decrease in international sales was across most of the markets the Company serves.

Cost of Products Sold and Gross Profit



                           Nine Months Ended
                             September 30,
                          2020          2019        $ Change       % Change
Cost of products sold   $ 198,199$ 227,190$ (28,991 )        (12.8 )%
% of Net sales               74.4 %        74.6 %
Gross Margin                 25.6 %        25.4 %



Gross profit was $68.3 million for the first nine months of 2020, resulting in gross margin of 25.6%, compared to gross profit of $77.3 million and gross margin of 25.4% for the same period in 2019. Gross margin improved 20 basis points due principally to lower material costs of 180 basis points as a result of the stabilization of material costs and favorable product mix. Gross profit margin improvements were partially offset by the loss of leverage on fixed labor and overhead from lower sales volume compared to 2019.




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Selling, General and Administrative (SG&A) Expenses



                                         Nine Months Ended
                                           September 30,
                                        2020            2019         $ Change        % Change
Selling, general and
administrative expenses              $    40,951$   43,505$    (2,554 )          (5.9 %)
% of Net sales                              15.4 %         14.3 %



SG&A expenses were $41.0 million and 15.4% of net sales for the first nine months of 2020 compared to $43.5 million and 14.3% of net sales for the same period in 2019. SG&A expenses decreased 5.9% or $2.5 million due to reduced payroll related and travel expenses combined with overall expense management. SG&A expenses as a percentage of sales increased 110 basis points primarily as a result of loss of leverage from lower sales volume.




Operating Income



                     Nine Months Ended
                       September 30,
                     2020          2019       $ Change       % Change

Operating income $ 27,317$ 33,792$ (6,475 ) (19.2 )% % of Net sales 10.3 % 11.1 %

Operating income was $27.3 million for the first nine months of 2020, resulting in an operating margin of 10.3%, compared to operating income of $33.8 million and operating margin of 11.1% for the same period in 2019. Operating margin decreased 80 basis points primarily as a result of loss of leverage from lower sales volume partially offset by lower material costs.



Net Income



                               Nine Months Ended
                                 September 30,
                               2020          2019       $ Change       % Change
Income before income taxes   $  22,956$ 34,584$ (11,628 )        (33.6 )%
% of Net sales                     8.6 %       11.4 %
Income taxes                 $   4,575$  7,107$  (2,532 )        (35.6 )%
Effective tax rate                19.9 %       20.5 %
Net income                   $  18,381$ 27,477$  (9,096 )        (33.1 )%
% of Net sales                     6.9 %        9.0 %
Earnings per share           $    0.70$   1.05$   (0.35 )        (33.3 )%



The Company's effective tax rate was 19.9% for the first nine months of 2020 compared to 20.5% for the first nine months of 2019 primarily due to favorable discrete items.

The decrease in net income in the first nine months of 2020 compared to the same period in 2019 of $9.1 million included a non-cash pension settlement charge of $3.5 million, net of income taxes.

Earnings per share for the first nine months of 2020 included a non-cash pension settlement charge of $0.13 per share.

Liquidity and Capital Resources

Cash and cash equivalents totaled $93.7 million and there was no outstanding bank debt at September 30, 2020. The Company had $24.7 million available in bank lines of credit after deducting $6.3 million in outstanding letters of credit primarily related to customer orders. The Company was in compliance with its debt covenants, including limits on additional borrowings and maintenance of certain operating and financial ratios, at September 30, 2020 and December 31, 2019.

Free cash flow, a non-GAAP measure for reporting cash flow, is defined by the Company as adjusted earnings before interest, income taxes and depreciation and amortization, less capital expenditures and dividends. The Company believes free cash flow provides investors with an important perspective on cash available for investments, acquisitions and working capital requirements.




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The following table reconciles adjusted earnings before interest, income taxes and depreciation and amortization as reconciled above to free cash flow:



                                                               Nine Months Ended
                                                                 September 30,
                                                             2020             2019
Non-GAAP adjusted earnings before interest, taxes,
depreciation and amortization                            $     36,978$     45,147
Less capital expenditures                                      (6,258 )         (8,027 )
Less cash dividends                                           (11,348 )        (10,581 )
Non-GAAP free cash flow                                  $     19,372$     26,539




Financial Cash Flow



                                                   Nine Months Ended
                                                     September 30,
                                                  2020          2019

Beginning of period cash and cash equivalents $ 80,555$ 46,458 Net cash provided by operating activities 31,428 58,347 Net cash used for investing activities

             (6,021 )      (7,985 )
Net cash used for financing activities            (11,952 )     (11,063 )
Effect of exchange rate changes on cash              (345 )         (55 )

Net increase in cash and cash equivalents 13,110 39,244 End of period cash and cash equivalents $ 93,665$ 85,702

The decrease in cash provided by operating activities in the first nine months of 2020 compared to the same period last year was primarily driven by lower sales volume, increased inventories and lower accounts receivable in the current period.

During the first nine months of 2020 and 2019, investing activities consisted of capital expenditures primarily for machinery and equipment and building improvements of $6.3 million and $8.0 million, respectively.

Net cash used for financing activities for the first nine months of 2020 and 2019 primarily consisted of dividend payments of $11.3 million and $10.6 million, respectively.

As we cannot predict the duration or scope of the COVID-19 pandemic and its impact on our customers and suppliers, the ultimate negative financial impact to our results cannot be reasonably estimated, but could be material. We are actively managing the business to maintain cash flow and reduce expenses, and we have significant liquidity. We believe that these factors will allow us to meet our anticipated funding requirements.

The Company currently expects to continue its exceptional history of paying regular quarterly dividends and increased annual dividends. However, any future dividends will be reviewed individually and declared by our Board of Directors at its discretion, dependent on our assessment of the Company's financial condition and business outlook at the applicable time.



Critical Accounting Policies


Our critical accounting policies are described in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, and in the notes to our Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2019. Any new accounting policies or updates to existing accounting policies as a result of new accounting pronouncements have been discussed in the notes to our Consolidated Financial Statements in this Quarterly Report on Form 10-Q. The application of our critical accounting policies may require management to make judgments and estimates about the amounts reflected in the Consolidated Financial Statements. Management uses historical experience and all available information to make these estimates and judgments, and different amounts could be reported using different assumptions and estimates.




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Cautionary Note Regarding 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 Form 10-Q 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.

© Edgar Online, source Glimpses

10/26/2020 | 11:05am EST
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