MANSFIELD, Ohio--(BUSINESS WIRE)--The Gorman-Rupp Company reported an increase in net income of 24.3% on 8.2% increase in net sales for the six months ended June 30, 2000 after posting record second quarter results. In addition to the record results of operations, the backlog of unfilled orders increased by 45% over a year ago.
Record results for the quarter ended June 30 included net sales of $47,288,000 compared to $45,118,000 in 1999; and net income of $3,661,000 compared to $3,381,000 in 1999, which resulted in earnings per share of $0.42 and $0.40 for the quarters ended 2000 and 1999, respectively.
Net sales for the six months ended June 30, 2000 amounted to $95,577,000 compared to $88,302,000 in 1999. Net income for the period was $7,761,000 compared to $6,242,000, which resulted in earnings per share of $0.90 and $0.73 for six months 2000 and 1999, respectively.
Orders placed during the six months ended June 30, 2000 at Patterson Pump Company and the Company's Mansfield Division, principally accounted for the 45% increase in the backlog of unfilled orders. The Company's backlog of unfilled orders at June 30, 2000 was approximately $72.5 million, an increase of $22.4 million over the same period in 1999.
The Company is encouraged by the incoming order rate in the water and wastewater markets.
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.
