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Gorman-Rupp Reports Positive Third Quarter Results and Dividend

The Gorman-Rupp Company recently released its financial results for the third quarter, which ended on September 30th. This quarter showcased several highlights and positive outcomes for the company.

One of the key highlights is the increase in net sales, which reached $167.5 million. This represents an 8.9% growth, equivalent to $13.7 million, compared to the third quarter of the previous year. Additionally, the third quarter net income reached $9 million, or $0.34 per share. In comparison, the net income for the same quarter in 2022 was $2.2 million, or $0.09 per share.

Furthermore, the adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the third quarter of 2023 showed a significant increase of $4.2 million, or 16.0%, reaching a total of $30.5 million. This is compared to $26.3 million for the same period in 2022.

Another positive development is the decrease in total debt, net of cash, which amounted to $25.4 million during the third quarter of 2023.

With these impressive results, the Gorman-Rupp Board of Directors has declared a quarterly cash dividend of $0.18 per share on the company’s common shares. This dividend will be paid on December 8th to shareholders of record as of November 15th. Notably, this dividend represents a 2.9% increase compared to the previous quarter’s dividend of $0.175 per share.

These positive developments in financial results and dividends demonstrate the company’s commitment to shareholder value and its strong performance in the market. It also attests to Gorman-Rupp’s reputation as one of the top 50 U.S. public companies in terms of the number of consecutive years of increased dividend payments.

In light of these financial and dividend updates, an AI legalese decoder can offer valuable assistance in comprehending the complex language and jargon often found in financial reports and legal documents. The AI legalese decoder utilizes advanced artificial intelligence technology to simplify and interpret complicated legal terms and phrases. It can save time and effort for individuals seeking to understand the intricacies of financial reports, such as the highlights mentioned above from Gorman-Rupp’s third quarter results.

Sun Graphics Welcomes New Ownership

After four decades of operation, Sun Graphics, a business based in Mansfield, will be under new ownership. Diane Brown, the previous owner, has made the decision to sell the company and retire. Sun Graphics, also known as Sun Printing and Copy Center, was founded by Brown in 1983. The new owners, Victor and Vang Enriquez, come from Powell, Ohio.

With Victor’s engineering background emphasizing quality control and attention to detail, and Vang’s financial experience, the successful transition into the next era of Sun Graphics is assured. Victor and Vang Enriquez, along with the existing Sun Graphics team, are dedicated to providing the same level of professionalism and commitment that customers have experienced over the past 40 years.

Columbia Gas Customers to Benefit from Declining Natural Gas Costs

Columbia Gas of Ohio has announced that residential customers receiving their natural gas supply through default service may experience lower winter heating bills this season. Based on current market projections and average winter weather conditions, the natural gas commodity portion of customers’ bills is estimated to be 25-35% lower compared to the same period in 2022. However, variations in usage amounts and bills could occur if temperatures deviate from the average.

Several factors contribute to the anticipated decrease in natural gas costs for the upcoming winter season. These factors include lower market prices resulting from increased production levels, reduced exports due to softening European demand, and filling storage at substantially lower prices compared to previous years.

JPB Professional Marketing Organizes Holiday Turkey Gift Check Giveaway

JPB Professional Marketing (JPB) has announced its annual turkey gift check giveaway for the holiday season. The event will take place on November 16th at South Park in Mansfield, starting at 9 a.m. until supplies are exhausted.

This year, the giveaway will feature Butterball checks valued at $30 each. These checks can be utilized at local Kroger, Meijer, or Walmart stores to purchase turkeys, lunchmeat, or any Butterball product. A total of 125 Butterball checks will be available to the public with a limit of one per household.

For more information about the giveaway, individuals can contact Paig Lamp at 419-282-2905.

First Federal Community Bank Appoints New Leader

Community Investors Bancorp Inc. and First Federal Community Bank Board of Directors have named Steven Crall as the new president and CEO. Crall previously served as a senior vice president and chief financial officer with the bank for the past four years. He takes over from Jeffery K. Urban, who served as interim president and CEO.

Before joining First Federal Community Bank, Crall held various financial positions in manufacturing, community and economic development, and the financial services industry. His experience includes serving as the fiscal officer for Bucyrus Public Library for 23 years, serving on the Wynford Local School District Board of Education for 12 years, and involvement in the Crawford County Economic Partnership and other community initiatives.

Crall is a lifelong resident of Crawford County and a graduate of Bowling Green State University.

Mansfield Law Office Welcomes New Associate

Chase Baker has recently joined the Attorney Boyd Law Office Ltd. in Mansfield as a new associate. Baker is a graduate of Clear Fork High School and holds a bachelor’s degree in bible/biblical studies from Grace College. He completed his Juris Doctorate at Regent University School of Law in 2021.

During law school, Baker gained experience as a law clerk at Lollar Law, P.C., in Norfolk, Virginia, and the Norfolk Commonwealth Attorney’s Office. He is licensed to practice law in both Illinois and Ohio and previously worked for the Richland County Prosecutor’s Office, where he focused on criminal, civil, juvenile, and appellate divisions. In his new role, Baker will continue to serve private individuals and small businesses, focusing on these areas of law.