Business briefs: Gorman-Rupp, Sun Graphics, Columbia Gas, First Federal and more

Gorman-Rupp reports third quarter results, dividend

The Gorman-Rupp Company has reported financial results for the third quarter that ended Sept. 30.

Among the highlights:

  • Net sales of $167.5 million increased 8.9%, or $13.7 million, compared to the third quarter of 2022

  • Third quarter net income was $9 million, or $0.34 per share, compared to net income of $2.2 million, or $0.09 per share, for the third quarter of 2022

  • Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $30.5 million for the third quarter of 2023 increased $4.2 million, or 16.0%, from $26.3 million for the same period in 2022

  • Total debt, net of cash, decreased $25.4 million during the third quarter of 2023

The Gorman-Rupp Board of Directors has also declared a quarterly cash dividend of $0.18 per share on the common shares of the company, payable Dec. 8 to shareholders of record Nov. 15. The cash dividend will represent a 2.9% increase over the $0.175 dividend per share paid in the previous quarter.

This action will mark the 295th consecutive quarterly dividend paid by The Gorman-Rupp Company and the 51st consecutive year of increased dividends to its shareholders, which positions Gorman-Rupp in the top 50 of all U.S. public companies with respect to number of years of increased dividend payments.

Sun Graphics under new ownership

After 40 years in business, Sun Graphics owner Diane Brown has decided to sell her Mansfield business and retire. Brown started Sun Printing and Copy Center (aka Sun Graphics) in 1983. The new owners are Victor and Vang Enriquez from Powell, Ohio.

"With Victor’s engineering background, fascination with quality control and attention to detail and Vang’s financial experience, the successful transition into the next 40 years is assured," said Brown. "The Enriquez family, along with our Sun Graphics team, is ready to serve you with the same dedication and professionalism you’ve always experienced from Sun Graphics."

Columbia Gas customers may benefit from declining commodity costs for natural gas

COLUMBUS — Columbia Gas of Ohio says natural gas residential customers receiving their supply through default service may see a decline in winter heating bills this season compared to the previous year. Based on current market projections and assuming average winter weather, the natural gas commodity portion of a customer's bill — a significant component of natural gas bills — is estimated to be around 25-35% lower in contrast to this same period in 2022. If temperatures are colder or warmer than normal, usage amounts and bills could differ.

Several factors contribute to the anticipated decrease in the cost of natural gas this winter season. Current market prices are lower than last year due to increased production levels, lower exports due to softening European demand and filling storage at substantially lower prices than in previous years.

JPB Professional Marketing to hold holiday turkey gift check giveaway

PB Professional Marketing (JPB) is announcing its annual turkey gift check giveaway for the holiday season. It will take place at South Park, 100 Brinkerhoff Ave., Mansfield, on Nov. 16 starting at 9 a.m. until supplies are exhausted.

This year, the giveaway will be a Butterball check, valued at $30 each. They can be used at any local Kroger, Meijer or Walmart. Checks can be used for turkeys, lunchmeat, or any Butterball product. There are 125 Butterball checks available to the public with a limit of one per household.

For more information, contact Paig Lamp at 419-282-2905.

First Federal Community Bank announces new leader

BUCYRUS — The Community Investors Bancorp Inc. and First Federal Community Bank Board of Directors have named Steven Crall as president and CEO. Crall has served as a senior vice president and chief financial officer with the First Federal Community Bank for the past four years. He succeeds Jeffery K. Urban, who was interim president and CEO.

Prior to joining the First Federal Community Bank, Crall served in various financial positions in manufacturing, community and economic development, and the financial services industry. He served as Bucyrus Public Library fiscal officer for 23 years, Wynford Local School District Board of Education for 12 years, and the Crawford County Economic Partnership along with various other community initiatives.

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

Steven R. Crall is the new president and CEO of First Federal Community Bank.
Steven R. Crall is the new president and CEO of First Federal Community Bank.

Mansfield law office welcomes new associate

Chase Baker has been announced as a new associate at Attorney Boyd Law Office Ltd. in Mansfield.

Baker graduated from Clear Fork High School and attended Grace College where he earned a bachelor’s degree in bible/biblical studies.

Baker received his Juris Doctorate from Regent University School of Law in 2021. While in law school, he served as a law clerk at Lollar Law, P.C., in Norfolk, Virginia, and for the Norfolk Commonwealth Attorney’s Office.

Baker is licensed to practice law in both Illinois and Ohio. He was previously employed by the Richland County Prosecutor’s Office, developing experience in their criminal, civil, juvenile and appellate divisions.

In his new role, Baker will continue to focus on these practice areas, serving the legal needs of private individuals and small businesses.

John A. Boyd founded the Attorney Boyd Law Office Ltd. in 2015, which provides legal services in the areas of family law, criminal defense, bankruptcy, estate planning and small business/real estate transactions.

This article originally appeared on Mansfield News Journal: Gorman-Rupp results, Sun Graphics sold, First Federal CEO