At the Annual Meeting of the Shareholders of The Gorman-Rupp Company (NYSE MKT: GRC) held April 24, 2014, Kenneth R. Reynolds was elected to the Board of Directors. Mr. Reynolds, age 55, is Chief Financial Officer of Ariel Corporation. Ariel is a major Ohio-based designer and manufacturer of a wide variety of compressors for diverse global petroleum markets. Previously, Mr. Reynolds, a Certified Public Accountant, was a partner with an Ohio-based public accounting firm. Mr. Reynolds succeeds Dr. Peter B. Lake following his decision not to stand for re-election at the 2014 Annual Meeting after 39 years of distinguished service as a Director of the Company. David P. EmmensCorporate SecretaryThe Gorman-Rupp CompanyTelephone (419) 755-1477NYSE MKT: GRC For additional information, contact Wayne L. Knabel, Chief Financial Officer, Telephone (419) 755-1397.
Shareholders of Gorman-Rupp Co. looking to boost their income beyond the stock's 1.4% annualized dividend yield can sell the June covered call at the $30 strike and collect the premium based on the $1.70 bid, which annualizes to an additional 16.8% rate of return against the current stock price (at Stock Options Channel we call this the YieldBoost), for a total of 18.2% annualized rate in the scenario where the stock is not called away.