Business briefs: Gorman-Rupp first quarter, Chamber podcast, federal contract and more

Mansfield News Journal
·4 min read

Chamber introduces new podcast

The Richland Area Chamber & Economic Development team launched a new podcast channel.

Moderated by Director of Workforce Development Clint Knight, the 14-part series, "Workforce Pulse," will dive deep into issues related to the current state of the workforce. The first podcast features Ohio Lt. Gov. Jon Husted as he gives an overview of Ohio's work force.

The podcasts are available on iHeartRadio and anywhere you listen to podcasts.

Lexington firm wins another federal contract

WASHINGTON — Contact Industries in Lexington has won a federal contract award for $250,000 from the Defense Logistics Agency in Columbus. This contract is for electrical and electronic equipment components.

Phoenix Brewing Company celebrates 8 years

The Phoenix Brewing Company has been producing craft ale in Mansfield since 2014.
The Phoenix Brewing Company has been producing craft ale in Mansfield since 2014.

The Phoenix Brewing Co. in Mansfield is wrapping up a weeklong celebration of its eighth anniversary, which included the introduction of a new ale called Carrousel Orange Wit.

Over the past eight years the Phoenix staff has grown from five to 19, with seven of those positions being full time. In May 2021, the Phoenix transitioned to a non-tipping establishment. Employee hourly wages were raised, and staff were able to cross-train in different areas of the brewery. Any cash left behind is donated to a designated charity each month.

Thompson Elite Lawn Care introduces program to support veterans

Thompson Elite Lawn Care would like to extend their gratitude to those who have served in the United States military. Stripes for Vets, a new program through Thompson Elite Lawn Care, is aimed at giving back to our nation’s veterans through offering free mowing services for one year to one veteran who applies.

For more information on the Stripes for Vets Program or to submit an application, please contact Trey Thompson at 567-274-2960 or visit thompsonelitelawncare.com. Deadline to apply is May 6.

COVID-19 pandemic disproportionately impacted Ohio's creative sector

COLUMBUS — Ohio Citizens for the Arts (OCA) partnered with eight regions across Ohio and the Center for Regional Development (CRD) at Bowling Green State University to uncover the effects of the COVID-19 pandemic on the creative sector. OCA has announced the preliminary results and analysis of their "Creative Industries Economic Contribution Report," and it finds Ohio's creative industry suffers from the highest unemployment rate among all state sectors.

Key findings from the study show:

  • Creative industries are a critical economic driver in the State of Ohio. In 2019, creative industries supported over 329,000 jobs, $18 billion in payroll, and $55 billion in economic output.

  • The COVID-19 pandemic had a severe negative impact on creative industries in Ohio. Between 2019 and 2020, creative industry employment declined by over 41,000 (-12.63%), while total creative industry economic output fell by over $8.6 billion (-15.74%).

  • The COVID-19 pandemic disproportionately affected creative industries in Ohio. Specifically, decreases (as a percentage) in employment and economic output were four times as large compared to the overall Ohio economy.

  • The decline in creative industry payroll was over seven times as large compared to the overall Ohio economy, suggesting programs such as the Payroll Protection Program (PPP) did not provide adequate support to employees in creative industries.

For more information, visit ohiocitizensforthearts.org.

Gorman-Rupp reports first quarter financial results

The Gorman-Rupp Company (NYSE: GRC) says earnings for the first quarter of 2022, which ended March 31, were $0.29 compared to $0.28 per share for the first quarter of 2021. Results included an unfavorable LIFO impact of $0.05 and $0.02 per share in 2022 and 2021, respectively.

Other highlights include:

  • Net sales of $102.2 million increased 14.8% compared to the first quarter of 2021

  • Incoming orders of $112.0 million increased 9.6% compared to the first quarter of 2021

  • Backlog of $195.5 million increased 55.7% compared to the same period in 2021

Gross profit was $25.5 million for the first quarter of 2022, resulting in gross margin of 25.0%, compared to gross profit of $23.0 million and gross margin of 25.9% for the same period in 2021.

Operating income was $9.5 million for the first quarter of 2022 compared to $9.0 million for the same period in 2021. Net income was $7.5 million for the first quarter of 2022 compared to $7.4 million in the first quarter of 2021.

Capital expenditures for first three months of 2022 were $3.5 million and consisted primarily of machinery and equipment. Capital expenditures for the full-year 2022 are presently planned to be in the range of $15-$20 million.

President and CEO Scott King says it appears that global supply chain challenges will extend into the foreseeable future, but they believe they will be able to maintain top line growth.

This article originally appeared on Mansfield News Journal: Business briefs: Gorman-Rupp first quarter, Chamber podcast, contract