Attached files
| file | filename |
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| 8-K - FORM 8-K - Manitex International, Inc. | d8k.htm |
| EX-99.2 - PRESS RELEASE - Manitex International, Inc. | dex992.htm |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Exhibit 99.1
Manitex
International, Inc.
Corporate Presentation
(NASDAQ:MNTX)
March 2011 |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Forward Looking Statements and Non-
GAAP Measures
2
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This
presentation contains statements that are forward-looking in nature which express
the beliefs and expectations of management including statements regarding the
Company’s expected results of operations or liquidity; statements concerning
projections, predictions, expectations, estimates or forecasts as to our business, financial
and operational results and future economic performance; and statements of
management’s goals and objectives and other similar expressions concerning matters
that are not historical facts. In some cases, you can identify forward-looking
statements by terminology such as “anticipate,”“estimate,”
“plan,” “project,” “continuing,” “ongoing,” “expect,”
“we believe,” “we intend,” “may,” “will,”
“should,” “could,” and similar expressions. Such statements are based on
current plans, estimates and expectations and involve a number of known and unknown risks,
uncertainties and other factors that could cause the Company's future results,
performance or achievements to differ significantly from the results, performance or
achievements expressed or implied by such forward looking statements. These factors and
additional information are discussed in the Company's filings with the Securities and Exchange
Commission and statements in this presentation should be evaluated in light of these important
factors. Although we believe that these statements are based upon reasonable
assumptions, we cannot guarantee future results. Forward looking statements speak only
as of the date on which they are made, and the Company undertakes no obligation to
update publicly or revise any forward-looking statement, whether as a result of new information,
future developments or otherwise. Non-GAAP
Measures: Manitex International from time to time refers to various non-GAAP (generally accepted
accounting principles) financial measures in this presentation. Manitex believes that this
information is useful to understanding its operating results without the impact of
special items. See Manitex’s earnings releases on the Investor Relations section of
our website www.manitexinternational.com for a description and/or reconciliation of
these measures.
|
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Company Snapshot
3
Company Description
Manitex International, Inc. provides engineered lifting
solutions. The company operates through two
segments, Lifting Equipment and Equipment
Distribution. The Lifting Equipment segment designs,
manufactures, and distributes boom trucks and crane
products. The Equipment Distribution segment sells,
services and distributes lifting equipment to end users.
The company was formerly known as Veri-Tek
International, Corp. and changed its name to Manitex
International, Inc. in May 2008. Manitex International
was founded in 1993 and is based in Bridgeview,
Illinois.
Financial Summary
Total Enterprise Value
(02/22/2011):
$92.7 million
Market Cap (02/22/2011):
$59.0 million
2010 est Total Revenue:
$91.2 million
2010 est Net Income:
$1.8 million
2010 est EBITDA:
$8.1 million
Stock Price (02/22/2011):
$5.18
Ticker / Exchange:
MNTX / NASDAQ
1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
$5.18
LTM Share Price Performance (02/22/2010 – 02/22/2011) |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
•
Global provider of boom trucks, sign cranes, specialized
material handling equipment, and container handling
equipment primarily used in commercial, port, state, local
and international government, and military applications
•
Major industries served include energy (extraction and
processing), utilities, railroads, commercial building,
rental fleets, cargo transportation, infrastructure
development and port and inter-modal operations
•
Historically serving North American markets; recent
international diversification and growth
•
Business Model based in part on an aggressive program of
making accretive acquisitions of complementary
businesses
–
High margin niche markets
–
Including two in 2009 (Badger and Load King) and CVS
agreement in July 2010
–
Rely on seller financing (favorable terms, limited
covenants)
Corporate Overview
Manitex International
4
Manitex International
Businesses |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
5
Product Overview
Manitex, Manitex Liftking, Badger, Load King
•
Badger Equipment has
manufactured specialized
earthmoving, railroad and
material handling
equipment since 1945 and
has built over 10,000 units
during its existence.
•
Manufacturer of a complete
line of RT Forklifts, Special
Mission Oriented Vehicles,
Carriers, Heavy Material
Handling Transporters and
Steel Mill Equipment
•
Manitex specializes in
engineered lifting
equipment and its
product family includes
Manitex Boom Trucks,
SkyCrane Aerial Platforms
and Sign Cranes
•
Manufacturer of container
handling equipment for the
global port and inter-modal
sectors. Products include reach
stackers, laden and unladen
container forklifts and straddle
carriers |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Select Financial Data
Note: Includes continuing operations only.
•Includes gain on bargain purchase of $3,815
•**2010 est, based on 2010 nine months ytd
plus estimated Q4 based on repeating Q3
revenue, gross profit, EBITDA and net income
6
(USD in thousands)
$ in thousands, except percentages
2007
2008
2009
2010 est**
Revenue
$
106,946
$
106,341
$
55,887 $
91,200 Gross Margin
18.6%
16.4%
20.0%
23.6%
EBITDA
8,461
5,416
1,982
8,100
EBITDA Margin (%)
7.9%
5.1%
3.5%
8.9%
Net Income
2126
1,799
3,639 *
1834
$106,946
$106,341
$55,887
$91,200
$8,461
$5,416
$1,982
$8,100
$1,799
$3,639
$1,834
$2,126
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
2007
2008
2009
2010 est**
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
Revenue
EBITDA
Net Income |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Key Management
Name & Title
Experience
David Langevin
Chairman & CEO
20+ years principally with Terex
Andrew Rooke
President &COO
20+ years principally with Rolls Royce, GKN Sinter Metals, Off-
Highway & Auto Divisions
David Gransee
CFO & Treasurer
Formerly with Arthur Andersen, 15+ years with Eon Labs
(formerly listed)
Robert Litchev
President –
Material Handling & SVP
International Distribution
10+ years principally with Terex
Scott Rolston
SVP Sales & Marketing –
Manitex
International
13+ years principally with Manitowoc
7 |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
1)
2010 Solid return to Operating and Net profitability
–
Sales rebound of approx 63%
–
Gross margin expansion
–
Continued emphasis on cost control
2)
Experienced senior management
–
Senior management has over 70 years of collective experience from well-known industrial
leaders such as Terex, Manitowoc, Rolls Royce, GKN Sinter Metals, Off-Highway and
Auto Divisions and Genie 3)
The Company has a global presence with more than 20,000 units operating
worldwide spanning equipment dealerships throughout the country
–
High recurring revenue stream: approximately 20% of total sales (average 40% margin)
4)
Growing market share
–
Increased penetration in oil and gas, power grid and rail
–
Rebounding commercial sales
–
Expanding international sales
5)
Focused on earnings, cash flow and working capital management
8
Investment Highlights |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
9
Company Timeline
March 2002:
Manitowoc (NYSE:MTW)
acquires Grove.
January 2003:
Manitowoc divests
Manitex
December 2009:
Acquire Load King
Trailers
July 2009 Acquire Badger
Equipment Co
November 2006: Veri-
Tek Acquires LiftKing
July 2007: VCC
acquires Noble
forklift
August 2007: Sale of assets and
closure of legacy VCC business
May 2008: Name changed to Manitex International
and listed on Nasdaq (MNTX)
October 2008:
Crane &
Machinery and
Schaeff Forklift
acquired
July 2006: Manitex
merges into Veri-Tek,
Intl. (VCC)
2002
2003
2004
2005
2006
2007
2008
2009
2010
July 2010 :CVS Ferrari
Operating Agreement |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
•
Load King Trailers, an Elk Point, South
Dakota-based manufacturer of
specialized custom trailers and hauling
systems typically used for transporting
heavy equipment
•
Consideration of $3 million; Load King’s
last five years average annual revenues
were approximately $23 million
•
Niche product line, well-recognized
quality brand name and accomplished
management team
Recent Acquisitions
Highlights
10
•
Badger Equipment Co, a Winona,
Minnesota based manufacturer of
specialized rough terrain cranes and
material handling products
•
Stock purchase with consideration of
$5.1m: Badgers last five years average
annual revenues were approximately
$8m
•
Developing new rough terrain crane line
targeted for railroad, refinery and
construction markets
•
Long standing brand recognition and
crane legacy, with established railroad
and municipality relationships |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Recent
Acquisitions
(subject
to
approval)
CVS
11
•
June 30 2010 MNTX entered into an agreement to operate, on an
exclusive rental
basis,
the
business
of
CVS
SPA,
commencing
July
1
2010
•
CVS
SPA
is
located
near
Milan
Italy
and
designs
and
manufactures
a
range
of reach stackers and associated lifting equipment for the global container
handling market
•
CVS had 2008 annual sales of $106m prior to the global downturn
•
The rental agreement has been filed with the Italian Court and includes an
offer to purchase the business at the conclusion of the Italian insolvency
process (“Concordato Preventivo”) Rental period could extend for up to
two years
•
Sales and profits are consolidated into Manitex International from July
2010.
No
debt
or
liabilities
of
“old
CVS”
were
assumed.
As
at
July
1,
CVS
has a backlog of orders of approximately $10m
•
Acquisition is transformational:
•
Adds global product offering
•
European manufacturing and design
•
Adds scale
•
Above average growth profile sectors of containers / ports / inter-
modal |
 Replacement
Parts & Service Consistent Recurring Revenue
•
Recurring revenue of approximately 20% of total sales
•
Spares relate to swing drives, rotating components, and booms among others, many of
which are proprietary
–
Serve additional brands
–
Service team for crane equipment
12
“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Pro-forma Revenues
•
Pro-forma revenues are based on 2007
revenue numbers for each respective
business, regardless of date of acquisition by
Manitex International
•
We believe Pro-forma revenues are more
representative of revenue opportunity than
revenues in the current phase of the
economic cycle
13
Manitex, $80.0
Liftking, $26.0
Crane & Machinery, $18.1
Schaeff, $3.3
Noble, $1.1
Badger, $8.0
LoadKing, $20.0
CVS Ferrari, $80.0
$0.0
$50.0
$100.0
$150.0
$200.0
$250.0
Pro-forma Annual Revenue |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
14
Increased Market Share as Market Declined
Boom Truck Crane Market
23.4%
16.7%
20.8%
29.6%
36.1%
28.0%
76.6%
83.3%
79.2%
70.4%
63.9%
72.0%
0.0%
25.0%
50.0%
75.0%
100.0%
2005
2006
2007
2008
2009
2010
Market Share
0
500
1000
1500
2000
2500
3000
Units Shipped
MNTX
Others
Total Units Shipped |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
•
Management saw the state of the world as an opportunity to cut costs and
grow the business through acquisition at a very modest cost, notwithstanding
reductions in its core markets
•
$12.4 m reduction in costs in 2009 compared to 2008
•
Management was successful in lowering costs to match decreases in sales; revenue decreased
47% from 2008-2009
•
With outside financing unavailable our model of negotiating seller financing fit
circumstances perfectly
•
1
st
nine months 2010 gross margin 23.6%, $4.3m increase in EBITDA, revenue
62% higher
•
1
st
nine months 2010 EBITDA margin of 8.8% was the best since 2007
15
2009/2010 Highlights
Opportunistic Cost Cutting |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Select Financial Data
Note: Includes continuing operations only.
•Includes gain on bargain purchase of $3,815
•**2010 est, based on 2010 nine months ytd
plus estimated Q4 based on repeating Q3
revenue, gross profit, EBITDA and net income
16
(USD in thousands)
$ in thousands, except percentages
2007
2008
2009
2010 est**
Revenue
$
106,946
$
106,341
$
55,887 $
91,200 Gross Margin
18.6%
16.4%
20.0%
23.6%
EBITDA
8,461
5,416
1,982
8,100
EBITDA Margin (%)
7.9%
5.1%
3.5%
8.9%
Net Income
2126
1,799
3,639 *
1834
$106,946
$106,341
$55,887
$91,200
$8,461
$5,416
$1,982
$8,100
$1,799
$3,639
$1,834
$2,126
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
2007
2008
2009
2010 est**
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
Revenue
EBITDA
Net Income |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Growth Drivers –
2010 and Beyond
•
World wide improvements in GDP, economic recovery
•
Increased market penetration with product developments and innovative
distribution
•
Leverage synergy with railroad industry
•
Developed products specifically for the following industries: Oil & Gas,
Railroads, Power Grid & Wind Power
•
Any significant governmental infrastructure spending will be a potential
spark to recovery for Manitex
•
International expansion
–
New
dealership
agreements
reached
in
Middle
East,
Russia,
&
with
Caterpillar
Global
Distribution Network
–
Achieved European CE Certification for 50 Ton Cranes in 2009.
–
Manitex
International
made
its
first
international
sales
in
2008
and
has
identified
new
markets
to
accelerate
future
growth
(Russian
market
potential
is
estimated
to
be
double
that
of North America)
–
2010
non
-
US
sales
were
over
38%
of
revenue
•
CVS Ferrari is additive to the Company results
17 |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Summary
Delivering sound operational and financial performance despite the historic
economic and industry-specific challenges.
Poised For Growth
•
Growing market share
•
Increased penetration in oil and gas, power grid and rail
•
Rebound in commercial sales
•
Coordinated distribution of our products worldwide
•
Continued expansion into international markets
•
In the recent past we have scaled our business to match demand and we now
look forward to long term growth
•
Focused on earnings, cash flow and working capital management
18 |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Appendix
19
Manitex International, Inc.
Corporate Presentation
March 2011 |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Key Figures -
Quarterly
20
USD thousands
Q3-2009
Q2-2010
Q3-2010
Net sales
$15,063
$19,502
$24,859
% change in Q3-2010 to
prior period
65%
27%
Gross profit
2,208
4,607
5,855
Gross margin %
14.7%
23.6%
23.6%
Operating expenses
2946*
3,658
4,365
Net (loss) Income
(147)
213
657
EBITDA
-80
1,732
2,271
EBITDA % of Sales
-0.5%
8.9%
9.1%
Backlog ($ million)
22.3
24.9
32.8
* excludes bargain purchase gain of $0.9m
$15,063
$19,502
$24,859
$1,732
$2,271
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
Q3-2009
Q2-2010
Q3-2010
$0
$500
$1,000
$1,500
$2,000
$2,500
Net Sales
EBITDA |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Summarized Balance Sheet
21
Current assets
$47,496
$40,147
$40,685
Fixed assets
10,955
11,804
5,878
Other long term assets
41,198
42,734
39,665
Total Assets
$99,649
$94,685
$86,228
Current liabilities
17,875
14,569
17,062
Long term liabilities
39,749
39,688
34,152
Total Liabilities
$57,624
$54,257
$51,214
Shareholders equity
42,025
40,428
35,014
Total liabilities & Shareholders equity
$99,649
$94,685
$86,228
31-Dec-08
31-Dec-09
30-Sep-10 |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Debt and Liquidity
$000
Q3-2010
Q4-2009
Total Cash
217
287
Total Debt
33,745
33,511
Total Equity
42,025
40,428
Net capitalization
75,553
73,652
Net debt / capitalization
44.4%
45.1%
Quarterly EBITDA
2,271
426
Quarterly EBITDA % of sales
9.1%
2.9%
•Ebitda for Q3-2010 at 9.1% of sales is best performance
by the Company •Debt reduction in Q3-2010 of
$1.2m: •Revolver facility, based on available collateral at
September 30, 2010 was $22.3m •Revolver availability at September 30,
2010 $3.2m •Net capitalization is the sum of debt plus equity minus
cash. •Net debt is total debt less cash |
 “Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Working Capital
$000
Q3 2010
Q4 2009
Working Capital
$29,621
$25,578
Days sales outstanding
62
67
Days payable outstanding
53
73
Inventory turns
2.7
1.7
Current ratio
2.7
2.8
•Increase in working capital Q3-2010 v Q4-2009 principally from
increased accounts receivable ($6.0m) and inventory ($1.2m) and offset by
increased accounts payable, accruals & other liabilities ($3.4)
•Inventory increase from new businesses of CVS and NAEE
•Continued strength of current ratio |