Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Manitex International, Inc. | d8k.htm |
| EX-99.1 - PRESS RELEASE - Manitex International, Inc. | dex991.htm |
 Manitex International, Inc.
Conference Call
First Quarter 2011
May 11th, 2011
Exhibit 99.2 |
 2
Forward Looking Statements &
Non GAAP Measures
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
first quarter 2011 earnings release on the Investor Relations section of our website
www.manitexinternational.com
for a description and/or reconciliation of these measures.
|
 3
First Quarter 2011 Summary
•
Q1-2011 sales of $31.7 million and net income of $0.4
million or $0.04 per share in line with expectations
–
Results include approx. $0.5 million impact from investment in
ConExpo
•
Strong increase (20%) in backlog
•
CVS operations performing solidly and asset acquisition
process moving forward
•
Expect Q2-2011 sales to increase approximately in line
with backlog increase and operating leverage to improve
|
 4
Commercial Update
•
US market sectors continuing trend from Q4 2011
–
General
construction
activity
still
limited.
Some
increases
from
rental
fleets
and
general
contractors.
–
Much stronger demand from niche market sectors of energy and utilities. Many US
customers are exploiting international opportunities in energy sector and
from weaker dollar •
Non-US markets continue strength particularly energy related
–
Canada still very high demand, Middle East & parts of Europe
•
Product
demand
still
focused
on
higher
tonnage
units
or
industry
specific
product
(e.g.
railways). Military and governmental demand currently weaker than at this stage of
2010
•
ConExpo show well attended and considerable interest in Manitex International
breadth and depth of product
–
Two major distribution agreements signed for west coast US and west Canada
–
Numerous positive enquiries being followed
•
CVS Ferrari continues to contribute
–
Container handling and inter-modal markets continue to rebound
–
Slowly building commercial and operational activities at CVS
•
Backlog of $48 million, increase of 20% from 12/31/2010
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 5
Key Figures -
Quarterly
USD thousands
Q1-2011
Q4-2010
Q1-2010
Net sales
$31,722
$29,544
$21,970
% change in Q1-2011 to prior period
7%
44%
Gross profit
6,459
7,660
5,212
Gross margin %
20.4%
25.9%
23.7%
Operating expenses
5,207
5,605
4,169
Net Income
442
932
307
Ebitda
2,055
2,850
1,823
Ebitda % of Sales
6.5%
9.6%
8.3%
Working capital
33,829
31,692
27,914
Current ratio
2.3
2.4
2.9
Backlog
47,736
39,905
21,830
% change in Q1-2011 to prior period
20%
119% |
 6
Q1-2011 Operating Performance
$000
$000
Q1-2010 Net income
307
Gross profit impact of increased sales of $9.8 million (Q1- 2011 sales less Q1-2010 sales at Q1-2010
gross profit % ) 2,311
Impact
from
reduced
margin
(Q1-2011
gross
profit
%
-
Q1-2010
gross profit % multiplied by Q1-2011 sales)
(1,064)
Increase in gross profit
1,247
Increase in operating expenses (including new operations
expenses of $0.9 million and ConExpo expenses $0.5
million)
(1,038)
Interest & Other income / (expense)
2
Increase in tax
(76)
Q1-2011 Net income
$ 442 |
 7
Working Capital
$000
Q1-2010
Q4 2010
Q1 2010
Working Capital
$33,829
$31,692
$27,914
Days sales outstanding
53
60
59
Days payable outstanding
63
62
47
Inventory turns
2.8
2.9
2.6
Current ratio
2.3
2.4
2.9
Operating working capital
38,174
36,763
31,840
Operating working capital %
of LQ sales
30.1%
31.1%
36.2%
•Increase in working capital Q1-2011 v Q4-2010 principally from
increased cash ($0.7m) and inventory ($4.8m), offset by decreased
receivables ($1.1m) and increased accounts payable, accruals & other
liabilities ($2.1m) •Inventory increase v Q4-2010 principally
Manitex cranes and CVS •Operating working capital improvement to 30%
of annualized LQ sales |
 8
Debt & Liquidity
$000
Q1-2011
Q4-2010
Q1-2010
Total Cash
1,441
662
455
Total Debt
35,293
34,019
34,590
Total Equity
44,017
43,274
41,291
Net capitalization
77,869
76,631
75,426
Net debt / capitalization
43.5%
43.5%
45.3%
YTD EBITDA
2,055
8,676
1,823
YTD EBITDA % of sales
6.5%
9.0%
8.3%
•Ebitda for Q1-2011 impacted by ConExpo expenditures of $0.5m
•N. American revolver facilities, based on available collateral at March 31,
2011 was $23.7m. Additional
transactional
facilities
of
$2.4m
in
place
subject
to
collateral
for
CVS.
•Cash and N. American revolver availability at March 31, 2011 $3.9m
•Net capitalization is the sum of debt plus equity minus cash.
•Net debt is total debt less cash |
 9
Summary
•
Steady rebound in the markets we serve
•
Gross margin challenges from supplier price increases
for almost all purchases
•
Expect Q2-2011 sales to grow approximately in line with
the growth in the backlog, (~20%), with improvement in
operating leverage
•
CVS progressing well, expect finalization in Q3-2011
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