Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Manitex International, Inc. | d8k.htm |
| EX-99.1 - PRESS RELEASE - Manitex International, Inc. | dex991.htm |
 “Focused
manufacturer of
engineered lifting
equipment”
Manitex International, Inc.
Conference Call
Second Quarter 2011
August 10th, 2011
Exhibit 99.2 |
 2
Forward Looking Statements &
Non GAAP Measures
“Focused
manufacturer of
engineered lifting
equipment”
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
Second 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
“Focused
manufacturer of
engineered lifting
equipment”
Second Quarter 2011 Summary
•
Performance ahead of expectations
–
Sales of $37.1 million
•
Total sales increase of $17.6 million or 90%
•
Underlying sales increase of 38.5%
–
Net income of $1.0 million or $0.09 per share
•
Increase in backlog to $51 million
•
Significant operational foundations put in place
–
CVS asset acquisition completed
–
Revolving credit facilities maturity extended with 4 year deal,
increased availability and lower interest costs |
 4
“Focused
manufacturer of
engineered lifting
equipment”
Commercial Update
Excluding the recent world stock market declines:
•Markets have remained steady
–
US markets stable, recovery based on a few specific sectors, no significant
broad based construction demand increase
–
International markets more strength in demand, project or sector
driven
–
Energy sector continues to be strongest demand sector in US, Canada and
internationally, leading to demand for a range of Manitex products, but
especially larger tonnage boom truck cranes –
Container handling activity increasing
–
Market pricing showing incremental increase for 2 half of
year and 2011. We have implemented increases of 0% -
8% varying by product
•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 –
Boom truck market tracking to annualized growth of 114%, 131% in
our categories, but still 40% behind 2007
–
Non-US sales account for 41% of year to date revenues (2010 = 38%)
–
Announced in July, 2 new military customers placed orders for $1.9
million •CVS Ferrari
–
We believe commercial prospects will strengthen with transition to ownership
from rental –
$3.1 million of orders announced for Brazilian ports marking return to a key
market •Backlog of $51 million, increase of 27% from
12/31/2010 nd |
 5
Investment Highlights
“Focused
manufacturer of
engineered lifting
equipment”
USD thousands
Q2-2011
Q2-2010
Q1-2011
Net sales
$37,066
$19,502
$31,722
% change in Q2-2011 to prior period
90.1%
16.8%
Gross profit
7,478
4,607
6,459
Gross margin %
20.2%
23.6%
20.4%
Operating expenses
5,237
3,658
5,207
Net Income
1,029
213
442
Ebitda
3,042
1,732
2,055
Ebitda % of Sales
8.2%
8.9%
6.5%
Working capital
38,892
29,276
33,829
Current ratio
2.4
2.9
2.3
Backlog
50,688
24,926
47,736
% change in Q2-2011 to prior period
103%
6.2% |
 6
“Focused
manufacturer of
engineered lifting
equipment”
Q2-2011 Operating Performance
$000
$000
Q2-2010 Net income
213
Gross
profit
impact
of
increased
sales
of
$17.6
million
(Q2-
2011 sales less Q2-2010 sales at Q2-2010 gross profit % )
4,145
Impact
from
reduced
margin
(Q2-2011
gross
profit
%
-
Q2-2010
gross
profit % multiplied by Q2-2011 sales)
(1,274)
Increase in gross profit
2,871
Increase in operating expenses (including new operations
expenses of $1.1 million, selling $0.3m and other, including
personnel $0.2)
(1,579)
Interest & Other income / (expense)
6
Increase in tax
(482)
Q2-2011 Net income
$ 1,029 |
 7
Working Capital
“Focused
manufacturer of
engineered lifting
equipment”
$000
Q2-2011
Q4 2010
Q2 2010
Working Capital
$38,892
$31,692
$29,276
Days sales outstanding
56
60
69
Days payable outstanding
54
62
57
Inventory turns
3.1
2.9
2.2
Current ratio
2.4
2.4
2.9
Operating working capital
45,070
36,763
32,313
Operating working capital % of
annualized LQS
30.4%
31.1%
41.4%
•Major movements in working capital increase Q2-2011 v Q4-2010 of
$7.2m •Receivables ($3.3m), inventory ($7.3m), offset by
increased short term notes ($1.9m) and increased accounts payable
($2.3m) •Inventory increase v Q4-2010 principally Manitex
cranes and CVS •Current ratio, DSO & DPO remain strong
through growth phase •Operating working capital % improvement
maintained through revenue growth |
 8
“Focused
manufacturer of
engineered lifting
equipment”
$000
Q2-2011
Q4-2010
Q2-2010
Total Cash
979
662
1,485
Total Debt
39,699
34,019
34,955
Total Equity
45,102
43,274
41,049
Net capitalization
83,822
76,631
74,519
Net debt / capitalization
46.2%
43.5%
44.9%
YTD EBITDA
5,097
8,676
1,732
YTD EBITDA % of sales
7.4%
9.0%
8.9%
•EBITDA for Q2-2011 of $3.0m, 8.2% of sales
•Increase in debt from 12/31/2010 of $5.7m
•
Increase in lines of credit $4.8m
•
Long
term
debt:
CVS
acquisition
funding
$1.9m;
Payments
on
other
debt
($0.8m)
•N. American revolver facilities, based on available collateral at June 30,
2011 was $25.2m. Additional
transactional
facilities
of
$3.7m
in
place
subject
to
collateral
for
CVS.
•Cash and N. American revolver availability at June 30, 2011 $3.0m
Debt & Liquidity
•
Net capitalization is the sum of debt plus equity minus cash
•
Net debt is total debt less cash |
 9
Summary
“Focused
manufacturer of
engineered lifting
equipment”
•
Strong Q2 performance in sales, net income, EPS and EBITDA
•
Markets stable, CVS transaction complete and growth in backlog
provides good visibility for H2-2011
•
Expect 2011 sales growth v 2010 of approximately 46% to
$140m, subject to no dramatic changes to overall economic
environment |