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| 8-K - FORM 8-K - Manitex International, Inc. | d8k.htm |
 Manitex International, Inc.
Corporate Presentation
(NASDAQ: MNTX)
August 2011
“Focused
manufacturer of
engineered lifting
equipment”
Exhibit 99.1 |
 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 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.
“Focused
manufacturer of
engineered lifting
equipment” |
 3
Company Snapshot
“Focused
manufacturer of
engineered lifting
equipment”
Manitex
International, Inc.
Global provider of highly specialized and custom configured
cranes, materials and container handling equipment sold
through dealerships
Launched as a private company in 2003, Manitex International,
is publicly traded as NASDAQ:MNTX and has steadily grown
organically
and
as
a
consolidator
in
its
industry,
acquiring
seven
branded product lines since going public in 2007
Energy, utilities, military, railroads, port, government/agency
Niches
Served
Company
Origin |
 4
Summary Financials
“Focused
manufacturer of
engineered lifting
equipment”
Financial Summary
Total Enterprise Value
(08/15/2011):
$85.7 million
Market Cap (08/15/2011):
$47.0million
2010 Revenue:
$95.9 million
2010 Net Income:
$2.1 million
2010 EBITDA:
$8.7 million
Stock Price (08/15/2011):
$4.12
Ticker / Exchange:
MNTX / NASDAQ
Equity Capitalization
Diluted shares outstanding
06/30/2011):
11.6 million
Warrants outstanding (06/30/2011):
$4.3 million
Avg. warrant strike price
$4.55
$000, except
percentages
2007
2008
2009
2010
2011 YTD
Revenues
$106,946
$106,341
$55,887
$95,875
$68,788
Gross Margin (%)
18.6%
16.4%
20.0%
24.3%
20.3%
EBITDA
$8,461
$5,416
$1,982
$8,676
$5,097
EBITDA Margin (%)
7.9%
5.1%
3.5%
9.0%
7.4%
Net income
$2,126
$1,799
$3,639*
$2,109
$1,471
*includes gain on bargain purchase of $3,815 |
 5
Investment Highlights
“Focused
manufacturer of
engineered lifting
equipment”
2010: Solid return to operating & net profitability
–
Sales rebounded to $95.9 million, a 72% year-over-year increase
–
Backlog advanced 80% to $40 million at 12/31/2010
–
2010 gross margin 24%, $6.7 million increase in EBITDA
–
Record full year 2010 EBITDA margin of 9%
Experienced senior management
–
Over 70 years of collective experience from
well-known industrial leaders -
Terex,
Manitowoc, Rolls Royce, GKN Sinter Metals,
Grove and Genie
Global presence ~ 20K units
Operates worldwide
Equipment dealerships throughout country
–
High recurring parts revenue stream: approximately 20% of
total sales (average 40% margin
Growing market share
–
Increased penetration: oil and gas, power grid & rail
–
Rebounding commercial sales
–
Expanding international sales
Focused on earnings, cash flow
& working capital management |
 6
Manitex International Businesses
“Focused
manufacturer of
engineered lifting
equipment”
Global Provider
Global Provider
•
Boom trucks
•
Sign cranes
•
Rough-terrain cranes
•
Specialized material and
container handling
Growth Strategy
•
Historical: North America
•
Current: NA & International
Serving Major Industries
Business Model
Business Model
•
Accretive, high margin niche
acquisitions; utilize seller
financing
•
2009: Badger & LoadKing
•
2010: CVS rental agreement
•
2011: CVS acquisition |
 “Focused
manufacturer of
engineered lifting
equipment”
•
Engineered lifting
equipment
•
Manitex boom trucks
•
SkyCrane aerial platforms
•
Sign cranes
•
RT forklifts
•
Special mission-oriented
vehicles
•
Carriers
•
Heavy material handling
•
Transporters & steel mill
equipment
•
Specialized earthmoving,
railroad and material
handling equipment
since 1945
•
Has built ~ 10,000 units
•
Manufacturer of container
handling equipment for the
global port and inter-modal
sectors.
•
Products: reach stackers,
laden and unladen
container forklifts &
straddle carriers
Product
Overview |
 8
Key Management
“Focused
manufacturer of
engineered lifting
equipment”
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 –
Manufacturing
Operations
10+ years principally with Terex
Scott Rolston
SVP Sales & Marketing –
Manitex
International
13+ years principally with Manitowoc |
 2010
2008
2009
2007
9
Company Timeline
“Focused
manufacturer of
engineered lifting
equipment”
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)
July 2010 : CVS
Operating Agreement
2006
2004
2002
2005
2003
2011
July 2011: Closes
Acquisition of CVS |
 10
Transformational Acquisition
“Focused
manufacturer of
engineered lifting
equipment”
Pre-7/10: CVS SpA
•Near Milan, Italy
•Designed &
manufactured stackers &
lifting equipment for
global container handling
market
2008: CVS SpA
•Annual sales of $106M
prior to global downturn
2011
•CVS Acquisition closed;
•Revenues of $8 million for the
second quarter 2011;
•
Margins similar to core business
2011
•Rental agreement filed with Italian court
•Includes offer to purchase the business at
the end of Italian insolvency process
July 2010: MNTX CVS Ferrari srl
•MNTX subsidiary
•Agreed to rent certain assets of CVS
SpA in liquidation on an exclusive
basis
Adds global products & scale
European manufacturing & design
Above average growth profile in containers / ports / inter-modal
sectors •
Consolidated sales &
profit from 07/10
•
No assumption of “old
CVS”
debt or liabilities
•
Revenues currently
tracking at approx
$2M/month |
 11
Replacement Parts & Service
Consistent Recurring Revenue
“Focused
manufacturer of
engineered lifting
equipment”
•
Recurring revenue of approximately 20% of total sales
•
Spares relate to swing drives, rotating components, and booms among others,
many of which are proprietary
–
Serve additional brands
–
Service team for crane equipment |
 12
Pro-forma Revenues ($ millions)
“Focused
manufacturer of
engineered lifting
equipment”
•
We believe Pro-forma revenues are more
representative of revenue opportunity
than revenues in the current phase of the
economic cycle
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
•
Pro-forma revenues are based on 2007
revenue numbers for each respective
business, regardless of date of
acquisition by Manitex International |
 13
Increased Market Share as
Market Declined
“Focused
manufacturer of
engineered lifting
equipment”
Boom Truck Crane Market
23.4%
16.7%
20.8%
29.6%
36.1%
32.0%
76.6%
83.3%
79.2%
70.4%
63.9%
68.0%
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 |
 14
Select Financial Data
“Focused
manufacturer of
engineered lifting
equipment”
$000, except percentages
2007
2008
2009
2010
Revenue
$106,946
$106,341
$55,887
$95,875
Gross Margin
18.6%
16.4%
20.0%
24.3%
EBITDA
8,461
5,416
1,982
8,676
EBITDA Margin (%)
7.9%
5.1%
3.5%
9.0%
Net Income
2,126
1,799
3,639 *
2,109
* Includes gain on bargain purchase of $3,815
$106,946
$106,341
$55,887
$95,875
$8,461
$5,416
$1,982
$8,676
$1,799
$3,639
$2,109
$2,126
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
2007
2008
2009
2010
$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 |
 15
Growth Drivers-
2010 and Beyond
“Focused
manufacturer of
engineered lifting
equipment”
Worldwide improvements: GDP, economic recovery
Increased market penetration with product developments
& innovative distribution
Synergy with railroad industry
Specific products for Oil & Gas, Railroads, Power Grid, Wind Power
Potential government infrastructure spending
International expansion
CVS Ferrari |
 16
Summary
“Focused
manufacturer of
engineered lifting
equipment”
•
Growing market share
•
Increased penetration in oil & gas, power grid
& rail
•
Steady improvement in commercial sales
•
Coordinated distribution of products
worldwide
•
Continued expansion into international
markets
•
In the recent past have scaled business to
match demand; now look forward to long
term growth
•
Focused on earnings, cash flow and working
capital management
Delivering sound
operational and financial
performance despite
historic economic and
industry-specific
challenges
Poised for Growth |
 17
Appendix
“Focused
manufacturer of
engineered lifting
equipment”
Manitex International, Inc.
Corporate Presentation
August 2011 |
 18
Key Figures -
Quarterly
“Focused
manufacturer of
engineered lifting
equipment”
USD thousands
Q2-2010
Q1-2011
Q2-2011
Net sales
$19,502
$31,722
$37,066
% change to prior quarter
Gross profit
4,607
6,459
7,478
Gross margin %
23.6%
20.4%
20.2%
Operating expenses
3,658
5,207
5,237
Net Income
213
442
1029
EBITDA
1,732
2,055
3,042
EBITDA % of Sales
8.9%
6.5%
8.2%
Backlog ($ million)
24.9
47.7
50.7 |
 19
Summarized Balance Sheet
“Focused
manufacturer of
engineered lifting
equipment”
$000
30-Jun-11
31-Dec-10
31-Dec-09
31-Dec-08
Current assets
$65,898
$54,703
$40,147
$40,685
Fixed assets
10,121
10,659
11,804
5,878
Other long term assets
38,855
40,155
42,734
39,665
Total Assets
$114,874
$105,517
$94,685
$86,228
Current liabilities
27,006
23,011
14,569
17,062
Long term liabilities
42,766
39,232
39,688
34,152
Total Liabilities
$69,772
$62,243
$54,257
$51,214
Shareholders equity
45,102
43,274
40,428
35,014
Total liabilities & Shareholders equity
$114,874
$105,517
$94,685
$86,228 |
 20
Debt & Liquidity
•Net capitalization is the sum of debt plus equity minus cash.
•Net debt is total debt less cash
“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
|
 21
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 |