Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Manitex International, Inc. | d320714d8k.htm |
| EX-99.1 - PRESS RELEASE - Manitex International, Inc. | d320714dex991.htm |
 “Focused
manufacturer of
engineered lifting
equipment”
Manitex International, Inc.
Conference Call
Fourth Quarter & Full Year 2011
March 22nd, 2012
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
Fourth Quarter and Full Year 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”
Overview
•
2011 Performance set several Company records
–
Sales of $142 million (48% increase)
–
Adjusted net income* $3.6 million (69% increase)
–
Adjusted EPS $0.31 (63% increase)
–
EBITDA $11.1 million (28% increase)
•
Markets steadily improved through 2011 and this trend looks to be
continuing. Very dynamic energy sector driving demand for boom trucks
–
Backlog increased sequentially. YOY increase 110% to $83.7 million
•
Prepared for further growth
–
Renewed and increased working capital facilities
–
Repaid $3 million of long term debt in 2011. Targeting more in
2012
•
2012 pace of growth predicated on continuing to expand output internally and
from suppliers
* Adjusted net income is GAAP net income adjusted for tax effected unusual legal
settlement. See slide 7 reconciliation |
 4
“Focused
manufacturer of
engineered lifting
equipment”
Commercial Update
•Market sentiment appears more optimistic
•Energy sector experiencing high levels of growth particularly N
America •General construction activity still relatively slow, but
increased activity •European markets slow, impacted by customer
credit availability •S. America / other non-European
international enquiries increasing •OEM price increases implemented
for orders being received for 2012 and 2013 •Product
demand
still
focused
on
more
specialized,
higher
tonnage
units
or
industry
specific
product (e.g. energy).
•
Strongest demand for our Manitex boom trucks
•
Boom truck market estimated 2011 growth of 130% in our categories
•
Commercial material handling and specialized trailer demand strengthened in
second half of 2011 and continues firm
•12/31/11 Backlog 83.7 million
•Broad based order book, with boom trucks in particular out to
Q3-2012 •Stronger military / governmental component for second
half 2012 •Looking for further ramp up of production in 2012
•Orders still currently being received at a faster rate than output
|
 5
Key Figures -
Annual
“Focused
manufacturer of
engineered lifting
equipment”
USD thousands
2011
2010
2009
Net sales
$142,291
$95,875
$55,887
% change in 2011 to prior period
48.4%
154.6%
Gross profit
29,250
23,334
11,157
Gross margin %
20.6%
24.3%
20.0%
Operating expenses*
21,466
17,797
7,813
Adjusted Net Income*
3,561
2,109
3,639
Ebitda
11,120
8,676
1,982
Ebitda % of Sales
7.8%
9.0%
3.5%
Working capital
41,032
31,692
25,578
Current ratio
2.4
2.4
2.8
Backlog
83,700
39,905
22,122
% change in 2011 to prior period
109.7%
278.4%
•
2011 adjusted to exclude unusual $1,183k legal settlement. See
reconciliation on slide 7 •
2009 includes $3,815k bargain purchase gain on acquisitions in year
|
 6
Key Figures -
Quarterly
“Focused
manufacturer of
engineered lifting
equipment”
USD thousands
Q4-2011
Q4-2010
Q3-2011
Net sales
$36,561
$29,544
$36,942
% change in Q4-2011 to prior period
23.8%
(1.0%)
Gross profit
7,489
7,660
7,824
Gross margin %
20.5%
25.9%
21.2%
Operating expenses *
5,431
5,605
5,591
Adjusted Net Income *
1,070
932
1,020
Ebitda
2,876
2,850
3,147
Ebitda % of Sales
7.9%
9.6%
8.5%
•
Q4-2011 adjusted to exclude unusual $1,183k legal settlement. See
reconciliation in Appendix |
 7
“Focused
manufacturer of
engineered lifting
equipment”
Adjusted Net Income
Three Months ending
Twelve Months Ending
December 31,
2011
December 31,
2010
December 31,
2011
December 31,
2010
Net income as reported
289
932
2,780
2,109
Add: Legal settlement
1,183
-
1,183
-
Less: Tax at effective
rate of 34%
(402)
-
(402)
-
Net income as adjusted
1,070
932
3,561
2,109
Diluted Earnings per
share, as reported
$0.03
$0.08
$0.24
$0.19
Add: EPS impact of legal
settlement (net of tax)
$0.07
-
$0.07
-
Diluted Earnings per
share as adjusted
$0.09
$0.08
$0.31
$0.19
Weighted average diluted
shares outstanding
11,555,764
11,395,814
11,548,158
11,380,966
Legal settlement charge is present value of twenty annual payments of $95k
|
 8
“Focused
manufacturer of
engineered lifting
equipment”
2011 Operating Performance
$m
$m
2010 Net income
2.1
Gross profit impact of increased sales of $46.4 million (2011
sales
less
2010
sales
at
2010
gross
profit
%
).
Includes
approx.
$23
million
for
additional 6 months of operations in 2011 v 2010 for CVS and NAEE
11.3
Impact
from
reduced
margin
(2011
gross
profit
%
-
2010
gross
profit %
multiplied by 2011 sales)
(5.3)
Increase in gross profit
6.0
Increase in operating expenses (including R&D increase of
$0.4m)
CVS & NAEE 2011 12 month expenses v 2010 six months
(1.6)
(2.1)
Interest & Other income / (expense)
-
Increase in tax
(0.8)
2011 Adjusted Net income
$ 3.6 |
 9
Working Capital
“Focused
manufacturer of
engineered lifting
equipment”
$000
2011
2010
2009
Working Capital
$41,032
$31,692
$25,578
Days sales outstanding (DSO)
61
60
67
Days payable outstanding (DPO)
59
62
73
Inventory turns
2.7
2.9
1.7
Current ratio
2.4
2.4
2.8
Operating working capital
50,007
36,763
29,112
Operating working capital % of annualized
LQS
34.2%
31.1%
48.7%
•Major movements in working capital increase 2011 v 2010 of $9.3m
•Receivables ($5.6m), inventory ($11.6m), offset by increased short term
notes ($2.7m), trade accounts payable ($4.0m) and accrued expenses
($0.6m) and reduced prepayments ($0.4m)
•Inventory increase v 2010 in raw materials and WIP to support growth,
and increased cost from material cost inflation
•Current ratio, DSO & DPO remain strong through growth phase,
and operating working capital % increased to support future revenue
growth |
 10
“Focused
manufacturer of
engineered lifting
equipment”
$000
2011
2010
2009
Total Cash
71
662
287
Total Debt
42,227
34,019
33,511
Total Equity
46,794
43,274
40,428
Net capitalization
88,950
76,631
73,652
Net debt / capitalization
47.4%
43.5%
45.1%
YTD EBITDA
11,120
8,676
1,982
YTD EBITDA % of sales
7.8%
9.0%
3.5%
•Increase in debt at 12/31/2011 from 12/31/2010 of $8.2m
•
Increase in lines of credit and Italian working capital finance $7.5m
•
Long
term
debt:
CVS
acquisition
funding
$3.8m;
Payments
on
other
debt ($3.0m)
•N. American revolver facilities, based on available collateral at December
31, 2011 was $30m. •Cash and N. American revolver availability at
December 31, 2011 $4.5m Debt & Liquidity
•
Net capitalization is the sum of debt plus equity minus cash
•
Net debt is total debt less cash |
 11
2012 Outlook
“Focused
manufacturer of
engineered lifting
equipment”
•
Expect market demand to continue, particularly energy, with
general economic pick up in addition
•
Anticipate sequential quarterly increase in sales
•
Key challenge is continuing to increase internal output and that
of suppliers
•
Net income to benefit from impact of higher volume and lower %
of SG&A |