Attached files
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| 8-K - FORM 8-K - Manitex International, Inc. | d456332d8k.htm |
 Exhibit 99.1
Manitex International, Inc.
Corporate Presentation
(NASDAQ: MNTX)
December 2012
“Focused manufacturer
of engineered lifting
equipment” |
 “Focused manufacturer
of engineered lifting
equipment”
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 managemet’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 Third Quarter 2012 earnings release
on
the
Investor
Relations
section
of
our
website
www.manitexinternational.com
for
a
description
and/or
reconciliation of these measures.
Forward Looking Statements
& Non-GAAP Measures
|
 Company Snapshot
“Focused manufacturer
of engineered lifting
equipment”
Manitex
International,
Inc.
Niches
Served
Company
Origin
3
Global provider of highly specialized and custom
configured cranes, materials and container handling
equipment sold through dealerships Energy exploration and field development (including
Canadian oil sands and recent oil and natural gas
development initiatives throughout U.S.), power line
construction, military, railroads, port, government/agency 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 2006 |
 “Focused manufacturer
of engineered lifting
equipment”
4
According to Forbes, this list compiles "an annual ranking of America's Best
Small Companies that have experienced strong growth over the past five
years. The 2012 list highlights public companies with sales under $1
billion, which are ranked based on return on equity, sales growth and
earnings growth over the past year and the past five years." Forbes
methodology factored in stock performance versus each company's peer
group during the last 12 months.
Companies 2012
#44 on Forbes Best Small |
 Summary Financials
“Focused manufacturer
of engineered lifting
equipment”
Financial Summary
Total Enterprise Val.
(11/29/2012):
$135.9 million
Market Cap (11/29/2012):
$92.9 million
2011 Revenue:
$142.3 million
2011 Net Income:
$2.8 million
2011 EBITDA:
$11.1 million
Stock Price (11/29/2012):
$7.60
Capitalization
Diluted shares outstanding (9/30/2012):
12.2 million
Total Debt (9/30/2012):
$46.3 million
Shares outstanding (11/9/2012)
12.2 million
(1) 2009 GAAP Net Income includes gain on bargain purchase of $3,815
(2) 2012 figures are per company estimates
Recent Announcements
11/16/12 -
Named to Forbes Magazine “Best 100 US Small Companies List”
11/8/12 -
Announced Record Quarterly Results for Q3 2012
10/15/12 -
Announced Launch of New CD4415 Rough Terrain Crane
5
Revenues
Gross Margin (%)
EBITDA
EBITDA Margin (%)
Net income
Backlog
$000, except percentages
2008
2009
2010
2011
2012 (2)
$106,341
$55,887
$95,875
$142,291
$200,000
16.4%
20.0%
24.3%
20.6%
20.0%
$5,416
$1,982
$8,676
$11,120
$18,300
5.1%
3.5%
9.0%
7.8%
9.0%
$1,799
$3,639
(1)
$2,109
$2,780
$8,000
$15,703
$22,122
$39,905
$83,700
$126,000 |
 “Focused manufacturer
of engineered lifting
equipment”
•
•
•
•
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
since 1945
•
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
6
Engineered lifting
equipment Manitex boom trucks SkyCrane aerial platforms |
 “Focused manufacturer
of engineered lifting
equipment”
Strong brand history
Acknowledged product development record
International dealers enable us to follow demand
Focused on specialized equipment and niche end-
markets
Core competencies
Products
Superior ROI
Niche Markets
Broad end-user base
Highly customized/specialized; will configure-to-
order
Parts and service an important part of business
model
Lower capital commitment for a boom truck vs.
competitors’
custom cranes of similar lifting
capacity
Usually less or no special permitting vs.
competitors’
custom cranes of similar lifting
capacity
7
Competitive Positioning |
 “Focused manufacturer
of engineered lifting
equipment”
Lifting Equipment
Market Overview
Market
Overview
•
Principal
products
are
boom
truck
cranes
that
vary
in
height
and
tonnage
capacity
•
Smaller tonnage cranes (<30 tons) are more focused on general construction
markets while larger cranes (30+ tons) focus on power line construction
and energy •
Larger tonnage cranes have had higher demand since economic downturn
•
Boom truck cranes are typically less expensive than rough terrain and all
terrain cranes Manitex’s
Market
Position
•
Broader market has seen ~65% of cranes shipped in the smaller tonnage range,
while ~75% of Manitex shipments have been in the larger tonnage
•
Focus
on
being
a
niche
player
allows
specialization
tailored
towards
customers’
needs
•
Production distribution skewed toward larger tonnage machines
•
First to launch 50-ton crane (May 2007)
•
Have
developed
a
series
of
products
around
the
demand
for
larger
tonnage
cranes
Source: Manitex International and MOTACC
8 |
 9
“Focused manufacturer
of engineered lifting
equipment”
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
–
Automated proprietary system implemented in principal operations
|
 Revenue Growth Drivers
“Focused manufacturer
of engineered lifting
equipment”
10
Pie chart represents the difference/reconciliation between
$55.9M & $200M
R&D budget: up from ~ $1M to ~ $2.5M/year
Energy business was less than 10% in 2009,
R&D commitment
Of 2012 Revenues, approximately $48M due to
estimated ~ 50% in 2012
2009 – 2012 |
 11
Investment Highlights
“Focused manufacturer
of engineered lifting
equipment”
Growth in End
Markets
Flexible
Operating
Model
Growth in
Backlog,
Revenues,
Earnings &
Cash Flow
Broad Industry
& Geographic
Distribution
Experienced
Management
•
Niche markets with solid demand drivers for products
•
Increased penetration in oil and gas, power grid and rail industries
•
Demand
in
end
markets
–
energy,
railroad,
and
utilities
–
is
expected
to
be
consistently
strong
•
Customer focused design strategy
•
Diversified product offering
•
Quickly adaptable to changes in demand
•
Commitment to innovation, research, & product development
•
Expected impact from new product launches in 2013
•
Eight
of
nine
consecutive
quarters
of
backlog
growth;
6/30/12
backlog
peak
of
$150M;
9/30/12
-
$125M
•
Full year 2011 sales up 48% to $142M; record EBITDA of $11.1M & adjusted
EPS of $0.31 •
9-month YTD 2012 revenues, EBITDA, and EPS exceeds full year 2011
•
3Q
2012
EBITDA
of
$5.3M
(10.0%
of
sales)
represents
a
70%
Y-o-Y
increase
&
a
quarterly
record
for
MNTX
•
Focus
on
growing
bottom
line
faster
than
top
line;
output
increases
expected
2012-2013
in
North
America
•
End market diversity offers a cushion due to weak demand in segments
•
North America currently represents ~75% of revenue, mitigating concerns of
European economic climate •
Existing global presence (~20K units worldwide)
•
International dealer network provides footprint for on-going international
growth •
Seasoned
senior
management:
over
70
years
of
collective
industry
experience
•
Successfully integrated multiple acquisitions
•
Significant management ownership |
 Financial Overview
“Focused manufacturer
of engineered lifting
equipment”
Manitex International, Inc.
December 2012 |
 Key
Figures
-
Quarterly
“Focused manufacturer
of engineered lifting
equipment”
13
$53,380
$36,942
$52,946
$5,349
$3,147
$5,116
$2,504
$1,020
$2,308
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
Q3-2012
Q3-2011
Q2-2012
Revenue
EBITDA
Net Income
USD thousands except as noted
Net sales
$53,380
$36,942
$52,496
Gross profit
10,810
7,824
10,756
Gross margin %
20.3%
21.2%
20.5%
Operating expenses
6,343
5,591
6,560
Net Income
2,504
1,020
2,308
EBITDA
5,349
3,147
5116
EBITDA % of Sales
10.0%
8.5%
9.7%
Backlog ($ million)
$125.7
$63.7
$149.6
Q3-2012
Q3-2011
Q2-2012 |
 Summary Balance Sheet
“Focused manufacturer
of engineered lifting
equipment”
14
$000s
30-Sep-12
30-Jun-12
31-Dec-11
31-Dec-10
31-Dec-09
Current assets
$103,450
$96,496
$71,209
$54,703
$40,147
Fixed assets
10,273
10,358
11,017
10,659
11,804
Other long-term assets
35,714
36,192
39,365
40,155
42,734
Total Assets
$149,437
$143,046
$121,591
$105,517
$94,685
Current liabilities
$44,655
$44,193
$30,177
$23,011
$14,569
Long-term liabilities
47,574
48,398
44,620
39,232
39,688
Total Liabilities
92,229
92,591
74,797
62,243
54,257
Shareholders equity
57,208
50,455
46,794
43,274
40,428
Total liabilities & Shareholders equity
$149,437
$143,046
$121,591
$105,517
$94,685 |
 15
Working Capital
“Focused manufacturer
of engineered lifting
equipment”
$000
Q3-2012
Q4-2011
Working Capital
$58,795
$41,032
Days sales outstanding (DSO)
57
60
Days payable outstanding (DPO)
65
59
Inventory turns
2.8
2.7
Current ratio
2.3
2.4
Operating working capital
66,556
50,007
Operating working capital % of annualized
LQS
31.2%
34.2%
•Major movements in working capital increase Q3-2012 v Q4 2011 of
$17.8m •Cash ($3.2m), Receivables ($9.2m), inventory ($18.2m) 7
Prepaid ($1.2m), offset by increased accounts payable ($11.3m), and
accrued expenses & other current liabilities ($2.4m)
•Inventory: increases in raw materials ($15.4m) and WIP ($1.5m) to
support growth •Operating working capital % decreased compared to
Q4-2011, as revenue growth was achieved in the quarter as
planned |
 16
“Focused manufacturer
of engineered lifting
equipment”
$000
Q3-2012
Q4-2011
Total Cash
3,305
71
Total Debt
46,304
42,227
Total Equity
57,208
46,794
Net capitalization
100,207
88,950
Net debt / capitalization
42.9%
47.4%
Quarterly EBITDA
5,349
2,876
Quarterly EBITDA % of sales
10.0%
7.9%
•Increase in cash $3.2m
•Increase in debt at 9/30/2012 from 12/31/2011 of $4.1m, ($0.8m net of
cash) •
Increase in lines of credit, equipment finance and Italian working capital finance
$10.3m •
Repayments of $6.4 m on long term debt, including $3.8m paid early during Q2
& Q3- 2012
•N. American revolver facilities, based on available collateral at 9/30/12 was
$38.5m. •N. American revolver availability at 9/30/12 of $6.0m
•July 2012 raised $4.1m (gross) from equity to repay long term debt in
Q3-2012 Debt & Liquidity
•
Net capitalization is the sum of debt plus equity minus cash
•
Net debt is total debt less cash |
 Experienced Management
Team
“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 Strategic Planning
13+ years principally with Manitowoc
17 |
 2010
2008
2009
2007
Company Timeline
“Focused manufacturer
of engineered lifting
equipment”
2006
2004
2002
2005
2003
2011
18
January 2003:
Manitowoc divests
Manitex
July 2007: VCC
acquires Noble
forklift
December 2009: Acquire Load
King Trailers
August 2007: Sale of assets and
closure of legacy VCC business
November 2006:
Veri-Tek Acquires
LiftKing
July 2006: Manitex merges
into Veri-Tek, Intl. (VCC)
July 2010 : CVS Operating
Agreement
October 2008:
Crane & Machinery
and Schaeff Forklift
acquired
July 2009: Acquire Badger
Equipment Co.
July 2011: Closes
Acquisition of CVS
March 2002:
Manitowoc (NYSE:MTW)
acquires Grove
May 2008: Name changed to Manitex International
and listed on Nasdaq (MNTX) |
 Brand
Products
End Markets
Drivers
•
Boom trucks and cranes
•
Sign cranes
•
Parts
•
Energy exploration
•
Power transmission
•
Industrial projects
•
Infrastructure development
•
Strong end market demand for specialized, competitively
differentiated products for oil, gas, and energy sectors
•
Product development
•
Rough terrain cranes
•
Specialized construction
equipment
•
Parts
•
Railroad
•
Construction
•
Refineries
•
Municipality
•
Equipment replacement cycle in small tonnage flexible cranes for
refinery market
•
More efficient product offering across end markets
•
Rough terrain forklifts
•
Special mission-oriented
vehicles
•
Custom specialized carriers
•
Parts
•
Military
•
Utility
•
Ship building
•
Commercial
•
Steady, profitable growth from both commercial and military
application of products
•
Custom trailers
•
Hauling systems for heavy
equipment transport
•
Parts
•
Energy
•
Mining
•
Railroad
•
Commercial construction
•
U.S. energy exploration build-out
•
Oil and gas exploration
•
General infrastructure construction
•
Reach stackers
•
Container handling forklifts
•
Parts
•
Global container market
•
International container market and global trade
•
Re-establishing customer relationships and select product categories
•
Repair parts
•
Crane dealership
•
North American Equipment
Exchange
•
Distributor of Terex
products
•
Replacement parts
•
Used equipment
•
General construction environment
19
“Focused manufacturer
of engineered lifting
equipment”
Operating Companies |