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National Press Release
 | Manitex International, Inc. Reports Fourth Quarter and Full Year 2008 ResultsPublished 2009-03-11 16:01By Manitex International, Inc. |
"2008 was a year of continued progress for Manitex International," said Chairman and Chief Executive Officer
Full Year 2008 highlights included: (1)
-- 2008 revenue and net income from continuing operations of $106.3 million
and $1.8 million respectively. Diluted EPS from continuing operations of
$0.17, which includes restructuring cost impact of ($0.03) per share.
-- 2008 net income increased 130% to $2.2 million from $1.0 million of net
income in 2007, equivalent to $0.21 per diluted share after
restructuring cost impact of ($0.03) per share and EPS of $0.02 per
share from discontinued operations and EPS of $0.02 per share from gain
on sale of discontinued operations.
-- Actions taken to improve operations and balance capacity with demand
resulted in restructuring costs of $0.3 million for the year, of which
$0.1 million was incurred in the fourth quarter.
-- Extended and increased credit facilities. Availability under lines of
credit of approximately $7.0 million at December 31, 2008.
-- Working capital of $23.6 million at December 31, 2008, and a current
ratio(3) of 2.4, compared to a current ratio(3) of 2.2 at December 31,
2007.
-- EBITDA (2) from continuing operations of $5.4 million for the twelve
months ended December 31, 2008.
-- Manitex cranes continued to increase market share in a market that
declined over 36% in 2008 as compared to 2007.
-- Continued to expand product and parts portfolio and strategic
development with acquisition of Crane and Schaeff in October 2008, and
development of international products and distributors.
Fourth quarter highlights included: (1)
-- Fourth quarter revenue increased by 2% to $27.8 million compared with
revenues of $27.3 million for the 2007 fourth quarter. Fourth quarter
2008 revenues include $3.7 million from the acquisition of Schaeff and
Crane & Machinery.
-- Net income from continuing operations of $0.3 million, which includes
restructuring charges of $0.1 million, and $0.1 million in net income
from the acquisition of Schaeff and Crane & Machinery, was
equivalent to diluted EPS from continuing operations of $0.02 per share.
-- EBITDA (2) from continuing operations of $1.3 million for the fourth
quarter of 2008 compared to $1.4 million in third quarter of 2008.
"The fourth quarter of 2008 was particularly challenging as customers' credit contracted, order intake slowed and we received some order cancellations as projects were halted," commented
Mr. Rooke further commented, "We ended 2008 with operating working capital as a percentage of three month annualized sales of 24.5%. One of our goals is to continue to aggressively manage working capital along with the generation of cash from operations with the objective of achieving approximately
(1) The financial data for all years presented reflects the former Testing and Assembly Equipment segment as a discontinued operation.
(2) EBITDA is a non-GAAP (generally accepted accounting principles in
(3) Current ratio is equal to current assets divided by current liabilities.
Conference Call
Today,
Anyone interested in participating should call 800-762-8795 if calling within
The call will also be accompanied by a live webcast over the Internet and is accessible at the Company's corporate website at www.manitexinternational.com.
Form 10-K filing
Manitex International plans to file its Form 10-K for the fiscal year ended
About Manitex International, Inc.
Manitex International, Inc. is a leading provider of engineered lifting solutions including cranes, rough terrain forklifts, indoor electric forklifts and special mission oriented vehicles, including parts support. Our Manitex subsidiary manufactures and markets a comprehensive line of boom trucks and sign cranes through a national and international dealership network. Our boom trucks and crane products are primarily used in industrial projects, energy exploration and infrastructure development, including roads, bridges, and commercial construction. Our Crane and Machinery division is a
Forward-Looking Statement
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release 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 release 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.
Company Contact
Manitex International, Inc. Hayden Communications
David Langevin Peter Seltzberg
Chairman and Chief Executive Officer Investor Relations
(708) 237-2060 212-946-2849
djlangevin@manitexinternational.com peter@haydenir.com
Tables follow
MANITEX INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEET
(In thousands, except per share data)
As of December 31,
2008 2007
ASSETS
Current assets
Cash $425 $569
Trade receivables (net) 17,159 16,548
Other receivables 127 226
Inventory (net) 22,066 16,048
Deferred tax asset 582 715
Prepaid expense and other 326 762
Current assets of discontinued operations - 172
Total current assets 40,685 35,040
Total fixed assets (net) 5,878 5,778
Intangible assets (net) 21,148 21,352
Deferred tax asset 4,065 3,940
Goodwill 14,452 14,065
Total assets $86,228 $80,175
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Notes payable-short term $1,564 $889
Current portion of capital lease obligations 277 281
Accounts payable 12,083 9,543
Accrued expenses 2,837 4,408
Other current liabilities 301 486
Current liabilities of discontinued operations - 265
Total current liabilities 17,062 15,872
Long-term liabilities
Line of credit 16,995 14,191
Deferred tax liability 4,186 4,655
Notes payable 5,057 5,211
Capital lease obligations 4,168 4,422
Deferred gain on sale of building 3,549 3,930
Other long-term liabilities 197 184
Total long-term liabilities 34,152 32,593
Total liabilities 51,214 48,465
Commitments and contingencies
Minority interest - 1,024
Shareholders' equity
Common Stock-no par value, Authorized, 20,000,000
shares authorized
Issued and outstanding, 10,584,378 and 9,809,340
at December 31, 2008 and December 31, 2007,
respectively 45,022 41,915
Warrants 1,788 1,788
Paid in capital 239 72
Accumulated deficit (11,896) (14,094)
Accumulated other comprehensive income (loss) (139) 1,026
Sub-total 35,014 30,707
Less: Unearned stock based compensation - (21)
Total shareholders' equity 35,014 30,686
Total liabilities and shareholders' equity $86,228 $80,175
MANITEX INTERNATIONAL, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
For the years ended December 31,
2008 2007 2006
Net revenues $106,341 $106,946 $40,676
Cost of sales 88,876 87,027 34,903
Gross profit 17,465 19,919 5,773
Operating expenses
Research and development costs 819 808 206
Restructuring expenses 329 - -
Selling, general and administrative
expense, including corporate
expense of $2,728; $3,756; and
$1,384 for 2008, 2007 and 2006,
respectively 12,909 12,758 4,408
Total operating expenses 14,057 13,566 4,614
Income from continuing operations 3,408 6,353 1,159
Other income expense
Interest income - 6 39
Interest (expense) (1,961) (3,438) (1,969)
Foreign currency transaction losses (99) (751) -
Other income (expense) 44 119 (15)
Total other expense (2,016) (4,064) (1,945)
Earnings (loss) from continuing
operations before income taxes 1,392 2,289 (786)
Provision for taxes on income
(benefit) (407) 163 (239)
Net earnings (loss) from continuing
operations 1,799 2,126 (547)
Discontinued operations:
Income (loss) from discontinued
operations, net of income taxes
(benefit) of $0, $0, and $(1,087)
in 2008, 2007 and 2006,
respectively 199 (1,122) (8,342)
Gain (loss) on sale or closure of
discontinued operations, net of $0
and $0 income tax in 2008 and
2007, respectively 200 (48) -
Net earning (loss) $2,198 $956 $(8,889)
Basic earning (loss) per share:
Earnings (loss) from continuing
operations $0.18 $0.25 $(0.10)
Earnings (loss) from discontinued
operations, net of income taxes $0.02 $(0.13) $(1.56)
Gain (loss ) on sales or closure of
discontinued operations, net of
income taxes $0.02 $(0.01) $-
Net earnings (loss) $0.22 $0.11 $(1.66)
Diluted earning (loss) per share:
Earnings (loss) from continuing
operations $0.17 $0.23 $(0.10)
Earnings (loss) from discontinued
operations, net of income taxes $0.02 $(0.12) $(1.56)
Gain (loss) on sales or closure of
discontinued operations, net of
income taxes $0.02 $(0.01) -
Net earnings (loss) $0.21 $0.10 $(1.66)
Shares used to calculate earnings
per share:
Basic 10,071,585 8,557,095 5,346,225
Diluted 10,375,062 9,214,407 5,346,225
Non-GAAP Financial Measures
This press release includes the following non-GAAP financial measure: "EBITDA" (earnings before interest, tax, depreciation and amortization). This non-GAAP term, as defined by the Company, may not be comparable to similarly titled measures used by other companies. EBITDA is not a measure of financial performance under generally accepted accounting principles. Items excluded from EBITDA are significant components in understanding and assessing financial performance. EBITDA should not be considered in isolation or as a substitute for net earnings, operating income and other consolidated earnings data prepared in accordance with GAAP or as a measure of our profitability. A reconciliation of net income to EBITDA is provided below.
The Company's management believes that EBITDA and EBITDA as a percentage of sales represent key operating metrics for its business. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is a key indicator used by management to evaluate operating performance. While EBITDA is not intended to replace any presentation included in our consolidated financial statements under generally accepted accounting principles (GAAP) and should not be considered an alternative to operating performance or an alternative to cash flow as a measure of liquidity, we believe this measure is useful to investors in assessing our capital expenditure and working capital requirements. This calculation may differ in method of calculation from similarly titled measures used by other companies. A reconciliation of EBITDA to GAAP financial measures for the three month periods ended
Reconciliation of GAAP Net Income from Continuing Operations to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) from Continuing Operations (in thousands)
Three Months Ended Twelve Months Ended
September December December December December
30, 31, 31, 31, 31,
2008 2008 2007 2008 2007
Net income from
Continuing operations 306 261 686 1,799 2,126
Income tax (benefit) 29 (40) 16 (407) 163
Interest income - - - - (6)
Interest expense 467 502 642 1961 3,438
Foreign currency
Transaction losses 72 15 89 99 751
Other income (expense) - 8 28 (44) (119)
Depreciation &
Amortization 491 549 501 2,008 2,108
Earnings before
interest, taxes,
depreciation and
amortization (EBITDA) 1,365 1,295 1,962 5,416 8,461
EBITDA % to sales 4.8% 4.7% 7.2% 5.1% 7.9%
In an effort to provide investors with additional information regarding the Company's results, Manitex International refers to various non-GAAP (U.S. generally accepted accounting principles) financial measures which management believes provide useful information to investors. These measures may not be comparable to similarly titled measures being disclosed by other companies. In addition, the Company believes that non-GAAP financial measures should be considered in addition to, and not in lieu of, GAAP financial measures.
Manitex International believes that this information is useful to understanding its operating results and the ongoing performance of its underlying businesses. Management of Manitex International uses these non-GAAP financial measures to establish internal budgets and targets and to evaluate the Company's financial performance against such budgets and targets.
The amounts described below are un-audited, are reported in thousands of U.S. dollars, and are as of or for the period ended
Current Ratio is calculated by dividing current assets by current liabilities.
December 31, 2008 December 31, 2007
Current Assets 40,685 35,040
Current Liabilities 17,062 15,872
Current Ratio 2.4 2.2
Debt is calculated using the Condensed Consolidated Balance Sheet amounts for current and long term portion of long term debt, capital lease obligations, notes payable and lines of credit.
December 31, December 31,
2008 2007
Current portion of long term debt 1,564 889
Current portion of capital lease
obligations 277 281
Lines of credit 16,995 14,191
Notes payable - long term 5,057 5,211
Capital lease obligations 4,168 4,422
Debt 28,061 24,994
The increase in debt at
Operating Working Capital is calculated using the Consolidated Balance Sheet amounts for Trade receivables (net of allowance) plus other receivables, plus inventories, less Accounts payable. The Company considers excessive working capital as an inefficient use of resources, and seeks to minimize the level of investment without adversely impacting the ongoing operations of the business. As of
December 31, 2008
Trade receivables (net) $17,159
Other receivables 127
Inventory (net) 22,066
Less: Accounts payable 12,083
Total Operating Working Capital $27,269
% of Trailing Three Month Annualized Net Sales
24.5%
Trailing Three Month Annualized Net Sales is calculated using the net sales for quarter, multiplied by four.
Fourth quarter 2008 net sales $27,792
Multiplied by 4 4
Trailing Three Month Annualized Net Sales $111,168
Working capital is calculated as total current assets less total current liabilities
December 31, 2008 December 31, 2007
Total Current Assets 40,685 35,040
Less: Total Current Liabilities 17,062 15,872
Working Capital 23,623 19,168
SOURCE Manitex International, Inc.
