Manitex International (MNTX) 8-K Manitex International, Inc. Reports Fourth Quarter and Full Year 2009 Results

Manitex

International, Inc.

Conference Call

Fourth Quarter and Full Year 2009

March 25th 2010

Exhibit 99.2

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

fourth

quarter

2009

earnings

release

on

the

Investor

Relations

section

of

our

website

www.manitexinternational.com

for

a

description

and/or

reconciliation

of

these

measures.

3

Overview

•

2009 most difficult year in over 50 years, but many accomplishments:

–

Expanded and extended our credit facility

–

Continued increase in market share in our key boom truck market

–

Complementary additions of the Badger and Load King brands to our product mix

–

Remained cash flow positive

–

Developed  new products for key growth markets

–

Significantly improved our gross margins

–

Exceeded our International expansion targets and received numerous military orders

•

Positive cash flow in 2009:

–

2009 full year cash generation of $2.2m from operating activities

–

Compliant with  debt covenants, available liquidity of $2.2m as at December 31, 2009

•

Cost control program remains strong:

–

Gross margin % : 2009 = 20%; 2008 = 16%; Q4-2009 = 23%

–

$12.4 million reduction in manufacturing expenses, R&D & SG&A expenses in 2009

•

Outlook: Anticipate Q1-2010 revenues of approximately $20m

4

Key Figures -

Quarterly

USD thousands

Q4-2009

Q3-2009

Q4-2008

Net sales

$14,934*

$15,063

$27,792

% change compared to Q4-2009

-0.9%

-46%

Gross profit

3,444

2,208

4,543

Gross margin %

23.1%

14.7%

16.3%

Operating Expenses

Includes :Benefit from bargain purchase gain

Restructuring costs

776

(2,915)

75

2,046

(900)

27

3,797

-

93

Net Income (loss) from continuing operations

3,842

(147)

261

Working capital (excluding 2009 acquisitions)

21,763

22,185

23,623

Current ratio

2.8

2.8

2.4

Debt

33,511

30,294

28,061

*Net sales in Q4-2009 excludes $3.4m of material handling product shipped in Q4-2009

but recognized as revenue in Q1-2010

5

Net Income from Continuing Operations

Reconciliation

$000

Three months ended

December 31, 2009

Twelve months ended

December 31, 2009

Net income from continuing

operations

$3,842

$3,639

Gain on bargain purchase

(2,915)

(3,815)

Net income (loss) from

continuing operations excluding

bargain purchase gain

$927

$(176)

There were no bargain purchase gains for either of the three or twelve month periods ending December 31,

2008.

6

Q4-2009 Operating Performance

$000

$000

Q4-2008 Net income from continuing operations

$           261

Gross profit impact of reduced sales

(Q4-2009 sales less Q4-2008 sales at Q4-2008 gross profit % of

16.3%)

(2,101)

Benefit from improved margin

(Q4-2009 gross profit % -

Q4-2008 gross profit % multiplied by  Q4-

2009 sales)

1,002

Reduction in gross margin

(1,099)

Operating expenses and restructuring costs

106

Gain on acquisition of Load King

2,915

Other income / (expense)

(45)

Tax

1,704

Q4-2009 Net income from continuing operations

$        3,842

7

Key Figures -

Annual

USD thousands

2009

2008

2007

Net sales

$55,887*

$106,341

$106,946

% change compared to 2009

(47%)

(48%)

Gross profit

11,157

17,465

19,919

Gross margin %

20%

16%

19%

SG&A Expenses

10,537

12,909

12,758

Net Income from continuing operations

3,639*

1,799

2,126

Cash flow from operating activities

2,243

(1,561)

1,140

Backlog

22,122

15,703

45,100

% change compared to 2009

41%

(51%)

*Net sales in 2009 excludes $3.4m of material handling product shipped in Q4-2009 but recognized as revenue in Q1-2010

*Net income from continuing operations in 2009 includes $3.8m gains from bargain purchases

8

Cost Management Activities

•

Objective to balance manufacturing activity with level of demand.

–

All plants working to firm order schedules

–

Full year 2009 manufacturing expenses, excluding 2009 acquisitions, reduced

48% or $7.8 million compared to full year 2008

•

Full year 2009 SG&A, corporate and engineering costs, excluding 2009

acquisitions, reduced $4.6 million or 34% compared to full year 2008

•

Material cost reductions:

–

Have been relatively small, but more momentum in fourth quarter of 2009

–

Vendor and company inventories have been reducing more slowly due to

lower volume throughputs, and some volume discounts lost as smaller

quantities purchased

–

In-

sourcing and re-sourcing activities have accelerated

$12.4 million savings in 2009 in manufacturing expenses,

R&D and SG&A, compared to 2008

9

Working Capital

$000

Q4 2009

Q3 2009

Q4 2008

Working Capital excluding

2009 acquisitions

$21,763

$22,185

$23,623

Working Capital

$25,578

$23,654

$23,623

Days sales outstanding

67

57

56

Days payable outstanding*

60

59

47

Inventory turns*

2.0

2.0

4.2

Current ratio

2.8

2.8

2.4

•Reduced working capital in “2008 businesses”

by $1.9m

*Days payable outstanding and inventory turns adjusted for shipments 12/31/09, not recognized as revenue until Q1-2010

10

Debt and Liquidity

$000

Q4-2009

Q3-2009

Q4-2008

Total Cash

287

90

425

Total Debt

33,511

30,294

28,061

Total Equity

40,428

36,462

35,014

Net capitalization

73,652

66,666

62,650

Net debt / capitalization

45.1%

45.3%

44.1%

YTD Adj.EBITDA

1,982

1,556

5,416

YTD Adj.EBITDA % of sales

3.5%

3.8%

5.1%

•Increase in debt in Q4: Load King acquisition and stock note $2.8, repayment on notes ($0.5m),

usage on lines of credit $0.9m (mainly Liftking)

•Revolver facility size, based on available collateral at December 31 2009 was $19m

•Total availability at December 30 2009 $2.2 million

•Net capitalization is the sum of debt plus equity minus cash.

•Net debt is total debt less cash

11

Sales Trend 2009 –

Q1-2010 est.

0

5

10

15

20

25

30

$000

Q4-2008

Q1-2009

Q2-2009

Q3-2009

Q4-2009

Q1-2010

est

Q1-2010 estimated

12

Cranes Commercial Update

•

Focus remains on continuing product development and customer contact

–

Market share +7% in 2009

–

Customer feedback indicates Q1 & Q2-2010 will approximate Q4-2009, but steady

increase thereafter

•

Power Distribution Segment:

–

New 50155 crane successful launch with key competitive advantages. Additional

upgrade added in Q1 2010 to extend available market to electrical contractors

•

Oil Field Service & Mining Segments

–

More favorable economics from oil and copper pricing

–

First orders for Q3 / Q4 for trailer mounted crane with new global customer

–

50 ton crane upgraded with “Heavy Lift”

version to compete with Truck cranes

•

Rental Consolidators & International

–

New business wins and long term supply contract secured in 2009

–

New U.A.E. dealer to increase Manitex international shipments from 10% in 2009 to

20% in 2010

•

Badger successful launch of rough terrain crane in Q4-2009

–

Targeted at Railroad and refineries

13

Summary

•

Industry appears stabilized but remains challenging

•

Commercial successes continue to show strength of product:

–

Growth in backlog of 46% at December 31, 2009

–

$8 million of recent order wins announced this week

•

Cash focus remains strong

•

Cost

control

measures

in

place

and

effective.

Employees

remain

focused

which

is

a

tribute

to

their

commitment

and

for

which

we

are

very

thankful

•

Q1-2010 sales outlook of approximately $20 million