Manitex International (MNTX) 8-K Manitex International, Inc. Reports Third Quarter 2010 Results

Manitex International, Inc.

Conference Call

Third Quarter 2010

November 10th, 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

third

quarter

2010

earnings

release

on

the

Investor

Relations

section

of

our

website

www.manitexinternational.com

for

a

description

and/or

reconciliation of these measures.

3

Overview-Third Quarter 2010

•

Delivering consistent profitability and generating cash

–

Revenues up 65% to $24.9 million

–

Net income of $0.7 million, EPS of $0.06 and EBITDA of $2.3 million

–

Gross margin remains strong at 23.6%

•

US markets remain weak, but exploiting niche opportunities.

Non –

US revenues grow to 35% of total revenues

–

Year to date backlog increase of 49%

•

Continuing focus on cost control, working capital and liquidity

–

Repaid $1.2 million of debt in Q3-2010

•

Q4-2010 outlook

–

Expect Q4-2010 revenues and profits similar to Q3-2010

–

Expect further contribution from CVS

4

Key Figures -

Quarterly

USD thousands

Q3-2010

Q3-2009

Q2-2010

Net sales

$24,859

$15,063

$19,502

% change in Q3-2010 to prior period

65%

27%

Gross profit

5,855

2,208

4,607

Gross margin %

23.6%

14.7%

23.6%

Operating expenses

4,365

2,946*

3,658

Net Income

657

(147)

213

Ebitda

2,271

(80)*

1,732

Ebitda

% of Sales

9.1%

(0.01)%

8.9%

Working capital

29,621

23,654

29,276

Current ratio

2.7

2.8

2.9

Backlog

32,847

22,872

24,926

% change in Q3-2010 to prior period

43.6%

31.8%

*Excluding gain on bargain purchase

5

Q3-2010 Operating Performance

$000

$000

Q3-2009 Net loss

Q3-2009 bargain purchase gain

(147)         

(900)

(1,047)

Gross profit impact of increased sales

(Q3-2010 sales less Q3-2009 sales at Q3-2009 gross profit % )

1,437

Benefit from improved margin (Q3-2010 gross profit % -

Q3-2009 gross profit % multiplied by  Q3-2010 sales)

2,210

Increase in gross profit

3,647

Increase in operating expenses (mainly

acquisitions, selling and R&D)

(1,419)

Interest & Other income / (expense)

11

Tax

(535)

Q3-2010 Net income

$        657

6

Working Capital

$000

Q3 2010

Q4 2009

Working Capital

$29,621

$25,578

Days sales outstanding

62

67

Days payable outstanding

53

73

Inventory turns

2.7

1.7

Current ratio

2.7

2.8

•Increase in working capital Q3-2010 v Q4-2009 principally from increased

accounts receivable ($6.0m) and inventory ($1.2m) and offset by increased

accounts payable, accruals & other liabilities ($3.4)

•Inventory increase from new businesses of CVS and NAEE

•Continued strength of current ratio

7

Debt and Liquidity

$000

Q3-2010

Q4-2009

Total Cash

217

287

Total Debt

33,745

33,511

Total Equity

42,025

40,428

Net capitalization

75,553

73,652

Net debt / capitalization

44.4%

45.1%

Quarterly EBITDA

2,271

426

Quarterly EBITDA % of sales

9.1%

2.9%

•Ebitda

for Q3-2010 at 9.1% of sales is best performance by the Company

•Debt reduction in Q3-2010 of $1.2m:

•Revolver facility, based on available collateral at September 30, 2010 was $22.3m

•Revolver availability at September 30, 2010 $3.2m

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

•Net debt is total debt less cash

8

Commercial Update

•

US markets remain at very low levels

–

General construction activity still limited resulting in low demand from rental fleets and

general contractors. Rental fleet utilizations and rates remain depressed, fleets aging

–

Stronger niche market sectors of energy, utilities, military / governmental and

railway

but

these

are

also

volatile

and

sensitive

to

underlying

trends

eg

commodities

•

Non-US markets showing stronger economic activity

–

We have targeted Canada, Middle East & parts of Europe 

–

Non-US sales account for 35% of Q3-2010 revenues, up almost 33% from Q3-2009

–

First

contributions

from

CVS

Ferrari,

as

operations

commenced

in

Q3

•

Niche markets strategy effective, confirming strategic positioning

–

Generally

requiring

more

specialized

equipment

(higher

tonnage

/

higher

margin)

–

Global container handling market will provide additional growth and diversity

•

Continued success of newly introduced products

–

Manitex 50 ton platform additional configurations proving commercially attractive

–

1

st

trailer mounted crane for oilfield services shipped in Q3 

–

Additional product launches planned for Q4 2010

•

Backlog increase of 32% and 49% compared to Q2-2010 and 12/31/2009

–

Crane products increase of 14% in the quarter

9

Summary

•

Continuing to exploit improving demand picture in niche markets and

growing presence in targeted non –

US markets

–

Overall markets showing stability, optimistic about future demand increases

–

Company positioned well to benefit from any future macroeconomic

upturn

in the US

•

Profitable and generating cash

–

Gross margin performance being maintained

–

Cost structure has been streamlined providing operational leverage

•

Balance sheet and liquidity remain high focus

–

Debt repayment in Q3 of $1.2 million

–

Target of further debt reductions, balanced with continuing to fund growth

•

Q4-2010

–

Expect Q4-2010 revenues and profits similar to Q3-2010

–

Expect further contribution from CVS