![]() Manitex International, Inc. Corporate Presentation (NASDAQ: MNTX) May 2011 “Focused manufacturer of engineered lifting equipment” Exhibit 99.1 |
![]() 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 first quarter 2011 earnings release on the Investor Relations section of our website www.manitexinternational.com for a description and/or reconciliation of these measures. “Focused manufacturer of engineered lifting equipment” |
![]() 3 Company Snapshot Company Description Manitex International, Inc. provides engineered lifting solutions. The company operates through two segments, Lifting Equipment and Equipment Distribution. The Lifting Equipment segment designs, manufactures, and distributes boom trucks and crane products. The Equipment Distribution segment sells, services and distributes lifting equipment to end users. The company was formerly known as Veri-Tek International, Corp. and changed its name to Manitex International, Inc. in May 2008. Manitex International was founded in 1993 and is based in Bridgeview, Illinois. Financial Summary Total Enterprise Value (05/06/2011): $101.0 million Market Cap (05/06/2011): $67.1 million 2010 Revenue: $95.9 million 2010 Net Income: $2.1 million 2010 EBITDA: $8.7 million Stock Price (05/06/2011): $5.88 Ticker / Exchange: MNTX / NASDAQ LTM Share Price Performance (05/05/2010 – 05/06/2011) Equity Capitalization Diluted shares outstanding 03/31/2011): 11.6 million Warrants outstanding (03/31/2011): $4.4 million Avg. warrant strike price $4.59 “Focused manufacturer of engineered lifting equipment” $5.88 1.75 2.25 2.75 3.25 3.75 4.25 4.75 5.25 5.75 6.25 6.75 |
![]() 4 Corporate Overview Manitex International “Focused manufacturer of engineered lifting equipment” •Global provider of boom trucks, sign cranes, specialized material handling equipment, and container handling equipment primarily used in commercial, port, state, local and international government, and military applications •Major industries served include energy (extraction and processing), utilities, railroads, commercial building, rental fleets, cargo transportation, infrastructure development and port and inter-modal operations •Historically serving North American markets; recent international diversification and growth •Business Model based in part on an aggressive program of making accretive acquisitions of complementary businesses •High margin niche markets •Including two in 2009 (Badger and Load King) and CVS rental agreement in July 2010 •Utilize seller financing (favorable terms, limited covenants) Manitex International Businesses |
![]() 5 Product Overview Manitex, Manitex Liftking, Badger, CVS “Focused manufacturer of engineered lifting equipment” • Manitex specializes in engineered lifting equipment and its product family includes Manitex Boom Trucks, SkyCrane Aerial Platforms and Sign Cranes • Manufacturer of a complete line of RT Forklifts, Special Mission Oriented Vehicles, Carriers, Heavy Material Handling Transporters and Steel Mill Equipment • Badger Equipment has manufactured specialized earthmoving, railroad and material handling equipment since 1945 and has built over 10,000 units during its existence. • Manufacturer of container handling equipment for the global port and inter-modal sectors. Products include reach stackers, laden and unladen container forklifts and straddle carriers |
![]() 6 Select Financial Data “Focused manufacturer of engineered lifting equipment” $000, except percentages 2007 2008 2009 2010 Revenue $106,946 $106,341 $55,887 $95,875 Gross Margin 18.6% 16.4% 20.0% 24.3% EBITDA 8,461 5,416 1,982 8,676 EBITDA Margin (%) 7.9% 5.1% 3.5% 9.0% Net Income 2,126 1,799 3,639 * 2,109 * Includes gain on bargain purchase of $3,815 $106,946 $106,341 $55,887 $95,875 $8,461 $5,416 $1,982 $8,676 $1,799 $3,639 $2,109 $2,126 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 2007 2008 2009 2010 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 $20,000 Revenue EBITDA Net Income |
![]() 7 Key Management “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 – Material Handling & SVP International Distribution 10+ years principally with Terex Scott Rolston SVP Sales & Marketing – Manitex International 13+ years principally with Manitowoc |
![]() 8 Investment Highlights “Focused manufacturer of engineered lifting equipment” 1) 2010 Solid return to Operating and Net profitability – Sales rebounded 72% in 2010 – Backlog up 80% to $40 million at 12/31/2010 – Gross margin and EBITDA margin expansion continues as a result of continued emphasis on cost control • 2010 gross margin 24%, $6.7m increase in EBITDA • 2010 EBITDA margin of 9% was the highest achieved 2) Experienced senior management – Senior management has over 70 years of collective experience from well-known industrial leaders such as Terex, Manitowoc, Rolls Royce, GKN Sinter Metals, Off-Highway and Auto Divisions and Genie 3) The Company has a global presence with more than 20,000 units operating worldwide spanning equipment dealerships throughout the country – High recurring parts revenue stream: approximately 20% of total sales (average 40% margin) 4) Growing market share – Increased penetration in oil and gas, power grid and rail – Rebounding commercial sales – Expanding international sales 5) Focused on earnings, cash flow and working capital management |
![]() 9 Company Timeline “Focused manufacturer of engineered lifting equipment” March 2002: Manitowoc (NYSE:MTW) acquires Grove. January 2003: Manitowoc divests Manitex December 2009: Acquire Load King Trailers July 2009 Acquire Badger Equipment Co November 2006: Veri- Tek Acquires LiftKing July 2007: VCC acquires Noble forklift August 2007: Sale of assets and closure of legacy VCC business May 2008: Name changed to Manitex International and listed on Nasdaq (MNTX) October 2008: Crane & Machinery and Schaeff Forklift acquired July 2006: Manitex merges into Veri-Tek, Intl. (VCC) 2002 2003 2004 2005 2006 2007 2008 2009 2010 July 2010 :CVS Operating Agreement |
![]() 10 Recent Transactions (subject to approval) CVS “Focused manufacturer of engineered lifting equipment” • July 1 2010 MNTX subsidiary, CVS Ferrari srl, entered into an agreement to rent certain assets of CVS SpA in Liquidation, on an exclusive basis • CVS SpA, located near Milan, Italy, designed and manufactured a range of reach stackers and associated lifting equipment for the global container handling market • CVS had 2008 annual sales of $106 million prior to the global downturn • The rental agreement has been filed with the Italian Court and includes an offer to purchase the business at the conclusion of the Italian insolvency process (“Concordato Preventivo”). Rental period could extend for up to two years but creditors approval was received in May 2011 so expect completion Q3-2011 • Sales and profits are consolidated into Manitex International from July 2010. No debt or liabilities of “old CVS” were assumed. Revenues currently tracking at approx $2 million per month • Acquisition is transformational: • Adds global product offering • European manufacturing and design • Adds scale • Above average growth profile sectors of containers / ports / inter- modal |
![]() Replacement Parts & Service Consistent Recurring Revenue “Focused manufacturer of engineered lifting equipment” • Recurring revenue of approximately 20% of total sales • Spares relate to swing drives, rotating components, and booms among others, many of which are proprietary – Serve additional brands – Service team for crane equipment 11 |
![]() 12 Pro-forma Revenues ($ millions) “Focused manufacturer of engineered lifting equipment” • Pro-forma revenues are based on 2007 revenue numbers for each respective business, regardless of date of acquisition by Manitex International • We believe Pro-forma revenues are more representative of revenue opportunity than revenues in the current phase of the economic cycle Manitex, $80.0 Liftking, $26.0 Crane & Machinery, $18.1 Schaeff, $3.3 Noble, $1.1 Badger, $8.0 LoadKing, $20.0 CVS Ferrari, $80.0 $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 Pro-forma Annual Revenue |
![]() 13 Increased Market Share as Market Declined “Focused manufacturer of engineered lifting equipment” Boom Truck Crane Market 23.4% 16.7% 20.8% 29.6% 36.1% 32.0% 76.6% 83.3% 79.2% 70.4% 63.9% 68.0% 0.0% 25.0% 50.0% 75.0% 100.0% 2005 2006 2007 2008 2009 2010 Market Share 0 500 1000 1500 2000 2500 3000 Units Shipped MNTX Others Total Units Shipped |
![]() 14 Select Financial Data “Focused manufacturer of engineered lifting equipment” $000, except percentages 2007 2008 2009 2010 Revenue $106,946 $106,341 $55,887 $95,875 Gross Margin 18.6% 16.4% 20.0% 24.3% EBITDA 8,461 5,416 1,982 8,676 EBITDA Margin (%) 7.9% 5.1% 3.5% 9.0% Net Income 2,126 1,799 3,639 * 2,109 * Includes gain on bargain purchase of $3,815 $106,946 $106,341 $55,887 $95,875 $8,461 $5,416 $1,982 $8,676 $1,799 $3,639 $2,109 $2,126 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 2007 2008 2009 2010 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 $20,000 Revenue EBITDA Net Income |
![]() 15 Growth Drivers- 2010 and Beyond “Focused manufacturer of engineered lifting equipment” • World wide improvements in GDP, economic recovery • Increased market penetration with product developments and innovative distribution • Leverage synergy with railroad industry • Developed products specifically for the following industries: Oil & Gas, Railroads, Power Grid & Wind Power • Any significant governmental infrastructure spending will be a potential spark to recovery for Manitex • International expansion – New dealership agreements reached in Middle East, Russia, & with Caterpillar Global Distribution Network – Achieved European CE Certification for 50 Ton Cranes in 2009 – Manitex International made its first international sales in 2008 and has identified new markets to accelerate future growth (Russian market potential is estimated to be double that of North America) – 2010 non - US sales were over 38% of revenue • CVS Ferrari is additive to the Company results |
![]() 16 Summary “Focused manufacturer of engineered lifting equipment” Delivering sound operational and financial performance despite the historic economic and industry-specific challenges Poised For Growth • Growing market share • Increased penetration in oil and gas, power grid and rail • Rebound in commercial sales • Coordinated distribution of our products worldwide • Continued expansion into international markets • In the recent past we have scaled our business to match demand and we now look forward to long term growth • Focused on earnings, cash flow and working capital management |
![]() 17 Appendix “Focused manufacturer of engineered lifting equipment” Manitex International, Inc. Corporate Presentation May 2011 |
![]() 18 Key figures - Quarterly “Focused manufacturer of engineered lifting equipment” USD thousands Q1-2010 Q4-2010 Q1-2011 Net sales $21,970 $29,544 $31,722 % change to prior quarter 44% 7% Gross profit 5,212 7,660 6,459 Gross margin % 23.7% 25.9% 20.4% Operating expenses 4,169 5,605 5,207 Net Income 307 932 442 EBITDA 1,823 2,850 2,055 EBITDA % of Sales 8.3% 9.6% 6.5% Backlog ($ million) 21.8 39.9 47.7 $21,970 $29,544 $31,722 $1,823 $2,850 $2,055 $932 $442 $307 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 Q1-2010 Q4-2010 Q1-2011 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 Revenue EBITDA Net Income |
![]() 19 Summarized Balance Sheet “Focused manufacturer of engineered lifting equipment” Current assets $59,242 $54,703 $40,147 $40,685 Fixed assets 10,387 10,659 11,804 5,878 Other long term assets 39,587 40,155 42,734 39,665 Total Assets $109,216 $105,517 $94,685 $86,228 Current liabilities 25,413 23,011 14,569 17,062 Long term liabilities 39,786 39,232 39,688 34,152 Total Liabilities $65,199 $62,243 $54,257 $51,214 Shareholders equity 44,017 43,274 40,428 35,014 Total liabilities & Shareholders equity $109,216 $105,517 $94,685 $86,228 $000 31-Dec-08 31-Dec-09 31-Dec-10 31-Mar-11 |
![]() 20 Debt & Liquidity $000 Q1-2011 Q4-2010 Q1-2010 Total Cash 1,441 662 455 Total Debt 35,293 34,019 34,590 Total Equity 44,017 43,274 41,291 Net capitalization 77,869 76,631 75,426 Net debt / capitalization 43.5% 43.5% 45.3% YTD EBITDA 2,055 8,676 1,823 YTD EBITDA % of sales 6.5% 9.0% 8.3% •Ebitda for Q1-2011 impacted by ConExpo expenditures of $0.5m •N. American revolver facility, based on available collateral at March 31, 2010 was $23.7m. In Italy, additional transactional facilities of $2.4m in place subject to collateral for CVS. •Cash and N. American revolver availability at March 31, 2010 $3.9m •Net capitalization is the sum of debt plus equity minus cash. •Net debt is total debt less cash “Focused manufacturer of engineered lifting equipment” |
![]() 21 Working Capital $000 Q1-2010 Q4 2010 Q1 2010 Working Capital $33,829 $31,692 $27,914 Days sales outstanding 53 60 59 Days payable outstanding 63 62 47 Inventory turns 2.8 2.9 2.6 Current ratio 2.3 2.4 2.9 Operating working capital 38,174 36,763 31,840 Operating working capital % of LQ sales 30.1% 31.1% 36.2% •Increase in working capital Q1-2011 v Q4-2010 principally from increased cash ($0.8m) and inventory ($4.8m), offset by decreased receivables ($1.1m) and increased accounts payable, accruals & other liabilities ($1.8m) •Inventory increase v Q4-2010 principally Manitex cranes and CVS •Operating working capital improvement to 30% of annualized LQ sales “Focused manufacturer of engineered lifting equipment” |