Manitex International, Inc. Corporate Presentation (NASDAQ: MNTX) June 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 “Focused manufacturer of engineered lifting equipment” Manitex International, Inc. Global provider of highly specialized and custom configured cranes, materials and container handling equipment sold through dealerships 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 Energy, utilities, military, railroads, port, government/agency Niches Served Company Origin |
4 Summary Financials “Focused manufacturer of engineered lifting equipment” Financial Summary Total Enterprise Value (06/03/2011): $90.9 million Market Cap (06/03/2011): $57.0 million 2010 Revenue: $95.9 million 2010 Net Income: $2.1 million 2010 EBITDA: $8.7 million Stock Price (06/03/2011): $5.00 Ticker / Exchange: MNTX / NASDAQ 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 $000, except percentages 2007 2008 2009 2010 Revenues $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 |
Investment Highlights “Focused manufacturer of engineered lifting equipment” 2010: Solid return to operating & net profitability – Sales rebounded to $95.9 million, a 72% year-over-year increase – Backlog advanced 80% to $40 million at 12/31/2010 – 2010 gross margin 24%, $6.7 million increase in EBITDA – Record full year 2010 EBITDA margin of 9% Experienced senior management – Over 70 years of collective experience from well-known industrial leaders - Terex, Manitowoc, Rolls Royce, GKN Sinter Metals, Grove and Genie Global presence ~ 25K units Operates worldwide Equipment dealerships throughout world – High recurring parts revenue stream: approximately 20% of total sales (average 40% margin Growing market share – Increased penetration: oil and gas, power grid & rail – Rebounding commercial sales – Expanding international sales Focused on earnings, cash flow & working capital management 5 |
6 Manitex International Businesses “Focused manufacturer of engineered lifting equipment” Growth Strategy • Organic growth • Strategic acquisitions • International diversification • Exploit synergies Serving Major Industries Business Model Business Model • Accretive, high margin niche acquisitions; utilize seller financing • 2009: Badger & LoadKing • 2010: CVS rental agreement Global Provider Global Provider • Boom trucks • Sign cranes • Rough-terrain cranes • Specialized material handling equipment • Reach stackers and container handling equipment • Energy • Utilities • Commercial building • Rental fleets • Cargo transport • Infrastructure dev. • Port & Inter- Modal |
7 “Focused manufacturer of engineered lifting equipment” • Engineered lifting equipment • Manitex boom trucks • SkyCrane aerial platforms • Sign cranes • Rough terrain forklifts • Special mission-oriented vehicles • Carriers • Heavy material handling • Transporters & steel mill equipment • Specialized railroad and material handling equipment since 1945 • Has built ~ 10,000 units • Container handling equipment for the global port and inter-modal sectors. • Products: reach stackers, laden and unladen container forklifts & straddle carriers Product Overview |
8 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 – Manufacturing Operations 10+ years principally with Terex Scott Rolston SVP Sales & Marketing – Manitex International 13+ years principally with Manitowoc |
2010 2008 2009 2007 9 Company Timeline “Focused manufacturer of engineered lifting equipment” March 2002: Manitowoc (NYSE:MTW) acquires Grove January 2003: Manitowoc divests Manitex December 2009: Acquires Load King Trailers July 2009: Acquires Badger Equipment Co. November 2006: VCC 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: Acquires Crane & Machinery and Schaeff Forklift July 2006: Manitex merges into Veri-Tek, Intl. (VCC) July 2010 : CVS Operating Agreement 2006 2004 2002 2005 2003 |
10 Transformational Acquisition (subject to approval) “Focused manufacturer of engineered lifting equipment” Pre-7/10: CVS SpA •Near Milan, Italy •Designed & manufactured stackers & lifting equipment for global container handling market 2008: CVS SpA •Annual sales of $106M prior to global downturn 2011 •Rental period could extend for up to two years but creditors approval was received in May 2011 so expect completion Q3 2011 July 2010: MNTX CVS Ferrari srl •MNTX subsidiary •Rental agreement for certain assets of CVS SpA in liquidation on an exclusive basis filed with Italian court. Includes offer to purchase at end of insolvency process Adds global products & scale European manufacturing & design Above average growth profile in containers / ports / inter-modal sectors • Consolidated sales & profit from 07/10 • No assumption of “old CVS” debt or liabilities • Revenues currently tracking at approx $2M/month |
11 Replacement Parts & Service Consistent Recurring Revenue “Focused manufacturer of engineered lifting equipment” • Recurring revenue of approximately 20% of total sales • Spares relate to swing drives, rotating components, and booms among others, many of which are proprietary – Serve additional brands – Service team for crane equipment |
12 Pro-forma Revenues ($ millions) “Focused manufacturer of engineered lifting equipment” • 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 • Pro-forma revenues are based on 2007 revenue numbers for each respective business, regardless of date of acquisition by Manitex International |
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” Worldwide improvements: GDP, economic recovery Increased market penetration with product developments & innovative distribution Synergy with railroad industry Specific products for Oil & Gas, Railroads, Power Grid, Wind Power Potential government infrastructure spending International expansion CVS Ferrari |
16 Summary “Focused manufacturer of engineered lifting equipment” • Growing market share • Increased penetration in oil & gas, power grid & rail • Steady improvement in commercial sales • Coordinated distribution of products worldwide • Continued expansion into international markets • In the recent past have scaled business to match demand; now look forward to long term growth • Focused on earnings, cash flow and working capital management Delivering sound operational and financial performance despite historic economic and industry-specific challenges Poised for Growth |
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” |