Manitex International, Inc. Corporate Presentation (NASDAQ: MNTX) August 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 second 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 2007 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 (08/15/2011): $85.7 million Market Cap (08/15/2011): $47.0million 2010 Revenue: $95.9 million 2010 Net Income: $2.1 million 2010 EBITDA: $8.7 million Stock Price (08/15/2011): $4.12 Ticker / Exchange: MNTX / NASDAQ Equity Capitalization Diluted shares outstanding 06/30/2011): 11.6 million Warrants outstanding (06/30/2011): $4.3 million Avg. warrant strike price $4.55 $000, except percentages 2007 2008 2009 2010 2011 YTD Revenues $106,946 $106,341 $55,887 $95,875 $68,788 Gross Margin (%) 18.6% 16.4% 20.0% 24.3% 20.3% EBITDA $8,461 $5,416 $1,982 $8,676 $5,097 EBITDA Margin (%) 7.9% 5.1% 3.5% 9.0% 7.4% Net income $2,126 $1,799 $3,639* $2,109 $1,471 *includes gain on bargain purchase of $3,815 |
5 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 ~ 20K units Operates worldwide Equipment dealerships throughout country – 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 |
6 Manitex International Businesses “Focused manufacturer of engineered lifting equipment” Global Provider Global Provider • Boom trucks • Sign cranes • Rough-terrain cranes • Specialized material and container handling Growth Strategy • Historical: North America • Current: NA & International Serving Major Industries Business Model Business Model • Accretive, high margin niche acquisitions; utilize seller financing • 2009: Badger & LoadKing • 2010: CVS rental agreement • 2011: CVS acquisition |
“Focused manufacturer of engineered lifting equipment” • Engineered lifting equipment • Manitex boom trucks • SkyCrane aerial platforms • Sign cranes • RT forklifts • Special mission-oriented vehicles • Carriers • Heavy material handling • Transporters & steel mill equipment • Specialized earthmoving, railroad and material handling equipment since 1945 • Has built ~ 10,000 units • Manufacturer of 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: 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) July 2010 : CVS Operating Agreement 2006 2004 2002 2005 2003 2011 July 2011: Closes Acquisition of CVS |
10 Transformational Acquisition “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 •CVS Acquisition closed; •Revenues of $8 million for the second quarter 2011; • Margins similar to core business 2011 •Rental agreement filed with Italian court •Includes offer to purchase the business at the end of Italian insolvency process July 2010: MNTX CVS Ferrari srl •MNTX subsidiary •Agreed to rent certain assets of CVS SpA in liquidation on an exclusive basis 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 August 2011 |
18 Key Figures - Quarterly “Focused manufacturer of engineered lifting equipment” USD thousands Q2-2010 Q1-2011 Q2-2011 Net sales $19,502 $31,722 $37,066 % change to prior quarter Gross profit 4,607 6,459 7,478 Gross margin % 23.6% 20.4% 20.2% Operating expenses 3,658 5,207 5,237 Net Income 213 442 1029 EBITDA 1,732 2,055 3,042 EBITDA % of Sales 8.9% 6.5% 8.2% Backlog ($ million) 24.9 47.7 50.7 |
19 Summarized Balance Sheet “Focused manufacturer of engineered lifting equipment” $000 30-Jun-11 31-Dec-10 31-Dec-09 31-Dec-08 Current assets $65,898 $54,703 $40,147 $40,685 Fixed assets 10,121 10,659 11,804 5,878 Other long term assets 38,855 40,155 42,734 39,665 Total Assets $114,874 $105,517 $94,685 $86,228 Current liabilities 27,006 23,011 14,569 17,062 Long term liabilities 42,766 39,232 39,688 34,152 Total Liabilities $69,772 $62,243 $54,257 $51,214 Shareholders equity 45,102 43,274 40,428 35,014 Total liabilities & Shareholders equity $114,874 $105,517 $94,685 $86,228 |
20 Debt & Liquidity •Net capitalization is the sum of debt plus equity minus cash. •Net debt is total debt less cash “Focused manufacturer of engineered lifting equipment” $000 Q2-2011 Q4-2010 Q2-2010 Total Cash 979 662 1,485 Total Debt 39,699 34,019 34,955 Total Equity 45,102 43,274 41,049 Net capitalization 83,822 76,631 74,519 Net debt / capitalization 46.2% 43.5% 44.9% YTD EBITDA 5,097 8,676 1,732 YTD EBITDA % of sales 7.4% 9.0% 8.9% •EBITDA for Q2-2011 of $3.0m, 8.2% of sales •Increase in debt from 12/31/2010 of $5.7m • Increase in lines of credit $4.8m • Long term debt: CVS acquisition funding $1.9m; Payments on other debt ($0.8m) •N. American revolver facilities, based on available collateral at June 30, 2011 was $25.2m. Additional transactional facilities of $3.7m in place subject to collateral for CVS. •Cash and N. American revolver availability at June 30, 2011 $3.0m |
21 Working Capital “Focused manufacturer of engineered lifting equipment” $000 Q2-2011 Q4 2010 Q2 2010 Working Capital $38,892 $31,692 $29,276 Days sales outstanding 56 60 69 Days payable outstanding 54 62 57 Inventory turns 3.1 2.9 2.2 Current ratio 2.4 2.4 2.9 Operating working capital 45,070 36,763 32,313 Operating working capital % of annualized LQS 30.4% 31.1% 41.4% •Major movements in working capital increase Q2-2011 v Q4-2010 of $7.2m •Receivables ($3.3m), inventory ($7.3m), offset by increased short term notes ($1.9m) and increased accounts payable ($2.3m) •Inventory increase v Q4-2010 principally Manitex cranes and CVS •Current ratio, DSO & DPO remain strong through growth phase •Operating working capital % improvement maintained through revenue growth |