Manitex International, Inc. Corporate Presentation (NASDAQ: MNTX) January 24, 2012 “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 third 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 exploration and field development (including Canadian oil sands and recent oil and natural gas development initiatives throughout U.S.), power line construction, military, railroads, port, government/agency Niches Served Company Origin |
4 “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 |
5 Summary Financials “Focused manufacturer of engineered lifting equipment” Financial Summary Total Enterprise Val. (1/23/2012): $109.3 million Market Cap (1/23/2012): $66.8 million 2010 Revenue: $95.9 million 2010 Net Income: $2.1 million 2010 EBITDA: $8.7 million Stock Price (1/23/2012): $5.79 Ticker / Exchange: MNTX / NASDAQ Capitalization Diluted shares outstanding (09/30/2011): 11.5 million Total Debt: (09/30/2011) $43.2 million $000, except percentages 2007 2008 2009 2010 YTD 2011** Revenues $106,946 $106,341 $55,887 $95,875 105,730 Gross Margin (%) 18.6% 16.4% 20.0% 24.3% 20.6% EBITDA $8,461 $5,416 $1,982 $8,676 $8,244 EBITDA Margin (%) 7.9% 5.1% 3.5% 9.0% 7.8% Net income $2,126 $1,799 $3,639* $2,109 $2,491 Backlog 45.1 15.7 22.1 39.9 83.7 *2009 Net Income includes gain on bargain purchase of $3,815 ** All 2011 Figures are 9 Month/Year-to-Date through 9/30/11 EXCEPT FOR Backlog which was reported 1/19/12 for 12/31/11 |
6 Potential for Future Growth in Revenue and EBITDA “Focused manufacturer of engineered lifting equipment” • $235M represents 2007 revenues of all product lines acquired to date • Revenues, EBITDA, earnings have shown consistent growth • Revenue and backlog trajectory suggests recovery continues into 2012-2013 • Long-term EBITDA target is 9%-10% • 2009-2011 (E) CAGR was 56.6% |
7 Investment Highlights “Focused manufacturer of engineered lifting equipment” YTD 2011 & beyond: strong metrics signal continued recovery and growth – 2010 sales represented 72% year-over-year increase – YTD 2011 (through 9/30/11) sales up 59% from 2010 – YTD 2011 (through 9/30/11) EBITDA a record $8.2 million up 42% YoY – December 31, 2011 backlog up 110% to record $83.7 million 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) Debt Management – Extended credit facility in June 2011; expanded borrowing capacity and lowered interest costs – Targeting debt reduction through cash flows throughout 2012 Focused on earnings, cash flow & working capital management |
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 Strategic Planning 13+ years principally with Manitowoc |
9 Manitex International Businesses “Focused manufacturer of engineered lifting equipment” |
2010 2008 2009 2007 10 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 |
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 – Automated proprietary system implemented in principal operations |
12 Expansion “Focused manufacturer of engineered lifting equipment” • Continuous firm-wide commitment to innovation, research, and product development remains a competitive advantage • Healthy R&D budget supports new product launches and entry to new niches • Expect to see continued introduction of products that move tonnage/capacity higher • Expect to see continued addition to niche sectors served by Manitex equipment |
Competitive Positioning “Focused manufacturer of engineered lifting equipment” |
14 What Is Driving Growth? “Focused manufacturer of engineered lifting equipment” • Diversified product offering • Seeing N. America expansion in 2012 and 2013 • Recent orders for largest cranes • International dealerships • Customer-focused design strategy • Operational flexibility • Product development and launch pipeline • Improving macro-economic conditions • More favorable credit markets |
15 Summary “Focused manufacturer of engineered lifting equipment” • Strong operating metrics • 2010 sales represented 72% year-over-year increase • YTD 2011 sales increased 59% • YTD 2011 EBITDA was a record $8.2 million, up 42% YoY • Backlog at record $83.7M as of 12/31/11 • Focused on earnings, cash flow and working capital management • Extended credit facility in June 2011; expanded borrowing capacity and lowered interest costs • Targeting debt reduction through cash flows throughout 2012 • Increased penetration in oil & gas, power grid & rail • Flexible operating model adapts to changes in demand • Output increases expected throughout 2012 Significant opportunity to grow from base established in 2011 |
16 Appendix “Focused manufacturer of engineered lifting equipment” Manitex International, Inc. Corporate Presentation January 2012 |
17 Key Figures - Quarterly “Focused manufacturer of engineered lifting equipment” USD thousands Q3-2011 Q3-2010 Q2-2011 Net sales $36,942 $24,859 $37,066 Gross profit 7,824 5,855 7,478 Gross margin % 21.2% 23.6% 20.2% Operating expenses 5,591 4,365 5,237 Net Income 1,020 657 1,029 EBITDA 3,147 2,271 3,042 EBITDA % of Sales 8.5% 9.1% 8.2% Backlog ($ million) 63.1 24.9 50.7 |
18 Summarized Balance Sheet “Focused manufacturer of engineered lifting equipment” $000 30-Sep-11 31-Dec-10 31-Dec-09 31-Dec-08 Current assets $66,154 $54,703 $40,147 $40,685 Fixed assets 11,344 10,659 11,804 5,878 Other long term assets 40,480 40,155 42,734 39,665 Total Assets $117,978 $105,517 $94,685 $86,228 Current liabilities 27,009 23,011 14,569 17,062 Long term liabilities 45,790 39,232 39,688 34,152 Total Liabilities $72,799 $62,243 $54,257 $51,214 Shareholders equity 45,179 43,274 40,428 35,014 Total liabilities & Shareholders equity $117,978 $105,517 $94,685 $86,228 |
19 Working Capital “Focused manufacturer of engineered lifting equipment” $000 Q3-2011 Q4 2010 Q3 2010 Working Capital $39,145 $31,692 $29,621 Days sales outstanding (DSO) 56 60 62 Days payable outstanding (DPO) 53 62 53 Inventory turns 3.0 2.9 2.7 Current ratio 2.4 2.4 2.7 Operating working capital 46,553 36,763 34,833 Operating working capital % of annualized LQS 31.5% 31.1% 35.0% •Major movements in working capital increase Q3-2011 v Q4-2010 of $7.4m •Receivables ($3.6m), inventory ($8.0m), offset by increased short term notes ($2.3m) and increased trade accounts payable ($1.9m) •Inventory increase v Q4-2010 in raw materials and WIP to support growth, and increased cost from material cost inflation •Current ratio, DSO & DPO remain strong through growth phase, and operating working capital % maintained through revenue growth |
20 “Focused manufacturer of engineered lifting equipment” $000 Q3-2011 Q4-2010 Q3-2010 Total Cash 773 662 217 Total Debt 43,195 34,019 33,745 Total Equity 45,179 43,274 42,025 Net capitalization 87,601 76,631 75,553 Net debt / capitalization 48.4% 43.5% 44.4% YTD EBITDA 8,244 8,676 5,826 YTD EBITDA % of sales 7.8% 9.0% 8.8% •EBITDA for Q3-2011 of $3.1m, 8.5% of sales •Increase in debt from 12/31/2010 of $9.2m • Increase in lines of credit and Italian working capital finance $6.6m • Long term debt: CVS acquisition funding $4.8m; Payments on other debt ($2.2m) •N. American revolver facilities, based on available collateral at September 30, 2011 was $28m. Additional transactional facilities of $4.7m in place subject to collateral for CVS. •Cash and N. American revolver availability at September 30, 2011 $3.3m Debt & Liquidity • Net capitalization is the sum of debt plus equity minus cash • Net debt is total debt less cash |