Exhibit 99.1 Manitex International, Inc. Corporate Presentation (NASDAQ: MNTX) December 2012 “Focused manufacturer of engineered lifting equipment” |
“Focused manufacturer of engineered lifting equipment” 2 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 managemet’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 2012 earnings release on the Investor Relations section of our website www.manitexinternational.com for a description and/or reconciliation of these measures. Forward Looking Statements & Non-GAAP Measures |
Company Snapshot “Focused manufacturer of engineered lifting equipment” Manitex International, Inc. Niches Served Company Origin 3 Global provider of highly specialized and custom configured cranes, materials and container handling equipment sold through dealerships 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 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 |
“Focused manufacturer of engineered lifting equipment” 4 According to Forbes, this list compiles "an annual ranking of America's Best Small Companies that have experienced strong growth over the past five years. The 2012 list highlights public companies with sales under $1 billion, which are ranked based on return on equity, sales growth and earnings growth over the past year and the past five years." Forbes methodology factored in stock performance versus each company's peer group during the last 12 months. Companies 2012 #44 on Forbes Best Small |
Summary Financials “Focused manufacturer of engineered lifting equipment” Financial Summary Total Enterprise Val. (11/29/2012): $135.9 million Market Cap (11/29/2012): $92.9 million 2011 Revenue: $142.3 million 2011 Net Income: $2.8 million 2011 EBITDA: $11.1 million Stock Price (11/29/2012): $7.60 Capitalization Diluted shares outstanding (9/30/2012): 12.2 million Total Debt (9/30/2012): $46.3 million Shares outstanding (11/9/2012) 12.2 million (1) 2009 GAAP Net Income includes gain on bargain purchase of $3,815 (2) 2012 figures are per company estimates Recent Announcements 11/16/12 - Named to Forbes Magazine “Best 100 US Small Companies List” 11/8/12 - Announced Record Quarterly Results for Q3 2012 10/15/12 - Announced Launch of New CD4415 Rough Terrain Crane 5 Revenues Gross Margin (%) EBITDA EBITDA Margin (%) Net income Backlog $000, except percentages 2008 2009 2010 2011 2012 (2) $106,341 $55,887 $95,875 $142,291 $200,000 16.4% 20.0% 24.3% 20.6% 20.0% $5,416 $1,982 $8,676 $11,120 $18,300 5.1% 3.5% 9.0% 7.8% 9.0% $1,799 $3,639 (1) $2,109 $2,780 $8,000 $15,703 $22,122 $39,905 $83,700 $126,000 |
“Focused manufacturer of engineered lifting equipment” • • • • 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 since 1945 • 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 6 Engineered lifting equipment Manitex boom trucks SkyCrane aerial platforms |
“Focused manufacturer of engineered lifting equipment” Strong brand history Acknowledged product development record International dealers enable us to follow demand Focused on specialized equipment and niche end- markets Core competencies Products Superior ROI Niche Markets Broad end-user base Highly customized/specialized; will configure-to- order Parts and service an important part of business model Lower capital commitment for a boom truck vs. competitors’ custom cranes of similar lifting capacity Usually less or no special permitting vs. competitors’ custom cranes of similar lifting capacity 7 Competitive Positioning |
“Focused manufacturer of engineered lifting equipment” Lifting Equipment Market Overview Market Overview • Principal products are boom truck cranes that vary in height and tonnage capacity • Smaller tonnage cranes (<30 tons) are more focused on general construction markets while larger cranes (30+ tons) focus on power line construction and energy • Larger tonnage cranes have had higher demand since economic downturn • Boom truck cranes are typically less expensive than rough terrain and all terrain cranes Manitex’s Market Position • Broader market has seen ~65% of cranes shipped in the smaller tonnage range, while ~75% of Manitex shipments have been in the larger tonnage • Focus on being a niche player allows specialization tailored towards customers’ needs • Production distribution skewed toward larger tonnage machines • First to launch 50-ton crane (May 2007) • Have developed a series of products around the demand for larger tonnage cranes Source: Manitex International and MOTACC 8 |
9 “Focused manufacturer of engineered lifting equipment” Replacement Parts & Service Consistent Recurring Revenue • 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 |
Revenue Growth Drivers “Focused manufacturer of engineered lifting equipment” 10 Pie chart represents the difference/reconciliation between $55.9M & $200M R&D budget: up from ~ $1M to ~ $2.5M/year Energy business was less than 10% in 2009, R&D commitment Of 2012 Revenues, approximately $48M due to estimated ~ 50% in 2012 2009 – 2012 |
11 Investment Highlights “Focused manufacturer of engineered lifting equipment” Growth in End Markets Flexible Operating Model Growth in Backlog, Revenues, Earnings & Cash Flow Broad Industry & Geographic Distribution Experienced Management • Niche markets with solid demand drivers for products • Increased penetration in oil and gas, power grid and rail industries • Demand in end markets – energy, railroad, and utilities – is expected to be consistently strong • Customer focused design strategy • Diversified product offering • Quickly adaptable to changes in demand • Commitment to innovation, research, & product development • Expected impact from new product launches in 2013 • Eight of nine consecutive quarters of backlog growth; 6/30/12 backlog peak of $150M; 9/30/12 - $125M • Full year 2011 sales up 48% to $142M; record EBITDA of $11.1M & adjusted EPS of $0.31 • 9-month YTD 2012 revenues, EBITDA, and EPS exceeds full year 2011 • 3Q 2012 EBITDA of $5.3M (10.0% of sales) represents a 70% Y-o-Y increase & a quarterly record for MNTX • Focus on growing bottom line faster than top line; output increases expected 2012-2013 in North America • End market diversity offers a cushion due to weak demand in segments • North America currently represents ~75% of revenue, mitigating concerns of European economic climate • Existing global presence (~20K units worldwide) • International dealer network provides footprint for on-going international growth • Seasoned senior management: over 70 years of collective industry experience • Successfully integrated multiple acquisitions • Significant management ownership |
Financial Overview “Focused manufacturer of engineered lifting equipment” Manitex International, Inc. December 2012 |
Key Figures - Quarterly “Focused manufacturer of engineered lifting equipment” 13 $53,380 $36,942 $52,946 $5,349 $3,147 $5,116 $2,504 $1,020 $2,308 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 Q3-2012 Q3-2011 Q2-2012 Revenue EBITDA Net Income USD thousands except as noted Net sales $53,380 $36,942 $52,496 Gross profit 10,810 7,824 10,756 Gross margin % 20.3% 21.2% 20.5% Operating expenses 6,343 5,591 6,560 Net Income 2,504 1,020 2,308 EBITDA 5,349 3,147 5116 EBITDA % of Sales 10.0% 8.5% 9.7% Backlog ($ million) $125.7 $63.7 $149.6 Q3-2012 Q3-2011 Q2-2012 |
Summary Balance Sheet “Focused manufacturer of engineered lifting equipment” 14 $000s 30-Sep-12 30-Jun-12 31-Dec-11 31-Dec-10 31-Dec-09 Current assets $103,450 $96,496 $71,209 $54,703 $40,147 Fixed assets 10,273 10,358 11,017 10,659 11,804 Other long-term assets 35,714 36,192 39,365 40,155 42,734 Total Assets $149,437 $143,046 $121,591 $105,517 $94,685 Current liabilities $44,655 $44,193 $30,177 $23,011 $14,569 Long-term liabilities 47,574 48,398 44,620 39,232 39,688 Total Liabilities 92,229 92,591 74,797 62,243 54,257 Shareholders equity 57,208 50,455 46,794 43,274 40,428 Total liabilities & Shareholders equity $149,437 $143,046 $121,591 $105,517 $94,685 |
15 Working Capital “Focused manufacturer of engineered lifting equipment” $000 Q3-2012 Q4-2011 Working Capital $58,795 $41,032 Days sales outstanding (DSO) 57 60 Days payable outstanding (DPO) 65 59 Inventory turns 2.8 2.7 Current ratio 2.3 2.4 Operating working capital 66,556 50,007 Operating working capital % of annualized LQS 31.2% 34.2% •Major movements in working capital increase Q3-2012 v Q4 2011 of $17.8m •Cash ($3.2m), Receivables ($9.2m), inventory ($18.2m) 7 Prepaid ($1.2m), offset by increased accounts payable ($11.3m), and accrued expenses & other current liabilities ($2.4m) •Inventory: increases in raw materials ($15.4m) and WIP ($1.5m) to support growth •Operating working capital % decreased compared to Q4-2011, as revenue growth was achieved in the quarter as planned |
16 “Focused manufacturer of engineered lifting equipment” $000 Q3-2012 Q4-2011 Total Cash 3,305 71 Total Debt 46,304 42,227 Total Equity 57,208 46,794 Net capitalization 100,207 88,950 Net debt / capitalization 42.9% 47.4% Quarterly EBITDA 5,349 2,876 Quarterly EBITDA % of sales 10.0% 7.9% •Increase in cash $3.2m •Increase in debt at 9/30/2012 from 12/31/2011 of $4.1m, ($0.8m net of cash) • Increase in lines of credit, equipment finance and Italian working capital finance $10.3m • Repayments of $6.4 m on long term debt, including $3.8m paid early during Q2 & Q3- 2012 •N. American revolver facilities, based on available collateral at 9/30/12 was $38.5m. •N. American revolver availability at 9/30/12 of $6.0m •July 2012 raised $4.1m (gross) from equity to repay long term debt in Q3-2012 Debt & Liquidity • Net capitalization is the sum of debt plus equity minus cash • Net debt is total debt less cash |
Experienced Management Team “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 17 |
2010 2008 2009 2007 Company Timeline “Focused manufacturer of engineered lifting equipment” 2006 2004 2002 2005 2003 2011 18 January 2003: Manitowoc divests Manitex July 2007: VCC acquires Noble forklift December 2009: Acquire Load King Trailers August 2007: Sale of assets and closure of legacy VCC business November 2006: Veri-Tek Acquires LiftKing July 2006: Manitex merges into Veri-Tek, Intl. (VCC) July 2010 : CVS Operating Agreement October 2008: Crane & Machinery and Schaeff Forklift acquired July 2009: Acquire Badger Equipment Co. July 2011: Closes Acquisition of CVS March 2002: Manitowoc (NYSE:MTW) acquires Grove May 2008: Name changed to Manitex International and listed on Nasdaq (MNTX) |
Brand Products End Markets Drivers • Boom trucks and cranes • Sign cranes • Parts • Energy exploration • Power transmission • Industrial projects • Infrastructure development • Strong end market demand for specialized, competitively differentiated products for oil, gas, and energy sectors • Product development • Rough terrain cranes • Specialized construction equipment • Parts • Railroad • Construction • Refineries • Municipality • Equipment replacement cycle in small tonnage flexible cranes for refinery market • More efficient product offering across end markets • Rough terrain forklifts • Special mission-oriented vehicles • Custom specialized carriers • Parts • Military • Utility • Ship building • Commercial • Steady, profitable growth from both commercial and military application of products • Custom trailers • Hauling systems for heavy equipment transport • Parts • Energy • Mining • Railroad • Commercial construction • U.S. energy exploration build-out • Oil and gas exploration • General infrastructure construction • Reach stackers • Container handling forklifts • Parts • Global container market • International container market and global trade • Re-establishing customer relationships and select product categories • Repair parts • Crane dealership • North American Equipment Exchange • Distributor of Terex products • Replacement parts • Used equipment • General construction environment 19 “Focused manufacturer of engineered lifting equipment” Operating Companies |