“We have also seen a positive trend in demand for our zero-emission Valla crane products and signed a significant order with a rental customer in Europe. We are continuing to invest in new products and technologies in this business as we see the demand coming from our customers to move to more environmentally friendly products.”
“We executed a restructuring plan at our Georgetown and Winona facilities in July, and while the market for boom trucks in trending down approximately 25%, we were able to secure an extended military order for knuckle booms, and we have seen some promising order pick up in the past few weeks on boom trucks. We also launched a new 65-ton boom truck with the longest boom in its category, as well as a new 45-ton boom truck for specialty utility markets in the US. We anticipate initial orders for these cranes from our distributors for 2021 deliveries.”
“Finally, we continue to focus on improving our balance sheet and have generated $3 million of cash since the beginning of 2020, to ensure we have the liquidity to weather the current economic environment. With our $41M in liquidity, we are confident we have the ability to pay down our upcoming debt requirements, with opportunity to deliver more cash as we close out 2020 and continue to focus on reducing our finished goods inventory.”
Outlook:
“The reality of COVID-19 and other macro economic uncertainties, makes it difficult to give more substantial guidance, but we remain optimistic about fourth quarter performance. Given the uptick in orders and backlog, we expect our revenues to trend higher to a range of $40 million - $43 million, with the bottom line improving from our continued focus on margin recovery,” concluded Mr. Filipov.
Conference Call:
Management will host a conference call at 8:30 AM Eastern Time today to discuss the results with the investment community. Anyone interested in participating in the call should dial 800-952-1438 if calling within the United States or 312-429-0433 if calling internationally. A replay will be available until November 12, 2020, which can be accessed by dialing 844-512-2921 if calling within the United States, or 412-317-6671 if calling internationally. Please use passcode 21971355 to access the replay. The call will additionally be broadcast live and archived for 90 days over the internet with accompanying slides, accessible at the investor relations portion of the Company’s corporate website, www.manitexinternational.com/eventspresentations.aspx.
Non-GAAP Financial Measures and Other Items
Results of operations reflect continuing operations. All per share amounts are on a fully diluted basis. In this press release, Manitex refers to various non-GAAP (U.S. generally accepted accounting principles) financial measures which management uses to evaluate operating performance, to establish internal budgets and targets, and to compare the Company’s financial performance against such budgets and targets. These non-GAAP measures, as defined by the Company, may not be comparable to similarly titled measures being disclosed by other companies. While adjusted financial measures are not intended to replace any presentation included in our consolidated financial statements under generally accepted accounting principles (GAAP) and should not be considered an alternative to operating performance or an alternative to cash flow as a measure of liquidity, we believe these measures are useful to investors in assessing our operating results, capital expenditure and working capital requirements and the ongoing performance of its underlying businesses. The amounts described below are unaudited, are reported in thousands of U.S. dollars, and are as of, or for the three and nine month periods ended September 30, 2020 and 2019, unless otherwise indicated. A reconciliation of Adjusted GAAP financial measures for the three and nine month periods ended September 30, 2020 and 2019 is included with this press release below and with the Company’s related Form 8-K.
About Manitex International, Inc.
Manitex International, Inc. is a leading worldwide provider of highly engineered mobile cranes (truck mounted straight-mast and knuckle boom cranes, industrial cranes, rough terrain cranes and railroad cranes), truck mounted aerial work platforms and specialized industrial equipment. Our products, which are manufactured in facilities located in the USA and Europe, are targeted to selected niche markets where their unique designs and engineering excellence fill the needs of our customers and provide a competitive advantage. We have consistently added to our portfolio of branded products and equipment both through internal development and focused acquisitions to diversify and expand our sales and profit base while remaining committed to our niche market strategy. Our brands include Manitex, PM, MAC, PM-Tadano, Oil & Steel, Badger, and Valla.
