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Manitex International, Inc. Reports Second Quarter 2021 Results

·13 min read

BRIDGEVIEW, IL / ACCESSWIRE / August 3, 2021 / Manitex International, Inc. (NASDAQ:MNTX), a leading international provider of cranes and specialized industrial equipment, today announced second quarter 2021 results. Net sales for the second quarter were $60.0 million, compared to $37.1 million in the prior year's second quarter, and net income from continuing operations was $5.4 million or $0.27 in earnings per share, compared to net loss from continuing operations of $(2.4 million) or $(0.12) per share, in the second quarter of 2020. Adjusted net income * from continuing operations in the second quarter of 2021 was $2.2 million, or $0.11 per share, compared to adjusted net loss of $(1.7 million), or $(0.08) per share, for the second quarter of 2020.

Quarterly Financial Highlights (Sequential comparisons unless noted otherwise):

  • Net sales increased 27% to $60.0 million compared to $47.2 million in the first quarter of 2021

  • Gross profit rose $2.6 million to $11.4 million, or 19.1% of sales compared to $8.8 million gross profit, or 18.7% of sales in the first quarter of 2021

  • Adjusted EBITDA* increased 121% to $4.2 million, or 7.1% of sales, from $1.9 million, or 3.9% of sales in the first quarter of 2021

  • Backlog increased 64% to $111.2 million as of June 30, 2021; compared to $68.0 million at December 31, 2020, being driven by growth across entire portfolio; book to bill was 1.46:1

  • Available liquidity through cash and credit lines of approximately $37 million as of June 30, 2021

  • Net Debt of $25.4 million results in leverage ratio below 3.0x

Note: Results presented above are from Continuing Operations

* Adjusted Numbers are discussed in greater detail and reconciled under "Non-GAAP Financial Measures and Other Items" at the end of this release.

"The dedication and execution of our entire team at Manitex in refocusing our business on global growth markets and achieving a higher level of financial performance has continued to drive our results at Manitex," commented Steve Filipov, CEO of Manitex International. "In the second quarter, we reported higher revenues, improving gross margins, and improved EBITDA both in terms of dollars and percentage. And, at over $2 million for the quarter, our adjusted net income from continuing operations is on pace to reach higher annualized levels than we've seen in recent years. We continue to gain share on knuckle booms and aerials in certain European markets such as Italy, France, Spain, and the UK, and our straight mast boom truck business is tracking to an industry-wide recovery from 2020, where we remain a market leader.

"We are seeing more confidence from our distributors and partners in their order patterns. There are tenders that we continue to work on around the globe, and legislative progress towards an infrastructure spending program in the United States suggests increased construction activity. Our products are all very well-suited to handle much of the work that will be done through new funding initiatives, and we're excited about the opportunities ahead.

"Our backlog, at over $111 million, reflects a healthy recovery in demand in many of the markets that we serve. Our balance sheet, with net debt of $25 million, is in good shape, and our cash and availability of approximately $37 million also positions us well to achieve our sales and margin objectives in this recovery. While the supply chain continues to pose challenges to the industry for product availability and pricing, we expect a strong finish to the year," concluded Mr. Filipov.

Conference Call:

Management will host a conference call with an accompanying slide presentation, after the close of the market, at 4:30PM ET today, August 3, 2021, to discuss the results with the investment community. Anyone interested in participating in the call should dial 877-407-0792 from within the United States or 201-689-8263 if calling internationally. A replay will be available until August 10, 2021, 11:59 PM 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 13720662 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

In this press release, we refer 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. A reconciliation of Adjusted GAAP financial measures for the three month periods ended June 30, 2021 and 2020, and March 31, 2021 is included with this press release below and with the Company's related Form 8-K. Results of operations reflect continuing operations. All per share amounts are on a fully diluted basis. The amounts described below are unaudited, are reported in thousands of U.S. dollars, and are as of, or for the three month periods ended June 30, 2021, March 31, 2021 and June 30, 2020, unless otherwise indicated.

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.

Forward-Looking Statements

Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release 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 release 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.

Company Contact
Manitex International, Inc.
Steve Filipov
Chief Executive Officer
(708) 237-2054
sfilipov@manitex.com

Darrow Associates Inc.
Peter Seltzberg, Managing Director
Investor Relations
(516) 419-9915
pseltzberg@darrowir.com

MANITEX INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET
(In thousands, except share and per share data)


June 30, 2021

December 31, 2020

ASSETS



Current assets



Cash

$

17,170

$

17,161

Cash - restricted

236

240

Trade receivables (net)

36,658

30,418

Other receivables

89

179

Inventory (net)

60,498

56,055

Prepaid expense and other current assets

3,198

2,218

Total current assets

117,849

106,271

Total fixed assets, net of accumulated depreciation of $18,219 and $17,444
at June 30, 2021 and December 31, 2020, respectively

17,739

18,723

Operating lease assets

3,648

4,068

Intangible assets (net)

14,160

15,671

Goodwill

26,889

27,472

Other long-term assets

1,143

1,143

Deferred tax assets

247

247

Total assets

$

181,675

$

173,595

LIABILITIES AND EQUITY

Current liabilities

Accounts payable

$

43,473

$

32,429

Accrued expenses

9,593

7,909

Related party payables, net

36

52

Notes payable

12,727

16,510

Current portion of finance lease obligations

362

344

Current portion of operating lease obligations

1,006

1,167

Customer deposits

3,032

2,363

Deferred income liability

-

3,747

Total current liabilities

70,229

64,521

Long-term liabilities

Revolving term credit facilities (net)

12,682

12,606

Notes payable (net)

13,037

13,625

Finance lease obligations (net of current portion)

4,032

4,221

Non-current operating lease obligations

2,642

2,901

Deferred gain on sale of property

547

587

Deferred tax liability

1,285

1,333

Other long-term liabilities

4,192

4,892

Total long-term liabilities

38,417

40,165

Total liabilities

108,646

104,686

Commitments and contingencies

Equity

Preferred Stock-Authorized 150,000 shares, no shares issued or outstanding at
June 30, 2021 and December 31, 2020

-

-

Common Stock-no par value 25,000,000 shares authorized, 19,906,730 and 19,821,090
shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively

132,035

131,455

Paid in capital

2,948

3,025

Retained deficit

(59,270

)

(63,863

)

Accumulated other comprehensive loss

(2,684

)

(1,708

)

Total equity

73,029

68,909

Total liabilities and equity

$

181,675

$

173,595

MANITEX INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share and per share amounts)


2021

2020

2021

2020

Net revenues

$

60,045

$

37,115

$

107,213

$

85,848

Cost of sales

48,605

31,584

86,968

70,070

Gross profit

11,440

5,531

20,245

15,778

Operating expenses

Research and development costs

800

771

1,585

1,458

Selling, general and administrative expenses

8,069

6,725

15,813

14,764

Impairment of intangibles

-

-

-

6,722

Total operating expenses

8,869

7,496

17,398

22,944

Operating income (loss)

2,571

(1,965

)

2,847

(7,166

)

Other income (expense)

Interest expense

(558

)

(924

)

(1,083

)

(2,008

)

Interest income

2

14

6

74

Gain on Paycheck Protection Program loan forgiveness

3,747

-

3,747

Foreign currency transaction loss

(85

)

(24

)

(300

)

(442

)

Other income (expense)

5

(159

)

(15

)

(156

)

Total other income (expense)

3,111

(1,093

)

2,355

(2,532

)

Income (loss) before income taxes from continuing operations

5,682

(3,058

)

5,202

(9,698

)

Income tax expense (benefit) from continuing operations

317

(657

)

609

(253

)

Net income (loss) from continuing operations

5,365

(2,401

)

4,593

(9,445

)

Discontinued operations

Loss from operations of discontinued operations

-

(323

)

-

(711

)

Income tax (benefit)

-

(47

)

-

(3

)

Loss from discontinued operations

-

(276

)

-

(708

)

Net income (loss)

$

5,365

$

(2,677

)

$

4,593

$

(10,153

)

Income (loss) per share

Basic

Income (loss) from continuing operations

$

0.27

$

(0.12

)

$

0.23

$

(0.48

)

Loss from discontinued operations

-

$

(0.01

)

$

-

$

(0.04

)

Net income (loss)

$

0.27

$

(0.13

)

$

0.23

$

(0.52

)

Diluted

Income (loss) from continuing operations

$

0.27

$

(0.12

)

$

0.23

$

(0.48

)

Loss from discontinued operations

-

$

(0.01

)

$

-

$

(0.04

)

Net income (loss)

$

0.27

$

(0.13

)

$

0.23

$

(0.52

)

Weighted average common shares outstanding

Basic

19,902,617

19,762,726

19,873,840

19,748,249

Diluted

19,988,827

19,762,726

19,947,565

19,748,249

Note: Results shown are from Continuing Operations

Net Sales, Gross Margin and Operating Income (Loss)


Three Months Ended


June 30, 2021

March 31, 2021

June 30, 2020


As Reported

As Adjusted

As Reported

As Adjusted

As Reported

As Adjusted

Net sales

$

60,045

$

60,045

$

47,168

$

47,168

$

37,115

$

37,115

% change Vs Q1 2021

27.3

%

27.3

%

% change Vs Q2 2020

61.8

%

61.8

%

Gross margin

11,440

11,441

8,805

8,873

5,531

5,775

Gross margin % of net sales

19.1

%

19.1

%

18.7

%

18.8

%

14.9

%

15.6

%

Operating Income (loss)

2,571

3,109

276

748

(1,965

)

(1,391

Reconciliation of Net Income (Loss) To Adjusted Net Income (Loss):

(Continuing Operations)


Three Months Ended


June 30, 2021

March 31, 2021

June 30, 2020

Net income (loss)

$

5,365

$

(772

)

$

(2,401

)

Adjustments, including net tax impact

(3,134

)

664

736

Adjusted net income (loss)

$

$2,231

$

(108

)

$

(1,665

)

Weighted diluted shares outstanding

19,988,827

19,845,064

19,762,726

Diluted earnings (loss) per share as reported

$

0.27

$

(0.04

)

$

(0.12

)

Total EPS effect

$

(0.16

)

$

0.03

$

0.04

Adjusted diluted earnings (loss) per share

$

0.11

$

(0.01

)

$

(0.08

)

Reconciliation of Net Income (Loss) To Adjusted EBITDA:


Three Months Ended


June 30, 2021

March 31, 2021

June 30, 2020

Net Income (loss)

$

5,365

$

(772

)

$

(2,401

)

Interest expense

558

521

924

Tax expense

317

292

(657

)

Depreciation and amortization expense

1,124

1,130

1,054

EBITDA

$

7,364

$

1,171

$

(1,080

)

Adjustments:

Stock compensation

$

278

$

299

$

203

FX

85

215

24

Litigation / legal settlement

150

90

43

Restructuring / asset impairment costs

1

68

321

Trade show expense

-

-

58

PPP Loan forgiveness

(3,747

)

-

-

Other

109

15

111

Total Adjustments

$

(3,124

)

$

687

$

760

Adjusted EBITDA

$

4,240

$

1,858

$

(320

)

Adjusted EBITDA as % of sales

7.1

%

3.9

%

(0.9

%)

Backlog


Jun 30, 2021

Mar 31, 2021

Dec 31, 2020

Sep 30, 2020

Jun 30, 2020

Mar 31, 2020

Dec 31, 2019

Sep 30, 2019










Backlog from continuing operations

$

111,170

$

83,793

$

67,967

$

50,541

$

44,272

$

57,045

$

65,263

$

56,207

Change Versus Current Period

32.7

%

63.6

%

120.0

%

151.1

%

94.9

%

70.3

%

97.8

%

Backlog is defined as purchase orders that have been received by the Company. The disclosure of backlog aids in the analysis the Company's customers' demand for product, as well as the ability of the Company to meet that demand. Backlog is not necessarily indicative of sales to be recognized in a specified future period.

Net Debt


June 30, 2021

March 31, 2021

December 31, 2020

Total cash & cash equivalents

$

17,406

$

16,075

$

17,401

Notes payable - short term

$

12,727

$

16,995

$

16,510

Current portion of finance leases

362

344

344

Notes payable - long term

13,037

13,067

13,625

Finance lease obligations - LT

4,032

4,128

4,221

Revolver, net

12,682

12,644

12,606

Total debt

$

42,840

$

47,178

$

47,306

Net debt

$

25,434

$

31,103

$

29,905

Net debt is calculated using the Condensed Consolidated Balance Sheet amounts for current and long term portion of long term debt, capital lease obligations, notes payable, and revolving credit facilities minus cash and cash equivalents.

SOURCE: Manitex International, Inc.



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