UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Emerging growth company
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Item 2.02 | Results of Operations and Financial Condition. |
On August 3, 2021, Manitex International, Inc. (the “Company”) issued a press release announcing its unaudited financial results for the second quarter ended June 30, 2021 (the “Press Release”). The full text of the Press Release is being furnished as Exhibit 99.1 to this Current Report. The Company’s conference call and webcast will take place today August 3, 2021 at 4:30 pm eastern time to discuss the second quarter 2021 results. The exhibit can be accessed from the Investor Relations section of the Company’s website at www.ManitexInternational.com.
The information in this Current Report (including Exhibit 99.1) is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
The Company references certain non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached Press Release. Disclosures regarding definitions of these financial measures used by the Company and why the Company’s management believes these financial measures provide useful information to investors is also included in the Press Release.
Item 9.01 | Financial Statements and Exhibits. |
(a) Financial Statements of Businesses Acquired.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Shell Company Transactions.
Not applicable.
(d) Exhibits.
See the Exhibit Index set forth below for a list of exhibits included with this Current Report on Form 8-K.
EXHIBIT INDEX
Exhibit Number |
Description | |
99.1 | Press release dated August 3, 2021 | |
99.2 | Presentation slides dated August 3, 2021 | |
104 | Cover Page Interactive Data File (formatted in iXBRL in Exhibit 101). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunder duly authorized.
MANITEX INTERNATIONAL, INC. | ||
By: | /s/ Steve Filipov | |
Name: | Steve Filipov | |
Title: | Chief Executive Officer |
Date: August 3, 2021
Exhibit 99.1
Manitex International, Inc. Reports Second Quarter 2021 Results
Bridgeview, IL, 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 years 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 weve 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 were 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 Companys 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 Companys 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 Companys 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 Companys 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 managements 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 Companys 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 Companys 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. | Darrow Associates Inc. | |
Steve Filipov | Peter Seltzberg, Managing Director | |
Chief Executive Officer | Investor Relations | |
(708) 237-2054 | (516) 419-9915 | |
sfilipov@manitex.com | 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 | ||||
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|
|
|||||
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 | ||||||
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|
|
|
|||||
Total current liabilities |
70,229 | 64,521 | ||||||
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|
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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 | ||||||
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|
|
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Total long-term liabilities |
38,417 | 40,165 | ||||||
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|
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Total liabilities |
108,646 | 104,686 | ||||||
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|
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Commitments and contingencies |
||||||||
Equity |
||||||||
Preferred StockAuthorized 150,000 shares, no shares issued or outstanding at June 30, 2021 and December 31, 2020 |
| | ||||||
Common Stockno 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 | ) | ||||
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|
|
|
|||||
Total equity |
73,029 | 68,909 | ||||||
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|
|
|
|||||
Total liabilities and equity |
$ | 181,675 | $ | 173,595 | ||||
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|
|
MANITEX INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share and per share amounts)
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
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 | ||||||||||||
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|
|
|
|||||||||
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 | ||||||||||||
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|
|
|
|
|
|
|
|||||||||
Total operating expenses |
8,869 | 7,496 | 17,398 | 22,944 | ||||||||||||
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|
|
|
|
|||||||||
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 | ) | |||||||||
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|
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Total other income (expense) |
3,111 | (1,093 | ) | 2,355 | (2,532 | ) | ||||||||||
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|
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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 | ) | ||||||||||
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|
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Net income (loss) from continuing operations |
5,365 | (2,401 | ) | 4,593 | (9,445 | ) | ||||||||||
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|
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Discontinued operations |
||||||||||||||||
Loss from operations of discontinued operations |
| (323 | ) | | (711 | ) | ||||||||||
Income tax (benefit) |
| (47 | ) | | (3 | ) | ||||||||||
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|
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Loss from discontinued operations |
| (276 | ) | | (708 | ) | ||||||||||
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Net income (loss) |
$ | 5,365 | $ | (2,677 | ) | $ | 4,593 | $ | (10,153 | ) | ||||||
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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 | |||||||||
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|
|||||||
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 | |||||||||
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|
|
|
|
|||||||
Total Adjustments |
$ | (3,124 | ) | $ | 687 | $ | 760 | |||||
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|
|||||||
Adjusted EBITDA |
$ | 4,240 | $ | 1,858 | $ | (320 | ) | |||||
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|
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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 Companys 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
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.
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 | |||||||||
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Total debt |
$ | 42,840 | $ | 47,178 | $ | 47,306 | ||||||
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Net debt |
$ | 25,434 | $ | 31,103 | $ | 29,905 | ||||||
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MANITEX INTERNATIONAL, INC. NASDAQ: MNTX Second Quarter 2021 Earnings Conference Call August 3, 2021 Exhibit 99.2
Forward-Looking Statement and 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. NASDAQ : MNTX
Business Update NASDAQ : MNTX Highlights Exciting sales growth: Q2 2021 sales of $60.0 million, vs. $47.2 million in Q1 2021 and vs $37.1 million in Q2 2020 7.1% Adjusted EBITDA margin in Q2 2021 represents fourth consecutive quarter of EBITDA margin expansion, making solid progress to 10% long-term target Adjusted Net Income (excluding PPP/other expense) was $2.2 million, 11 cents per share. $111 million backlog at 5-year high; Order rate remains strong; PM Group, Manitex, Valla zero-emission industrial cranes all gaining share PM and Valla account for 60% backlog compared to below 30% in 2018 Balance Sheet and Credit $25.4 million Total Net Debt $37 million in Total Cash and Credit Availability Improved Operating Cash Flow at PM Group Operations All facilities currently operational and ramping up to meet higher demand Supply chain constraints remain challenging and higher input costs being managed daily with our suppliers Disciplined pricing and discount structures implemented with our dealers and customers Continued focus on COVID-19 health and safety protocols
The Takeaways – Q2 2021 Strong performance in Q2 was driven by excellent operational execution globally: PM Group performance continues to accelerate and delivering higher revenues and Adjusted EBITDA Global knuckle boom market continues to grow globally Ramping up to meet demand and deliver backlog Launching several new products to access new markets North American straight mast recovery continued to drive improvement in revenues and Adjusted EBITDA Production ramp up continued to deliver strong results in Q2 Working through supply chain issues with truck chassis shortages Current annualized market statistics showing 1,400 straight mast market into 2022 Oil & Steel Aerials global growth and market share gains continue Rental customers regaining confidence as market improves European market driving growth Valla zero-emission cranes ramping up to meet higher demand New product launches gaining excellent market reception Expanding dealer network in Europe and North America Excellent reception at recent Trade Show in France NASDAQ : MNTX
NASDAQ : MNTX Notes: Results shown are from Continuing Operations, All numbers expressed in Millions except Gross Margin. Q2 2021 Financials (in $millions except GM) Sales Recovery
Q2 Operating Results NASDAQ : MNTX * Results shown are from Continuing Operations See reconciliation to US GAAP on appendix.
Net Debt – Update Q2 2021 NASDAQ : MNTX USD millions Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Short term debt $12.7 $17.0 $16.5 $17.8 $17.6 Bank term debt – long term 13.0 13.1 13.6 15.4 19.4 Finance leases 4.4 4.5 4.6 4.7 4.8 Convertible notes 0.0 0.0 0.0 15.4 15.4 Revolver 12.7 12.6 12.6 5.0 8.5 Total debt $42.8 $47.2 $47.3 $58.3 $65.7 Total cash and cash equivalents $17.4 $16.1 $17.4 $23.6 $31.3 Net debt $25.4 $31.1 $29.9 $34.7 $34.4
Closing Comments: NASDAQ : MNTX 5-Year Peak $110 million-plus backlog provides visibility to higher revenues and improved EBITDA Market share gains throughout our global markets Production levels at pre-pandemic highs, globally Balance Sheet indicates cash availability with leverage ratios at lowest end of historical range Continue to manage supply constraints and input costs We remain focused on revenue growth, cash generation and profitability Prioritize the safety of our team for duration of COVID-19, variants, and beyond
APPENDIX_- SUPPLEMENTAL FINANCIALS
Appendix – Reconciliations NASDAQ : MNTX Reconciliation of GAAP Net Income (Loss) to Adjusted Net Income (Loss) Note: Results shown are from Continuing Operations.
Appendix – Reconciliations NASDAQ : MNTX Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (in thousands) Note: Results shown are from Continuing Operations.
Steve Filipov, CEO Manitex International 708-237-2054 Peter Seltzberg, IR Darrow Associates, Inc. 516-419-9915 MANITEX INTERNATIONAL, INC. NASDAQ: MNTX Second Quarter 2021 Earnings Conference Call August 3, 2021
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