-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RhhICsOiWJb3iGo+U+Gvb/k+g44Z2haO0hz3HJ3+3iBtUat8qkUgS24W9nQ/5iPU KdHUtc1P0bHbk3qzbRfSKA== /in/edgar/work/20000810/0000061986-00-000014/0000061986-00-000014.txt : 20000921 0000061986-00-000014.hdr.sgml : 20000921 ACCESSION NUMBER: 0000061986-00-000014 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MANITOWOC CO INC CENTRAL INDEX KEY: 0000061986 STANDARD INDUSTRIAL CLASSIFICATION: [3531 ] IRS NUMBER: 390448110 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-11978 FILM NUMBER: 691153 BUSINESS ADDRESS: STREET 1: 500 S 16TH ST STREET 2: STE B CITY: MANITOWOC STATE: WI ZIP: 54221 BUSINESS PHONE: 4146846621 10-Q 1 0001.txt 2Q 00 10Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2000 ---------------- OR [_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ------------ ------------ Commission File Number 1-11978 ------------ The Manitowoc Company, Inc. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Wisconsin 39-0448110 -------------------------------- ------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 500 So. 16th Street, Manitowoc, Wisconsin 54220 - -------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (920) 684-4410 - ------------------------------------------------------------------- (Registrant's telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report.) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ( X ) No ( ) The number of shares outstanding of the Registrant's common stock, $.01 par value, as of June 30, 2000, the most recent practicable date, was 24,634,771. PART I. FINANCIAL INFORMATION ------------------------------------------------ Item 1. Financial Statements - -------------------------------------
THE MANITOWOC COMPANY, INC. Consolidated Statements of Earnings For the Quarter and Six Months Ended June 30, 2000 and 1999 (Unaudited) (In thousands, except per-share and average shares data) QUARTER ENDED YEAR-TO-DATE ------------------------- ---------------------- June 30, June 30, June 30, June 30, 2000 1999 2000 1999 ---------- --------- ---------- --------- Net Sales $ 239,287 $ 226,342 $ 441,277 $ 410,532 Costs And Expenses: Cost of goods sold 168,221 160,624 314,494 292,253 Engineering, selling and administrative expenses 30,572 29,298 59,546 59,209 ------- --------- -------- -------- Total 198,793 189,922 374,040 351,462 Earnings From Operations 40,494 36,420 67,237 59,070 Other Income (Expense): Interest expense (3,938) (2,736) (6,449) (5,444) Interest & dividend income 221 17 288 104 Other expense (607) (386) (1,045) (692) ------- -------- -------- -------- Total (4,324) (3,105) (7,206) (6,032) -------- -------- -------- -------- Earnings Before Taxes On Income 36,170 33,315 60,031 53,038 Provision For Taxes On Income 13,564 12,329 22,512 19,624 -------- -------- -------- -------- Net Earnings $ 22,606 $ 20,986 $ 37,519 $ 33,414 -------- -------- -------- -------- Net Earnings Per Share - Basic $ .91 $ .81 $ 1.48 $ 1.29 Net Earnings Per Share - Diluted $ .91 $ .80 $ 1.47 $ 1.27 Dividends Per Share $ .075 $ .075 $ .15 $ .15 Average Shares Outstanding - Basic 24,725,648 25,965,034 25,287,860 25,963,711 Average Shares Outstanding - Diluted 24,905,159 26,321,060 25,436,958 26,329,040 See accompanying notes which are an integral part of these statements.
THE MANITOWOC COMPANY, INC. Consolidated Balance Sheets As of June 30, 2000 and December 31, 1999 (In thousands, except share data) -ASSETS- June 30, Dec. 31, 2000 1999 --------- ----------- (Unaudited) Current Assets: Cash and cash equivalents $ 10,383 $ 10,097 Marketable securities 1,983 1,923 Accounts receivable 102,446 62,802 Inventories 98,306 91,437 Prepaid expenses and other 2,798 2,211 Future income tax benefits 22,557 22,528 ----------- ------------ Total current assets 238,473 190,998 Intangible assets - net 264,713 232,729 Other assets 14,532 14,490 Property, plant and equipment: At cost 232,204 214,352 Less accumulated depreciation (132,755) (122,329) ----------- ------------ Property, plant and equipment-net 99,449 92,023 ----------- ------------ TOTAL $ 617,167 $ 530,240 ----------- ------------ -LIABILITIES AND STOCKHOLDERS' EQUITY- Current Liabilities: Accounts payable and accrued expenses $ 159,048 $ 141,909 Current portion of long-term debt 750 489 Short-term borrowings 108,335 32,300 Product warranties 14,738 14,610 ---------- ----------- Total current liabilities 282,871 189,308 Non-Current Liabilities: Long-term debt less current portion 78,941 79,223 Post-retirement health benefits obligations 20,162 19,912 Other 11,219 9,621 ---------- ----------- Total non-current liabilities $ 110,322 $ 108,756 ---------- ----------- Stockholders' Equity: Common stock (36,746,482 shares issued at both dates) 367 367 Additional paid-in capital 31,586 31,476 Accumulated other comprehensive income (loss) (1,568) (814) Retained earnings 315,421 281,672 Treasury stock at cost (12,111,711 and 10,658,113 shares) (121,832) (80,525) ----------- ----------- Total stockholders' equity 223,974 232,176 ----------- ----------- TOTAL $ 617,167 $ 530,240 ----------- ----------- See accompanying notes which are an integral part of these statements.
THE MANITOWOC COMPANY, INC. Consolidated Statements of Cash Flows For the Six Months Ended June 30, 2000 and 1999 (In thousands) (Unaudited) June 30, 2000 June 30, 1999 ----------------- ---------------- Cash Flows From Operations: Net earnings $ 37,519 $ 33,414 Non-cash adjustments to income: Depreciation 4,947 4,651 Amortization of goodwill 3,987 3,588 Amortization of deferred financing fees 336 307 Loss on sale of fixed assets 46 169 Changes in operating assets and liabilities excluding effects of business acquisitions: Accounts receivable (31,084) (4,503) Inventories (1,119) 1,905 Other current assets 1,296 3,797 Non-current assets (542) (2,414) Current liabilities 9,687 20,271 Non-current liabilities (27) 297 ---------- ---------- Net cash provided by operations 25,046 61,482 Cash Flows From Investing: Purchase of temporary investments (60) (57) Business acquisitions - net (47,411) (62,655) Proceeds from sale of property, plant, and equipment 110 1,353 Capital expenditures (8,412) (5,590) ---------- ---------- Net cash used for investing (55,773) (66,949) Cash Flows From Financing: Dividends paid (3,770) (3,895) Options exercised 301 77 Treasury stock purchases (41,498) -- Payments on long-term borrowings (21) (13,645) Change in revolver borrowings - net 76,035 23,800 ---------- ---------- Net cash provided by financing 31,047 6,337 Effect of exchange rate changes on cash (34) (13) ---------- ---------- Net increase in cash and cash equivalents 286 857 Cash at beginning of period 10,097 10,582 ---------- ---------- Cash at end of period $ 10,383 $ 11,439 ---------- ---------- Supplemental Cash Flow Information: Interest paid $ 5,037 $ 4,467 Income taxes paid $ 17,845 $ 14,473 See accompanying notes which are an integral part of these statements.
THE MANITOWOC COMPANY, INC. Consolidated Statements of Comprehensive Income For the Quarter and Six Months Ended June 30, 2000 and 1999 (In thousands) (Unaudited) QUARTER ENDED YEAR-TO-DATE ----------------------- ---------------------- June 30, June 30, June 30, June 30, 2000 1999 2000 1999 -------- -------- -------- ------- Net Earnings $22,606 $20,986 $37,519 $33,414 Other Comprehensive Income: Foreign currency translation adjustments (570) (118) (754) (288) ------- -------- -------- ----- Comprehensive Income $22,036 $20,868 $36,765 $33,126 ------- ------- ------- ------- See accompanying notes which are an integral part of these statements.
THE MANITOWOC COMPANY, INC. Notes to Unaudited Consolidated Financial Statements For the Six Months Ended June 30, 2000 and 1999 Note 1. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, representing normal recurring accruals, necessary to present fairly the results of operations, cash flows and comprehensive income for the quarters and six months ended June 30, 2000 and 1999 and the financial position at June 30, 2000. The interim results are not necessarily indicative of results for a full year and do not contain information included in the company's annual consolidated financial statements and notes for the year ended December 31, 1999. The consolidated balance sheet as of December 31, 1999 was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the company's latest annual report. All dollar amounts are in thousands throughout these notes except where otherwise indicated. Note 2. The components of inventory at June 30, 2000 and December 31, 1999 are summarized as follows:
June 30, December 31, 2000 1999 ----------- ------------- Components: Raw materials $ 38,390 $ 39,134 Work-in-process 29,885 30,218 Finished goods 52,430 42,352 --------- --------- Total inventories at FIFO costs 120,705 111,704 Excess of FIFO costs over LIFO value (22,399) (20,267) --------- --------- Total inventories $ 98,306 $ 91,437
Inventory is carried at lower of cost or market using the first-in, first-out (FIFO) method for 51% and 57% of total inventory at June 30, 2000 and December 31, 1999, respectively. The remainder of the inventory is costed using the last-in, first-out (LIFO) method. Note 3. The United States Environmental Protection Agency ("EPA") has identified the company as a potentially responsible party ("PRP") under the Comprehensive Environmental Response Compensation and Liability Act ("CERCLA"), liable for the costs associated with investigating and cleaning up contamination at the Lemberger Landfill Superfund Site (the "Site") near Manitowoc, Wisconsin. Approximately 150 PRP's have been identified as having shipped substances to the Site. Eleven of the potentially responsible parties, including the company, have formed a group (the Lemberger Site Remediation Group, or LSRG) and have successfully negotiated with the EPA and the Wisconsin Department of Natural Resources to settle the potential liability at the Site and fund the cleanup. Recent estimates indicate that the total cost to clean up the Site could be as high as $30 million, however, the ultimate allocation of costs for the Site are not yet final. Although liability is joint and several, the company's percentage share of liability is estimated to be 11% of the total cleanup costs. Prior to December 31, 1996, the company accrued $3.3 million in connection with this matter. The expenses incurred during the second quarter and first six months of 2000 and 1999 in connection with this matter were not material. Remediation work at the Site has been completed, with only long-term pumping and treating of ground water and Site maintenance remaining. The remaining estimated liability for this matter, included in other current and noncurrent liabilities at June 30, 2000, is $1.1 million. As of June 30, 2000, 31 product-related lawsuits (other than lawsuits which were fully insured with no self-insured retention and lawsuits relating to breaking contract) were pending. All of these alleged accidents occurred during years in which the company had insurance coverages ranging from a $5.5 million self-insured retention with a $10.0 million limit on the insurer's contribution in 1990, to the current $1.0 million self-insured retention and $50.0 million limit on the insurer's contribution. Product liability reserves included in accounts payable and accrued expenses at June 30, 2000 are $8.3 million; $2.7 million reserved specifically for the 31 cases referenced above, and $5.6 million for incurred but not reported claims. These reserves were estimated using actuarial methods. Based on the company's experience in defending itself against product liability claims, management believes the current reserves are adequate for estimated settlements on aggregate self-insured claims. Any recoveries from insurance carriers are dependent upon the legal sufficiency of claims and the solvency of insurance carriers. It is reasonably possible that the estimates for environmental remediation and product liability costs may change in the near future based upon new information that may arise. Presently, there is no reliable means to estimate the amount of any such potential changes. The company is also involved in various other legal actions arising in the normal course of business. After taking into consideration legal counsel's evaluation of such actions, in the opinion of management, ultimate resolution is not expected to have a material adverse effect on the consolidated financial statements. Note 4. The company holds assets for sale which include land and improvements, buildings, and certain machinery and equipment at the "Peninsula facility" located in Manitowoc, Wisconsin, and land and building located in Scotts Hill, Tennessee. The current carrying value of these assets, determined through independent appraisals, is approximately $3.3 million and is included in other assets at June 30, 2000. The company has reserved for the future holding costs, which are included in accounts payable and accrued expenses, consisting primarily of utilities, security, maintenance, property taxes, and insurance. The company has also recorded reserves for potential environmental liabilities on the Peninsula location. For the second quarter and first six months of 2000, approximately $0.7 million and $0.9 million were charged against the reserve, respectively. Note 5. On February 17, 1999, the company's board of directors authorized a 3-for-2 stock split of the company's shares in the form of a 50-percent stock dividend payable on April 1, 1999 to shareholders of record on March 1, 1999. As a result of the stock split, 8,652,289 shares were issued. In October, 1999, the board of directors authorized the purchase of up to 1.5 million shares of the company's common stock. In March, 2000, the board of directors increased the number of shares of common stock that the company is authorized to repurchase by 1.0 million shares. During the first six months of 2000, the company repurchased 1.5 million shares at an aggregate cost of $41.5 million pursuant to this authorization. Note 6. The following is a reconciliation of the average shares outstanding used to compute basic and diluted earnings per share.
Quarter Ended June 30 Six Months Ended June 30 --------------------------------- ----------------------------------- 2000 1999 2000 1999 ---------------------- --------------------- ----------------------- ---------------------- Per Share Per Share Per Share Per Share Shares Amount Shares Amount Shares Amount Shares Amount --------- ---------- --------- ---------- ---------- --------- --------- ----------- Basic EPS 24,725,648 $.91 25,965,034 $.81 25,287,860 $1.48 25,963,711 $1.29 Effect of Dilutive Securities Stock Options 179,511 356,026 149,098 365,329 ------------ ------------ ------------ ----------- Diluted EPS 24,905,159 $.91 26,321,060 $.80 25,436,958 $1.47 26,329,040 $1.27
Note 7. On January 14, 2000, the company, through a wholly-owned subsidiary, acquired certain assets of Pioneer Holdings LLC (Pioneer), a manufacturer of hydraulic boom trucks, from its parent company Mega Manufacturing. Pioneer produces five models of boom trucks with varying lifting capacities sold under the Pioneer brand name. Pioneer Cranes feature an innovative X-type outrigger system that provides 360-degree stability and 500-degree rotation capability without any reduction in lifting capacity. On February 17, 2000 the company, through a wholly-owned subsidiary, acquired all of the issued and outstanding shares of Beverage Equipment Supply Company (BESCO), a leading wholesale distributor of beverage dispensing equipment. BESCO has been integrated into the Company's Manitowoc Beverage Systems (MBS) operation. BESCO serves 14 states primarily in the Midwest, is located in Holland, Ohio, and has a warehouse facility in Lombard, Illinois. BESCO represents more than 50 different equipment manufacturers with products ranging from beverage dispensing equipment and systems to draft beer- dispensing systems. On March 31, 2000 the company acquired all of the issued and outstanding shares of Multiplex Company, Inc. (Multiplex). Multiplex is headquartered in St. Louis, Missouri where its production facility is located and has operations in Franfurt, Germany and Surrey, England. Multiplex manufactures soft drink and beer dispensing equipment as well as water purification systems and supplies leading quick-service restaurants, convenience stores, and movie theatres. In addition, Multiplex designs and builds custom applications to meet the needs of customers with requirements that cannot be met by conventional dispensing equipment. Multiplex was integrated into the Company's Ice/Beverage Group. On April 7, 2000 the company, through a wholly-owned subsidiary, acquired substantially all of the net business assets of Harford Duracool, LLC (Harford), a leading manufacturer of walk-in refrigerators and freezers. Harford maintains a 67,000-square-foot manufacturing facility in Aberdeen, Maryland. The Harford's primary distribution channels are foodservice equipment dealers and commercial refrigeration distributors. Harford's products range in size from 200 to 60,000 cubic feet. Harford also manufactures a line of modular, temperature-controlled structures for other niche markets. All of the aforementioned acquisitions have been accounted for using the purchase method of accounting and were financed using funds from the company's existing credit facility. The total aggregate consideration paid for these acquisitions was $56.9 million, which is net of cash acquired of $3.5 million and includes direct acquisition costs of $0.3 million and assumed liabilities of $9.5 million. The preliminary estimate of the aggregate excess of cost over the fair values of the net assets acquired for these acquisitions of $35.6 million is being amortized over a weighted average life of 36 years. The results of these acquisitions' operations subsequent to their date of acquisition are included in the Consolidated Statement of Earnings for the quarter and six months ending June 30, 2000. Note 8. The company determines its segments based upon the internal organization that is used by management to make operating decisions and assess performance. Based upon this approach, the company has three reportable segments: Foodservice Equipment (Foodservice), Cranes and Related Products (Cranes), and Marine Operations (Marine). Information about reportable segments and a reconciliation of total segment sales and profits to the consolidated totals for the quarters and first six months ending June 30, 2000 and 1999 are summarized in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations", to this report on Form 10-Q. As of June 30, 2000 and December 31, 1999, the total assets by segment were as follows:
June 30, Dec. 31, 2000 1999 ----------- ----------- Foodservice $ 387,108 $ 314,982 Cranes 180,905 165,974 Marine 12,124 10,162 General corporate 37,030 39,122 ------------ ------------ Total $ 617,167 $ 530,240
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations for the Quarter and Six Months Ended June 30, 2000 and 1999 - -------------------------------------------------------------------- Net sales and earnings from operations by business segment for the quarter and first six months ended June 30, 2000 and 1999 are shown below (in thousands):
QUARTER ENDED YEAR-TO-DATE -------------------------- ------------------------ June 30, June 30, June 30, June 30, 2000 1999 2000 1999 -------- --------- --------- --------- NET SALES: Foodservice equipment $ 121,948 $110,561 $ 214,877 $194,851 Cranes and related products 98,491 98,147 195,398 187,577 Marine 18,848 17,634 31,002 28,104 ---------- ---------- ---------- ---------- Total $ 239,287 $226,342 $ 441,277 $410,532 EARNINGS (LOSS) FROM OPERATIONS: Foodservice equipment $ 22,289 $ 21,081 $ 34,468 $ 32,853 Cranes and related products 20,134 17,325 37,466 30,602 Marine 2,864 2,880 5,241 5,192 General corporate expense (2,708) (2,998) (5,951) (5,989) Amortization (2,085) (1,868) (3,987) (3,588) ---------- ---------- ---------- ---------- Total 40,494 36,420 67,237 59,070 OTHER INCOME (EXPENSE) -NET (4,324) (3,105) (7,206) (6,032) --------- ---------- ---------- ---------- EARNINGS BEFORE TAXES ON INCOME $ 36,170 $ 33,315 $ 60,031 $ 53,038
Net earnings for the second quarter of 2000 increased 7.7 percent to $22.6 million, or $.91 per diluted share, from $21.0 million, or $.80 per diluted share, for the second quarter of 1999. Net sales increased 5.7% to $239.3 million in the second quarter of 2000, from $226.3 million for the same period in 1999. Sales and earnings growth was driven by gains in the foodservice and crane segments. For the first six months of 2000, net earnings increased 12.3 percent to $37.5 million, or $1.47 per diluted share, from $33.4 million, or $1.27 per diluted share, for the first six months of 1999. Net sales increased 7.5% to $441.3 million in the first six months of 2000 from $410.5 million for the same period in 1999. Foodservice posted considerable gains despite softer demand for equipment serving the beverage industry. Sales for the Foodservice segment were $122.0 million for the quarter, up 10.3% from the first quarter of 1999. Excluding sales to the soft-drink market, Foodservice sales were up 15.6% over the same period last year. Operating earnings increased 5.7% to $22.3 million, from $21.1 million in 1999. The Foodservice segment's operating margin of 18.3% compares to 19.1% for the second quarter last year. The decrease is largely due to the impact of the acquisitions made during the first six months of 2000. (See Note 7 to the Consolidated Financial Statements.) Excluding these acquisitions, the operating margin would have been 19.9%. For the first six months of 2000 sales and operating earnings increased 10% and 5%, respectively. Cranes and related products sales for the second quarter were $98.5 million, up from $98.1 million for the second quarter of 1999. Operating earnings were $20.1 million, a 16.2% gain over the second quarter of 1999. The crane segment has continued to grow sales with new product introductions. During the second quarter, Manitowoc Cranes introduced the new 275-ton capacity Model 999. The company has already secured orders for 68 Model 999s, making it the most successful new-product introduction in the company's history. In addition, higher demand for the medium- and larger-capacity boom trucks was sparked by recent product innovations including a new 124-foot boom option, while the segment has noted some industry-wide softening in demand for lower capacity lift cranes. For the first six months of 2000, Cranes' sales were $195.4 million, compared to $187.6 million for the first six months of 1999. Operating earnings increased 22.4%, to $37.5 million, from $30.6 million for the same period in 1999. The crane backlog at the end of the second quarter stood at $141 million. Marine segment sales and operating earnings for the second quarter were $18.8 million and $2.9 million, respectively, compared with $17.6 million and $2.9 million for the same period in 1999. The shift in margins is due to the change in scope and mix of project and repair work. Bookings for marine projects and vessel repairs remain very strong and the company already has several commitments for next winter's lay-up season. The company has completed several unexpected emergency and casualty repairs during the second quarter and we are nearing completion of a cutterhead dredge for Lake Michigan Contractors, which is planned to launch at the Sturgeon Bay shipyard in August. For the first six months of 2000, sales and operating earnings for this segment were $31.0 million and $5.2 million, respectively, compared with $28.1 million and $5.2 million for 1999. Cash flow from operations for the first six months of 2000 was $25.0 million, which was below last year's level primarily as a result of accounts receivable increases. Total funded debt increased to $188.0 million at the end of the quarter, representing a debt-to- capital ratio of 46% at June 30. Manitowoc also completed the repurchase of 1.5-million share stock program during the quarter at an average cost of $27.67 per share. The effective tax rate remains unchanged at 37.5 percent. Financial Condition at June 30, 2000 - --------------------------------------------- The company's financial condition remains strong. Cash and marketable securities of $12.4 million and future cash flows from operations are expected to be adequate to meet the Company's liquidity requirements for the foreseeable future, including payments for long-term debt, line of credit, and anticipated capital expenditures of between $15-$18 million. This report on Form 10-Q includes forward-looking statements based on management's current expectations. Reference is made in particular to the description of the company's plans and objectives for future operations, assumptions underlying such plans and objectives and other forward-looking statements in this report. Such forward-looking statements generally are identifiable by words such as "believes," "intends," "estimates," "expects" and similar expressions. These statements involve a number of risks and uncertainties and must be qualified by factors that could cause results to be materially different from what is presented here. This includes the following factors for each business: Foodservice Equipment - demographic changes affecting the number of women in the workforce, general population growth, and household income; serving large restaurant chains as they expand their global operations; specialty foodservice market growth; and the demand for equipment for small kiosk-type locations. Cranes and Related Products - market acceptance of innovative products; cyclicality in the construction industry; growth in the world market for heavy cranes; demand for used equipment in developing countries. Marine - shipping volume fluctuations based on performance of the steel industry; five-year drydocking schedule; reducing seasonality through non-marine repair work. Year 2000 Compliance - ---------------------------- In prior years, the company executed various initiatives to ensure that its computer systems are capable of processing periods of the Year 2000 and beyond. These initiatives were completed prior to the end of 1999. In addition, the company had developed various contingency plans to address any unforeseen circumstances that may have arisen. As a result of those planning and implementation efforts, the company has not experienced any significant system failures or miscalculations as a result of the Year 2000 computer issue and believes it systems successfully responded to the Year 2000 date change. While no such disruption has developed as of the date of this filing, Year 2000 problems may still surface throughout calendar year 2000. The company will continue to monitor its critical computer applications and those of its suppliers and vendors throughout the year to ensure that any latent Year 2000 matters that may arise are addressed promptly. Item 3. Quantitative and Qualitative Disclosure About Market Risk ---------------------------------------------------------- See Item 7A of the company's Annual Report on Form 10-K for the year ended December 31, 1999. PART II. OTHER INFORMATION ------------------------------------------------ Item 4. Submission of Matters to a Vote of Security Holders ---------------------------------------------------------- At the annual meeting of the company's shareholders on May 2, 2000, management's nominees named below were elected as directors by the indicated votes cast for each nominee. Of the 22,744,954 shares of Common Stock which were represented at the meeting, at least 99.3% of the shares voting were voted for the election of each of management's nominees. Two directors were elected to serve until the Annual Meeting of Shareholders to be held in the year 2003: Name of Nominee For Withheld - ----------------------- ------------ ------------ Terry D. Growcock 22,678,170 66,784 George T. McCoy 22,593,054 151,900 There were no abstentions or broker non-votes with respect to the election of directors. In addition to the directors elected at the meeting, the company's continuing directors are Dean H. Anderson, James P. McCann, Gilbert F. Rankin, Jr., and Robert C. Stift. On May 15, 2000, Daniel W. Duval was appointed to the company's board of directors to fill the vacancy created by the retirement of one of the directors. Further information concerning the matters voted upon at the 2000 Annual Meeting of Shareholders is contained in the company's proxy statement dated March 20, 2000 with respect to the 2000 Annual Meeting. Item 6. Exhibits and Reports on Form 8-K ------------------------------------------ (a) Exhibits: See exhibit index following the signatures on this Report, which is incorporated herein by reference. (b) Reports on Form 8-K: None. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THE MANITOWOC COMPANY, INC. (Registrant) /s/ Terry D. Growcock ----------------------------- Terry D. Growcock President and Chief Executive Officer /s/ Glen E. Tellock ----------------------------- Glen E. Tellock V.P. & Chief Financial Officer /s/ Maurice D. Jones ----------------------------- Maurice D. Jones General Counsel and Secretary August 9,2000 THE MANITOWOC COMPANY, INC. EXHIBIT INDEX TO FORM 10-Q FOR QUARTERLY PERIOD ENDED June 30, 2000 Exhibit Filed No Description Herewith - ------- --------------- ------------ 10 The Manitowoc Company, Inc. Management Incentive Compensation Plan (Economic Value Added (EVA) Bonus Plan), as amended February 14, 2000 X 27 Financial Data Schedule X EX-10 2 0002.txt MANAGEMENT INCENTIVE COMPENSATION PLAN ECONOMIC VALUE ADDED (EVA) BONUS PLAN AS AMENDED FEBRUARY 14, 2000 ARTICLE I STATEMENT OF PURPOSE 1.1 The purpose of the Plan is to provide a system of incentive compensation which will promote the maximization of shareholder value over the long term. In order to align management incentives with shareholder interests, incentive compensation will reward the creation of value. This Plan will tie incentive compensation to Economic Value Added ("EVA") and, thereby, reward management for creating value and penalize management for destroying value. 1.2 EVA is the performance measure of value creation. EVA reflects the benefits and costs of capital employment. Managers create value when they employ capital in an endeavor that generates a return that exceeds the cost of the capital employed. Managers destroy value when they employ capital in an endeavor that generates a return that is less than the cost of capital employed. By imputing the cost of capital upon the operating profits generated by a business group, EVA measures the total value created (or destroyed) by management. EVA = (Net Operating Profit After Tax - Capital Charge) 1.3 Each Plan Participant is placed in a classification. Each classification has a prescribed target bonus. The bonus earned in any one year is the result of multiplying the Actual Bonus Percentage times the Participant's base pay. Bonuses that fall within a pre-specified range will be fully paid out. Positive and negative bonuses falling outside this range are banked forward in the Participant's Bonus Bank, with one-third of the net positive balance paid out each year in cash. ARTICLE II DEFINITION OF EVA AND THE COMPONENTS OF EVA Unless the context provides a different meaning, the following terms shall have the following meanings. 2.1 "Participating Group" means a business division or group of business divisions which are uniquely identified for the purpose of calculating EVA and EVA based bonus awards. Some Participants' awards may be a mixture of two different Participating Groups. For the purpose of this plan, the Participating Groups are listed on Exhibit C. 2.2. "Capital" means the net investment employed in the operations of each Participating Group. The components of Capital are as follows: Gross Accounts Receivable (including trade A/R from another Manitowoc unit) Plus: FIFO Inventory Plus: Other Current Assets Less: Non-Interest Bearing Current Liabilities (NIBCL's - See Note 1) Plus: Net PP&E Plus: Other Operating Assets Plus: Capitalized Research & Development Plus: Goodwill acquired after July 3, 1993 Plus: Accumulated Amortization on Goodwill acquired after July 3, 1993 Plus (Less): Special Items (one-time) -------------------------------------- Equals: Capital Notes: (1) NIBCL's include trade A/P to another Manitowoc unit, but do not in- clude the contingent liability associated with Bonus Banks. 2.3 Each component of Capital will be measured by computing an average balance based on the ending monthly balance for the twelve months of the Fiscal Year. 2.4 "Cost of Capital" or "C*" means the weighted average of the after tax cost of debt and equity for the year in question. The Cost of Capital will be reviewed annually and revised if it has changed significantly. Calculations will be carried to one decimal point. The cost of capital for the initial year is 12.6%. See Exhibit A. In subsequent plan years the methodology for the calculation of the Cost of Capital will be: a) Cost of Equity = Risk Free Rate + (Beta x Market Risk Premium) b) Debt Cost of Capital = Debt Yield x (1 - Tax Rate) c) The weighted average of the Cost of Equity and the Debt Cost of Capital is determined by reference to a projected debt to capital ratio of 40%. The Risk Free Rate is the average daily closing yield rate on 30 year U.S. Government Bonds for the month of December immediately preceding the Plan Year, the BETA is one, and the Market Risk Premium is 5%. The Debt Yield is the projected weighted average yield on the Company's long term obligations for the 12 month period ending December 31 of the Plan Year, and the tax rate is 39% for U.S. Companies, and the full statutory rate of the country where a foreign division or subsidiary is based. The debt to capital ratio, BETA, and Market Risk Premium should be reviewed at least every three years with the assistance of Stern Stewart. d) Short-term debt is to be treated as long-term for purposes of computing the cost of capital. 2.5 "Capital Charge" means the deemed opportunity cost of employing Capital in the business of each Participating Group. The Capital Charge is computed as follows: Capital Charge = Capital X Cost of Capital (C*) 2.6 "Net Operating Profit After Tax" or "NOPAT" "NOPAT" means the after tax cash earnings attributable to the capital employed in the Participating Group for the year in question. The components of NOPAT are as follows: Operating Earnings Plus: Increase (Decrease) in Capitalized R & D (See Note 1) Plus: Increase (Decrease) in Bad Debt Reserve Plus: Increase (Decrease) in Inventory Reserves Plus: Amortization of Goodwill acquired after July 3, 1993 Less: Other Expense (Excluding interest on debt) Plus: Other Income (Excluding investment income) Equals: Net Operating Profit Before Tax Less: Taxes (See Note 2) - --------------------------- Equals: Net Operating Profit After Tax (1)Since R & D is Capitalized, the difference in the balance is the expensed amount for that year. (2)Taxes is assumed to be 39% of Net Operating Profit Before Tax. (For exceptions see 2.4(c)). 2.7 "Economic Value Added" or "EVA" means the NOPAT that remains after subtracting the Capital Charge, expressed as follows: NOPAT Less: Capital Charge -------------------------- Equals: EVA EVA may be positive or negative. ARTICLE III DEFINITION AND COMPUTATION OF TARGET BONUS VALUE 3.1 "Actual EVA" means the EVA as calculated for each Participating Group for the year in question. 3.2 "Target EVA" means the level of EVA that is expected in order for the Participating Group to receive the Target Bonus Value. The Target EVA for the first year is set at the expected EVA for the year prior to the first year of the plan after adjusting for inventory write-offs, Manitex relocation, FAS 106 and 109 and the $5 million product liability settlement (except for $1.2 million). After the first year, the Base-Line EVA is revised according to the following formula: (Last Year's Actual EVA + Last Year's Target EVA) Expected Target EVA =------------------------------------------------- + Improvement 2 in EVA "Expected Improvement in EVA" means the constant EVA improvement that is added to shift the target up each year. This is determined by the expected growth in EVA per year. See Exhibit B for the Expected Improvement for each Participating Group. 3.3 "Target Bonus Value" means the "Target Bonus Percentage" times a Participant's base pay. 3.4 "Target Bonus Percentage" is determined by a Participant's classification as shown on Exhibit B. 3.5 "Actual Bonus Value" means the bonus earned (*) by a Participant and is computed as the Actual Bonus Percentage times a Participant's base pay. 3.6 "Actual Bonus Percentage" is determined by multiplying the Target Bonus Percentage by the Bonus Performance Value. 3.7 "Bonus Performance Value" means the difference between the Actual EVA and the Target EVA divided by the Leverage Factor plus 1.0. [Actual EVA - Target EVA] Bonus Performance Value = ------------------------- +1 [Leverage Factor] 3.8 "Leverage Factor" is the negative (positive) deviation from Target EVA necessary before a zero (two times Target) bonus is earned. See Exhibit C for the Leverage Factor of each Participating Group. 3.9 A Participant's classification is determined by each business unit manager. They are subject to approval by the CEO and the Compensation Committee of the Board of Directors. * Note: A portion of the Actual Bonus Value may be placed in the Participants' Bonus Bank. See Article IV for details on the Bonus Bank. ARTICLE IV DESCRIPTION OF BONUS BANKS 4.1 Establishment of a Bonus Bank. To encourage a long-term commitment by Participants to the Company, a portion of exceptional bonuses (amounts above Target and negative bonuses) shall be credited to "at risk" deferred accounts ("Bonus Banks"), with the level of payout contingent on sustained high performance and improvements and continued employment as provided herein. 4.2 Although a Bonus Bank may, as a result of negative EVA, have a deficit, no Plan Participant shall be required, at any time, to reimburse his/her Bonus Bank. 4.3 "Bonus Bank" means, with respect to each Participant, a bookkeeping record of an account to which amounts are credited, or debited as the case may be, from time to time under the Plan and from which bonus payments to such Participant are debited. 4.4 "Bank Balance" means, with respect to each Participant, a bookkeeping record of the net balance of the amounts credited to and debited against such Participant's Bonus Bank. A Participant's Bank Balance shall initially be equal to zero. 4.5 Payout Rule: If the Bank Balance entering the Plan Year is zero or positive, then 1) Pay any positive bonus earned up to the "Target Bonus Value", 2) Add any unpaid portion of the bonus earned (including negative bonuses) to the Bonus Bank, 3) Pay out 1/3 of any Positive Bank Balance 4) Carry the remaining Bank Balance forward to the next year. If the Bank Balance entering the Plan Year is negative, then 1) Pay 1/3 of the positive bonus earned up to the "Target Bonus Value", 2) Add any unpaid portion of the bonus earned (including negative bonuses) to the Bonus Bank, 3) Pay out 1/3 of any Positive Bank Balance, 4) Carry the remaining Bank Balance forward to the next year. 4.6 A Participant may elect to withdraw, in cash, all or a portion of the Bank Balance. The amount available for such withdrawal is the lesser of the ending Bank Balance of the applicable year or the Bank Balance at the end of the third prior year. ARTICLE V Plan Participation, Transfers and Terminations 5.1 Participant Group. The Committee will have sole discretion in determining who shall participate in the EVA Bonus Plan. Employees designated for Plan participation by the Committee shall be management or highly compensated employees. In order for a Participant to receive or be credited with his or her Actual Bonus Value for a Plan Year, the Participant must have (I) remained employed by the Company or an affiliate through the last day of such Plan Year,(ii) terminated employment with the Company during the Plan Year at or after age fifty-five, for any reason, (iii) suffered a disability within the meaning of Section 5.3 during the Plan Year, or (iv) died during the Plan Year. In all other cases of termination of employment prior to the last day of the Plan Year,a Participant shall not be entitled to any Actual Bonus Value for such Plan Year. 5.2 Transfers. A Participant who transfers his employment from one Participating Unit of the Company to another shall retain his Bonus Bank and will be eligible to receive future EVA Plan Awards in accordance with the provisions of the EVA Plan. Any positive Bonus Bank balance would payout in full as soon as is practical. 5.3 Retirement or Disability. A Participant who terminates employment with the Company, at or after age fifty-five, for any reason ("retirement"), or suffers a "disability," as such term is defined in the Company's long-term disability benefits program, while in the Company's employ shall be eligible to receive the balance of their Bonus Bank. In the case of retirement, the Participant will receive their balance over three years subject to reduction if the Actual Bonus Value is negative in any of the three years subsequent to the year of retirement. In the case of disability while in the Company's employ, the Participant will receive their balance as soon as practical after qualifying for benefit payments under the Company's long-term disability benefits program. 5.4 Involuntary Termination Without Cause or Death. A Participant who is Terminated without cause or who dies shall receive any positive Bonus Bank balance. Such payments will be made as soon as is practical. 5.5 Voluntary Termination. In the event that a Participant voluntarily terminates employment with the Company, the right of the Participant to their Bonus Bank shall be forfeited unless a different determination is made by the Committee. 5.6 Involuntary Termination for Cause. In the event of termination of employment for cause, the right of the Participant to the Bonus Bank shall be determined by the Committee. "Cause" shall mean: (i) any act or acts of the Participant constituting a felony under the laws of the United States, any state thereof or any foreign jurisdiction; (ii)any material breach by the Participant of any employment agreement with the Company or the policies of the Company or the willful and persistent (after written notice to the Participant) failure or refusal of the Participant to comply with any lawful directives of the Board; (iii) a course of conduct amounting to gross neglect, willful misconduct or dishonesty; or (iv) any misappropriation of material property of the Company by the Participant or any misappropriation of a corporate or business opportunity of the Company by the Participant. 5.7 Breach of Agreement. Notwithstanding any other provision of the Plan or any other agreement, in the event that a Participant shall breach any non- competition agreement with the Company or breach any agreement with respect to the post-employment conduct of such Participant, the Bonus Bank held by such Participant shall be forfeited. 5.8 No Guarantee. Participation in the Plan provides no guarantee that a payment under the Plan will be paid. Selection as a Participant is no guarantee that payments under the plan will be paid or that selection as a Participant will be made in the subsequent Calendar Year. ARTICLE VI General Provisions. 6.1 Withholding of Taxes. The Company shall have the right to withhold the amount of taxes,which in the determination of the Company, are required to be withheld under law with respect to any amount due or paid under the Plan. 6.2 Expenses. All expenses and costs in connection with the adoption and administration of the plan shall be borne by the Company. 6.3 No prior Right or Offer. Except and until expressly granted pursuant to the Plan, nothing in the Plan shall be deemed to give any employee any contractual or other right to participate in the benefits of the Plan. 6.4 Claims for Benefits. In the event a Participant (a "claimant") desires to make a claim with respect to any of the benefits provided hereunder, the claimant shall submit evidence satisfactory to the Committee of facts establishing his entitlement to a payment under the Plan. Any claim with respect to any of the benefits provided under the Plan shall be made in writing within ninety (90) days of the event which the claimant asserts entitles him to benefits. Failure by the claimant to submit his claim within such ninety (90) day period shall bar the claimant from any claim for benefits under the Plan. 6.5 In the event that a claim which is made by a claimant is wholly or partially denied, the claimant will receive from the Committee a written explanation of the reason for denial and the claimant or his duly authorized representative may appeal the denial of the claim to the Committee at any time within ninety (90) days after the receipt by the claimant of written notice from the Committee of the denial of the claim. In connection therewith, the claimant or his duly authorized representative may request a review of the denied claim; may review pertinent documents; and may submit issues and comments in writing. Upon receipt of an appeal, the Committee shall make a decision with respect to the appeal and, not later than sixty (60) days after receipt of a request for review, shall furnish the claimant with a decision on review in writing, including the specific reasons for the decision written in a manner calculated to be understood by the claimant, as well as specific reference to the pertinent provisions of the Plan upon which the decision is based. In reaching its decision, the Committee shall have complete discretionary authority to determine all questions arising in the interpretation and administration of the Plan, and to construe the terms of the Plan, including any doubtful or disputed terms and the eligibility of a Participant for benefits. 6.6 Action Taken in Good Faith; Indemnification. The Committee may employ attorneys, consultants, accountants or other persons and the Company's directors and officers shall be entitled to rely upon the advice, opinions or valuations of any such persons. All actions taken and all interpretations and determinations made by the Committee in good faith shall be final and binding upon all employees who have received awards,the Company and all other interested parties. No member of the Committee, nor any officer, director, employee or representative of the Company,or any of its affiliates acting on behalf of or in conjunction with the Committee, shall be personally liable for any action, determination, or inter- pretation, whether of commission or omission,taken or made with respect to the Plan, except in circumstances involving actual bad faith or willful misconduct. In addition to such other rights of indemnification as they may have as members of the Board, as members of the Committee or as officers or employees of the Company, all members of the Committee and any officer, employee or representative of the Company or any of its subsidiaries acting on their behalf shall be fully indemnified and protected by the Company with respect to any such action, determination or interpretation against the reasonable expenses, including attorneys' fees actually and necessarily incurred, in connection with the defense of any civil or criminal action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan or an award granted thereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by Company ) or paid by them in satisfaction of a judgment in any action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such person claiming indemnification shall in writing offer the Company the opportunity, at its own expense, to handle and defend the same. Expenses (including attorneys' fees) incurred in defending a civil or criminal action, suit or proceeding shall be paid by the Company in advance of the final disposition of such action, suit or proceeding if such person claiming indemnification is entitled to be indemnified as provided in this Section. 6.7 Rights Personal to Employee. Any rights provided to an employee under the Plan shall be personal to such employee, shall not be transferable (except by will or pursuant to the laws of descent or distribution), and shall be exercisable, during his lifetime, only by such employee. 6.8 Upon termination of the Plan or suspension for a period of more than 90 days, the Bank Balance of each Participant shall be distributed as soon as practicable but in no event later than 90 days from such event. The Committee, in its sole discretion, may accelerate distribution of the Bank Balance, in whole or in part, at any time without penalty. 6.9 Non-Allocation of Award. In the event of a suspension of the Plan in any Plan Year, as provided herein at Article VIII, Section 8,the Current Bonus for the subject Plan year shall be deemed forfeited and no portion thereof shall be allocated to Participants. Any such forfeiture shall not affect the calculation of EVA in any subsequent year. ARTICLE VII Limitations 7.1 No Continued Employment. Nothing contained herein shall provide any employee with any right to continued employment or in any way abridge the rights of the Company and its Participating Units to determine the terms and conditions of employment and whether to terminate employment of any employee. 7.2 No Vested Rights. Except as otherwise provided herein, no employee or other person shall have any claim of right (legal, equitable, or otherwise)to any award, allocation, or distribution or any right,title,or vested interest in any amounts in his Bonus Bank and no officer or employee of the Company or any Participating Group or any other person shall have any authority to make representations or agreements to the contrary. No interest conferred herein to a Participant shall be assignable or subject to claim by a Participant's creditors. The right of the Participant to receive a distribution hereunder shall be an unsecured claim against the general assets of the Company and the Participant shall have no rights in or against any specific assets of the Company as the result of participation hereunder. 7.3 Not Part of Other Benefits. The benefits provided in this plan shall not be deemed a part of any other benefit provided by the Company to its employees. The Company assumes no obligation to plan Participants except as specified herein. This is a complete statement, along with the Schedules and Appendices attached hereto, of the terms and conditions of the plan. 7.4 Other Plans. Nothing contained herein shall limit the Company or the Compensation Committee's power to grant bonuses to employees of the Company, whether or not Participants in this plan. 7.5 Limitations. Neither the establishment of the plan or the grant of an award hereunder shall be deemed to constitute an express or implied contract of employment for any period of time or in any way abridge the rights of the Company to determine the terms and conditions of employment or to terminate the employment of any employee with or without cause at any time. 7.6 Unfunded Plan. This Plan is unfunded and is maintained by the Company in part to provide deferred compensation to a select group of management and highly compensated employees. Nothing herein shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any Participant. ARTICLE VIII Authority 8.1 Compensation Committee Authority. Except as otherwise expressly provided herein, full power and authority to interpret and administer this plan shall be vested in the Compensation Committee. The Compensation Committee may from time to time make such decisions and adopt such rules and regulations for implementing the Plan as it deems appropriate for any Participant under the Plan. Any decision taken by the Compensation Committee arising out of or in connection with the construction, ad- ministration, interpretation and effect of the Plan shall be final, conclusive and binding upon all Participants and any person claiming under or through them. 8.2 Board of Directors Authority. The Board shall be ultimately responsible for administration of the plan. References made herein to the "Compensation Committee" assume that the Board of Directors has created a Compensation Committee to administer the Plan. In the event a Compensation Committee is not so designated, the Board shall administer the Plan. The Board or its Compensation Committee, as appropriate, shall work with the CEO of the Company in all aspects of the administration of the Plan. ARTICLE IX Notice 9.1 Any notice to be given pursuant to the provisions of the Plan shall be in writing and directed to the appropriate recipient thereof at his business address or office location. ARTICLE X Effective Date 10.1 This Plan shall be effective as of July 4, 1993. ARTICLE XI Amendments 11.1 This Plan may be amended, suspended or terminated at any time at the sole discretion of the Board upon the recommendation of the Compensation Committee. Provided, however, that no such change in the Plan shall be effective to eliminate or diminish the distribution of any Award that has been allocated to the Bank of a Participant prior to the date of such amendment, suspension or termination. Notice of any such amendment, suspension or termination shall be given promptly to each Participant. ARTICLE XII Applicable Law 12.1 This Plan shall be construed in accordance with the provisions of the laws of the State of Wisconsin. Exhibit A Calculation of the Cost of Capital Inputs Variables: - ----------------- Risk Free Rate = Average Daily closing yield on U.S. Government 30 Yr. Bonds (for the month of December preceding the Plan Year). Market Risk Premium = 5.0% (Fixed) Beta = One (Fixed) Debt/Capital Ratio = 40% (Fixed) b = Cost of Debt Capital (Projected & Weighted Average Yield on the Company's Long Term Debt Obligations). Marginal Tax Rate = 39.0% (Historical Average). However, for exceptions see 2.4(C) Calculations: - ------------- y = Cost of Equity Capital = Risk Free Rate + (Beta x Market Risk Premium) Weighted Average Cost of Capital = [Cost of Equity Capital x (1 - Debt/Capital Ratio)] + [Cost of Debt x (Debt/Capital Ratio) x (1 - Marginal Tax Rate)] c* = [y x (1 - Debt/Capital)] + [b x (Debt/Capital) x (1 - Marginal Tax Rate)] Exhibit B Participant Target Bonus Classification Percentage I 60% II 50% III 40% IV 35% V 30% VI 25% VII 20% VIII 15% IX 10% X 5% XI 2% Exhibit C Participation Groups Expected Improvement in EVA Leverage Factor MANITOWOC ICE - MII 500,000 2,000,000 KOLPAK 350,000 1,000,000 MCCALL 450,000 500,000 KOLPAK MANUFACTURING 100,000 500,000 FOODSERVICE GROUP (1) 1,500,000 4,000,000 SERVEND 250,000 750,000 FOODSERVICE GROUP (2) 750,000 2,250,000 JOINT VENTURE (CHINA) 100,000 300,000 FOODSERVICE SEGMENT 1,000,000 3,500,000 MANITOWOC CRANES - MCC 1,000,000 3,000,000 RE-MANUFACTURING - MRI 50,000 150,000 FEMCO 200,000 600,000 NORTH CENTRAL CRANE - NCC 40,000 120,000 MTW EUROPE LTD ($)-MEL 75,000 225,000 MTW EUROPE LTD (POUNDS) 50,000 150,000 MCC GROUP (3) 1,500,000 4,000,000 CRAWLER CRANE GROUP (4) 1,100,000 3,400,000 AFTERMARKET GROUP (5) 1,200,000 3,600,000 MANITEX - MIT 500,000 1,000,000 WEST MANITOWOC 200,000 350,000 MARINE 150,000 750,000 CORPORATE 1,000,000 7,000,000 (1) Includes MII, Kolpak, McCall, & Kolpak Manufacturing (2) Includes MII and SerVend (3) Includes MCC, Femco, Re-Man, NCC, and MEL (4) Includes MCC, Re-Man, NCC, and MEL (5) Includes MCC and Femco EX-27 3 0003.txt
5 1000 6-MOS DEC-31-2000 JUN-30-2000 10383 1983 105313 2867 98306 238473 232204 132755 617167 282871 0 0 0 367 223607 617167 441277 441277 314494 374040 1045 0 6449 60031 22512 37519 0 0 0 37519 1.48 1.47
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