MNTX Manitex International

Filed: 6 May 21, 4:02pm

Exhibit 99.1



Manitex International, Inc. Reports First Quarter 2021 Results

Bridgeview, IL, May 6, 2021 — Manitex International, Inc. (Nasdaq: MNTX), a leading international provider of cranes and specialized industrial equipment, today announced first quarter 2021 results. Net sales from continuing operations for the first quarter were $47.2 million, compared to $48.7 million in the prior year’s first quarter, and net loss from continuing operations was $(0.8 million) or $(0.04) per share, compared to net loss from continuing operations of $(7.0 million) or $(0.36) per share, in the first quarter of 2020. Adjusted net loss* from continuing operations in the first quarter of 2021 was $(0.1 million), or $(0.01) per share, compared to adjusted net income of $1.6 million, or $0.08 per share, for the first quarter of 2020.

Quarterly Financial Highlights (Sequential comparisons unless noted otherwise):



Net sales increased to $47.2 million compared to $45.2 million in the fourth quarter of 2020



Gross profit of $8.8 million, or 18.7% of sales was in-line with $8.4 million gross profit, or 18.7% of sales in the fourth quarter of 2020



Adjusted EBITDA* increased 24.0% to $1.9 million, or 3.9% of sales, from $1.5 million, or 3.3% of sales in the fourth quarter of 2020



$107 million backlog as of April 30, 2021 is at a 5-year high, and book to bill was 1.34:1



Available liquidity through cash and credit lines of approximately $28 million as of March 31, 2021

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.

Steve Filipov, CEO of Manitex International commented, “Our first quarter results were in-line with our expectations and reflect increased net sales and adjusted EBITDA. Our backlog has grown consistently over the past several quarters, evidence of a healthy recovery in demand in many of the markets that our products are uniquely suited for, and has surpassed $100 million, giving us confidence that we will achieve a year of growth in 2021. To put that in perspective, just slightly over a year ago, we reported a backlog of $57 million, and thus, we’re pleased with the progress that our global sales team is making. We recently announced $1.7 million in follow-on orders for PM cranes from a large international military entity as originally announced in the third quarter last year.

“While the backlog indicates a healthy level of demand in each product category, there remain challenges with respect to logistics, supply chain, and input pricing that are typical at the early stages of a recovery. We will aim to work closely with our customers to collectively address the cost increases, protect our margins, and effectively manage our working capital. Given the visibility we have for acceleration in our sales and a more favorable product mix in the backlog, we anticipate progressively higher EBITDA and EBITDA margins throughout the year as we move towards our target of double-digit EBITDA margins.

Our balance sheet, with net debt of $31 million, is in good shape, and our cash and availability of approximately $28 million also positions us well for growth,” 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, May 6, 2021, to discuss the results with the investment community. Anyone interested in participating in the call should dial 800-683-3233 from within the United States or 303-223-4369 if calling internationally. A replay will be available

until May 13, 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 21993763 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,

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 March 31, 2021 and 2020 and December 31, 2020 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 March 31, 2021 and 2020 and December 31, 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.


Darrow Associates Inc.

Steve Filipov


Peter Seltzberg, Managing Director

Chief Executive Officer


Investor Relations

(708) 237-2054

  (516) 419-9915



(In thousands, except share and per share data)


   March 31, 2021  December 31, 2020 

Current assets



  $15,839  $17,161 

Cash – restricted

   236   240 

Trade receivables (net)

   33,565   30,418 

Other receivables

   1,289   179 

Inventory (net)

   58,853   56,055 

Prepaid expense and other current assets

   3,712   2,218 







Total current assets

   113,494   106,271 







Total fixed assets, net of accumulated depreciation of $17,599 and $17,444 at December 31, 2020 and December 31, 2019, respectively

   17,777   18,723 

Operating lease assets

   3,752   4,068 

Intangible assets (net)

   14,633   15,671 


   26,729   27,472 

Other long-term assets

   1,143   1,143 

Deferred tax asset

   247   247 







Total assets

  $177,775  $173,595 







Current liabilities


Accounts payable

  $38,846  $32,429 

Accrued expenses

   8,650   7,909 

Related party payables

   34   52 

Notes payable

   16,995   16,510 

Current portion of finance lease obligations

   344   344 

Current portion of operating lease obligations

   1,009   1,167 

Customer deposits

   1,771   2,363 

Deferred income liability

   3,747   3,747 







Total current liabilities

   71,396   64,521 







Long-term liabilities


Revolving term credit facilities (net)

   12,644   12,606 

Notes payable (net)

   13,067   13,625 

Finance lease obligations (net of current portion)

   4,128   4,221 

Non-current operating lease liabilities

   2,743   2,901 

Deferred gain on sale of property

   567   587 

Deferred tax liability

   1,317   1,333 

Other long-term liabilities

   4,723   4,892 







Total long-term liabilities

   39,189   40,165 







Total liabilities

   110,585   104,686 







Commitments and contingencies




Preferred Stock—Authorized 150,000 shares, no shares issued or outstanding at March 31, 2021 and December 31, 2020

   —     —   

Common Stock—no par value 25,000,000 shares authorized, 19,900,789 and 19,821,090 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively

   131,991   131,455 

Paid in capital

   2,740   3,025 

Retained deficit

   (64,635  (63,863

Accumulated other comprehensive loss

   (2,906  (1,708







Total equity

   67,190   68,909 







Total liabilities and equity

  $177,775  $173,595 









(In thousands, except for share and per share amounts)


   Three Months Ended
March 31,
   2021  2020 

Net revenues

  $47,168  $48,733 

Cost of sales

   38,363   38,486 







Gross profit

   8,805   10,247 

Operating expenses


Research and development costs

   785   687 

Selling, general and administrative expenses

   7,744   8,039 

Impairment of intangibles

   —     6,722 







Total operating expenses

   8,529   15,448 







Operating income (loss)

   276   (5,201

Other income (expense)


Interest expense

   (525  (1,084

Interest income

   4   60 

Foreign currency transaction loss

   (215  (418

Other (expense) income

   (20  3 







Total other (expense) income

   (756  (1,439







Loss before income taxes from continuing operations

   (480  (6,640

Income tax expense from continuing operations

   292   404 







Loss from continuing operations

   (772  (7,044







Discontinued operations:


Loss from operations of discontinued operations

   —     (388

Income tax expense (benefit)

   —     44 







Loss from discontinued operations

   —     (432







Net loss

  $(772 $(7,476







Loss Per Share




Loss from continuing operations

  $(0.04 $(0.36

Loss from discontinued operations

   —    $(0.02

Net loss

  $(0.04 $(0.38



Loss from continuing operations

  $(0.04 $(0.36

Loss from discontinued operations

   —    $(0.02

Net loss

  $(0.04 $(0.38

Weighted average common shares outstanding



   19,845,064   19,733,772 


   19,845,064   19,733,772 

Note: Results shown are from Continuing Operations

Net Sales, Gross Margin and Operating Income (Loss)


   Three Months Ended 
   March 31, 2021  December 31, 2020  March 31, 2020 
   As Reported  As Adjusted  As Reported  As Adjusted  As Reported  As Adjusted 

Net sales

  $47,168  $47,168  $45,184  $45,184  $48,733  $48,733 

% change Vs Q4 2020

   4.4  4.4    

% change Vs Q1 2020

   (3.2%)   (3.2%)     

Gross margin

   8,805   8,873   8,429   8,095   10,247   10,317 

Gross margin % of net sales

   18.7  18.8  18.7  17.9  21.0  21.2

Operating Income (loss)

   276   748   (69  323   (5,201  2,467 

Reconciliation of Net Loss To Adjusted Net Loss:


   Three Months Ended 
   March 31, 2021  December 31, 2020  March 31, 2020 

Net (loss) income

  ($772 $(1,827 $(7,044

Adjustments, including net tax impact

   664   528   8,647 

Adjusted net (loss) income

  ($108 ($1,299 $1,603 

Weighted diluted shares outstanding

   19,845,064   19,817,599   19,733,772 

Diluted (loss) earnings per shares as reported

  ($0.04 ($0.09 ($0.36

Total EPS effect

  $0.03  $0.02  $0.44 

Adjusted diluted (loss) earnings per share

  ($0.01 ($0.07 $0.08 

Reconciliation of Net Loss To Adjusted EBITDA:


   Three Months Ended 
   March 31, 2021  December 31, 2020  March 31, 2020 

Net Income (loss)

  $(772 $(1,827 $(7,044

Interest expense

   521   762   1,084 

Tax expense

   292   865   403 

Depreciation and amortization expense

   1,130   1,164   1,037 











  $1,171  $964  $(4,520



Stock compensation

  $299  $380  $222 


   215   142   418 

Litigation / legal settlement

   90   113   108 

Goodwill impairment

   —     —     6,585 

Tradenames & customer relationships impairment

   —     —     137 

Restructuring / asset impairment costs

   68   —     70 

Trade show expense

   —     —     546 

Put call option reserve reversal

   —     (334  —   


   15   233   —   










Total Adjustments

  $687  $534  $8,086 










Adjusted EBITDA

  $1,858  $1,498  $3,566 










Adjusted EBITDA as % of sales

   3.9  3.3  7.3



   Mar 31, 2021   Dec 31, 2020  Sep 30, 2020  Jun 30, 2020  Mar 31, 2020 

Backlog from continuing operations

  $83,793   $67,967  $50,541  $44,272  $57,045 

Change Versus Current Period

     23.3  65.8  89.3  46.9

Note: Backlog was $107 million as of April 30, 2021

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

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.


   March 31, 2021   December 31, 2020 

Total cash & cash equivalents

  $16,075   $17,401 

Notes payable - short term

  $16,995   $16,510 

Current portion of finance leases

   344    344 

Notes payable - long term

   13,067    13,625 

Finance lease obligations - LT

   4,128    4,221 

Revolver, net

   12,644    12,606 







Total debt

  $47,178   $47,306 







Net debt

  $31,103   $29,905