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| 8-K - FORM 8-K - Manitex International, Inc. | d503220d8k.htm |
 Focused
manufacturer of engineered lifting equipment Exhibit 99.1
Manitex International, Inc.
Corporate Presentation
(NASDAQ: MNTX)
March 2013 |
 Focused
manufacturer of engineered lifting equipment 2
Forward Looking Statements & 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.
Non-GAAP
Measures:
Manitex
International
from
time
to
time
refers
to
various
non-GAAP
(generally
accepted
accounting
principles) financial measures in this presentation. Manitex believes that this
information is useful to understanding its operating results without the impact of
special items. See Manitex’s Full Year and Fourth Quarter 2012 earnings release on
the Investor Relations section of our website www.manitexinternational.com for a description
and/or reconciliation of these measures.
3/14/2013
Nasdaq: MNTX |
 Focused
manufacturer of engineered lifting equipment Global provider of highly
specialized and custom
configured cranes
Sell materials and
container handling
equipment through
dealerships
Company Snapshot
Manitex
International, Inc.
Niches
Served
Company
Origin
Launched as a private
company in 2003
Publicly traded on
NASDAQ: MNTX
Steady organic growth
Industry consolidator:
acquired seven branded
product lines since going
public in 2006
3
3/14/2013
Nasdaq: MNTX
Energy exploration and
field development
(includes Canadian oil
sands and recent oil and
natural gas initiatives
throughout U.S.)
Power line construction
Military
Railroads
Ports
Government/agency |
 Focused
manufacturer of engineered lifting equipment #44 on Forbes Best Small Companies 2012
4
According
to
Forbes,
this
list
compiles
"an
annual
ranking
of
America's
Best
Small
Companies
that
have
experienced
strong
growth
over
the
past
five
years.
The
2012
list
highlights
public
companies
with
sales
under
$1
billion,
which
are
ranked
based
on
return
on
equity,
sales
growth
and
earnings
growth
over
the
past
year
and
the
past
five
years."
Forbes
methodology
factored
in
stock
performance
versus
each
company's
peer
group
during
the
last
12
months.
3/14/2013
Nasdaq: MNTX |
 Focused
manufacturer of engineered lifting equipment $000, except %
2008
2009
2010
2011
2012
Revenues
$106,341
$55,887
$95,875
$142,291
$205,249
Gross Margin (%)
16.4%
20.0%
24.3%
20.6%
19.7%
EBITDA
$5,416
$1,982
$8,676
$11,120
$17,957
EBITDA Margin (%)
5.1%
3.5%
9.0%
7.8%
8.7%
Net income
$1,799
$3,639
(1)
$2,109
$2,780
$8,077
Backlog
$15,703
$22,122
$39,905
$83,700
$130,352
(1)
2009 GAAP Net Income includes gain on bargain purchase of $3,815
Financial Summary
Financial Summary
Stock Price
(at 3/11/13)
$10.60
Market Cap (at
3/11/13) $130.0M
Total Ent. Value
(3/11/13)
$177.2M
2012 Revenue
$205.2M
2012 Net Income
$8.1M
2012 EBITDA
$18.0M
Ticker / Exchange
MNTX/NasdaqCM
Capitalization
Basic Shares O/S (at
12/31/12) 12.3M
Diluted Shares O/S
(at 12/31/12)
12.3M
Total Debt (at
12/31/12) $49.1M
5
3/14/2013
Nasdaq: MNTX |
 Focused
manufacturer of engineered lifting equipment •
Engineered lifting equipment
•
Manitex boom trucks
•
SkyCrane aerial platforms
•
Sign cranes
•
RT forklifts
•
Special mission-oriented
vehicles
•
Carriers
•
Heavy material handling
•
Transporters & steel mill
equipment
•
Specialized earthmoving,
railroad and material
handling equipment since
1945
•
Has built ~ 10,000 units
since 1945
•
Manufacturer of container
handling equipment for the
global port & inter-modal
sectors
•
Products: reach stackers,
laden and unladen container
forklifts & straddle carriers
Product Overview
6
3/14/2013
Nasdaq: MNTX |
 Focused
manufacturer of engineered lifting equipment Competitive Positioning
7
Core Competencies
Strong brand history
Acknowledged product
development record
International dealers enable us to
follow demand
Focused on specialized equipment
and niche end-markets
Products
Niche markets
Broad end-user base
Highly customized/specialized;
will configure-to-order
Parts and service an important
part of business model
Lower capital commitment for a boom truck vs.
competitors’
custom cranes of similar lifting capacity
Usually less or no special permitting vs. competitors’
custom cranes of similar lifting capacity
3/14/2013
Nasdaq: MNTX
Superior ROI |
 Focused
manufacturer of engineered lifting equipment Lifting Equipment Market Overview
Market Overview
Principal products: boom truck cranes that vary in height
& tonnage capacity
Smaller tonnage cranes (<30 tons) more focused on
general construction markets; larger cranes (30+ tons)
focus on power line construction and energy
Larger tonnage cranes in higher demand since economic
downturn
Boom truck cranes typically less expensive than rough
terrain and all terrain cranes
Manitex Market Position
Broader market: ~65% of cranes shipped in the smaller
tonnage range; ~75% of Manitex shipments have been in
larger tonnage
Focus on being a niche player allows specialization tailored
towards customers’
needs
Production distribution skewed toward larger tonnage
machines
First to launch 50-ton crane (May 2007)
Have developed a series of products around the demand
for larger tonnage cranes
8
3/14/2013
Nasdaq: MNTX |
 Focused
manufacturer of engineered lifting equipment Replacement Parts & Service
Consistent Recurring Revenue
9
•
Recurring revenue of approximately 15-20% of total sales
•
Spares relate to swing drives, rotating components, and booms
among others, many of which are proprietary
–
Serve additional brands
–
Service team for crane equipment
–
Automated proprietary system implemented in principal operations
3/14/2013
Nasdaq: MNTX |
 Focused
manufacturer of engineered lifting equipment Revenue Growth Drivers
Pie chart represents the difference /
reconciliation between $55.9M & $205.2M
10
3/14/2013
Nasdaq: MNTX
2009 –
2012
Energy
business
was
less
than
10%
in
2009,
estimated
~
50%
in
2012
R&D
budget:
up
from
~
$1M
to
~
$2.5M/year
Incremental
annual
increase
of
$1M
in
R&D
expected
to
generate
~
$40M
in
revenues
for
2012 |
 Focused
manufacturer of engineered lifting equipment Investment Highlights
11
•
Niche markets with
solid demand
drivers for products
•
Increased
penetration in oil
and gas, power grid
and rail industries
•
Demand in end
markets –
energy,
railroad, and
utilities –
expected
to be consistently
strong
•
Customer focused
design strategy
•
Diversified product
offering
•
Quickly adaptable
to changes in
demand
•
Commitment to
innovation,
research, &
product
development
•
Expected impact
from new product
launches in 2013
•
Nine of ten
consecutive quarters
of backlog growth
•
Compared to 2011,
2012 revenues
+44%, EBITDA +61%,
and EPS +183%
•
Balance sheet
strength positionned
for growth: Interest
coverage of 7.3
times and debt to
EBITDA ratio of 2.7
times at 12/31/2012
•
End market diversity
offsets weak
demand in segments
•
NA represents ~83%
of revenue,
mitigating concerns
of European
economic climate
•
Existing global
presence (~20K units
worldwide)
•
International dealer
network provides
footprint for on-
going international
growth
•
Seasoned senior
management:
over 70 years of
collective industry
experience
•
Successfully
integrated
multiple
acquisitions
•
Significant
management
ownership
Growth in
End Markets
Flexible
Operating
Model
Broad Industry
& Geographic
Distribution
Growth in
Key Financial
Metrics
Experienced
Management
3/14/2013
Nasdaq: MNTX |
 Focused
manufacturer of engineered lifting equipment 12
Financial Overview
Manitex International, Inc.
March
2013
3/14/2013
Nasdaq: MNTX |
 Focused
manufacturer of engineered lifting equipment Key Figures -
Annual
13
USD thousands except as noted
2009
2010
2011
2012
Net sales
$55,887
$95,875
$142,291
$205,249
Gross profit
11,157
23,334
29,250
40,464
Gross margin %
20.0%
24.3%
20.6%
19.7%
Operating expenses
7,813
17,797
22,649
26,005
Net Income
3,639
2,109
2,780
8,077
EBITDA
1,982
8,676
11,120
17,957
EBITDA % of Sales
3.5%
9.0%
7.8%
8.7%
Backlog ($ million)
$22.1
$39.9
$83.7
$130.4
3/14/2013
Nasdaq: MNTX |
 Focused
manufacturer of engineered lifting equipment Summary Balance Sheet
14
$000s
31-Dec-12
31-Dec-11
31-Dec-10
31-Dec-09
Current Assets
$104,777
$71,209
$54,703
$40,147
Fixed Assets
10,297
11,017
10,659
11,804
Other Long-Term Assets
36,430
39,365
40,155
42,734
Total Assets
$151,504
$121,591
$105,517
$94,685
Current Liabilities
$43,351
$30,177
$23,011
$14,569
Long-Term Liabilities
48,620
44,620
39,232
39,688
Total Liabilities
91,971
74,797
62,243
54,257
Shareholders’
Equity
59,533
46,794
43,274
40,428
Total Liabilities & Shareholders’
Equity
$151,504
$121,591
$105,517
$94,685
3/14/2013
Nasdaq: MNTX |
 Focused
manufacturer of engineered lifting equipment Working Capital
15
$000
Q4 2012
Q4 2011
Working Capital
$61,426
$41,032
Days Sales Outstanding (DSO)
58
60
Days Payable Outstanding (DPO)
51
59
Inventory Turns
3.0
2.7
Current Ratio
2.4
2.4
Operating Working Capital
$74,300
$50,007
Operating Working Capital % of Annualized LQS
32.9%
34.2%
Major movements in working capital increase 2012 v 2011 of $20.4M
•
Cash, net of short term credit facility, ($0.9M), receivables ($12.3M), inventory ($19.0M),
offset by increased accounts payable ($7.0M), accrued expenses ($2.8M), other current
liabilities ($1.2M), and short term notes payable ($0.9M)
Inventory: increases in raw materials ($11.6M) and WIP ($3.2M) and finished goods
($4.2M) to support growth
Working capital ratios in good position v 2011
3/14/2013
Nasdaq: MNTX |
 Focused
manufacturer of engineered lifting equipment Debt & Liquidity
16
$000
Q4 2012
Q4 2011
Total Cash
$1,889
$71
Total Debt
49,138
42,227
Total Equity
59,533
46,794
Net Capitalization
106,782
88,950
Net Debt / Capitalization
44.2%
47.4%
EBITDA
17,957
11,120
EBITDA % of Sales
8.7%
7.8%
Increase in debt at 12/31/2012 from 12/31/2011 of $6.9M, ($5.1M net of cash)
•
Increase in lines of credit, equipment finance and Italian working capital finance $13.5M
•
Repayments of $6.6M on long term debt
N. American revolver facilities, based on available collateral at 12/31/12 was $43M
N. American revolver availability at 12/31/12 of $7.8M
Record EBITDA of $18M for 2012
3/14/2013
Nasdaq: MNTX |
 Focused
manufacturer of engineered lifting equipment Experienced Management Team
17
Name & Title
Experience
David Langevin
Chairman & CEO
20+ years principally with Terex
Andrew Rooke
President & COO
20+ years principally with Rolls Royce, GKN Sinter Metals,
Off-Highway & Auto Divisions
David Gransee
CFO & Treasurer
Formerly with Arthur Andersen, 15+ years with Eon Labs
(formerly listed)
Robert Litchev
President –
Manufacturing Operations
10+ years principally with Terex
Scott Rolston
SVP Strategic Planning
13+ years principally with Manitowoc
3/14/2013
Nasdaq: MNTX |
 Focused
manufacturer of engineered lifting equipment Company Timeline
18
2010
2008
2009
2007
March 2002:
Manitowoc (NYSE:MTW)
acquires Grove
January 2003:
Manitowoc divests
Manitex
December 2009: Acquire Load
King Trailers
July 2009: Acquire Badger
Equipment Co.
November 2006:
Veri-Tek Acquires
LiftKing
July 2007: VCC
acquires Noble
forklift
May 2008: Name changed to Manitex International and
listed on Nasdaq (MNTX)
October 2008:
Crane & Machinery
and Schaeff Forklift
acquired
July 2006: Manitex
merges into Veri-Tek,
Intl. (VCC)
July 2010 : CVS Operating
Agreement
2006
2004
2002
2005
2003
2011
July 2011: Closes
Acquisition of CVS
3/14/2013
Nasdaq: MNTX |
 Focused
manufacturer of engineered lifting equipment Operating Companies
19
Brand
Products
End Markets
Drivers
•
Boom trucks and cranes
•
Sign cranes
•
Parts
•
Energy exploration
•
Power transmission
•
Industrial projects
•
Infrastructure development
•
Strong end market demand for specialized,
competitively differentiated products for oil, gas,
and energy sectors
•
Product development
•
Rough terrain cranes
•
Specialized construction
equipment
•
Parts
•
Railroad
•
Construction
•
Refineries
•
Municipality
•
Equipment replacement cycle in small tonnage
flexible cranes for refinery market
•
More efficient product offering across end
markets
•
Rough terrain forklifts
•
Special mission-oriented vehicles
•
Custom specialized carriers
•
Parts
•
Military
•
Utility
•
Ship building
•
Commercial
•
Steady, profitable growth from both commercial
and military application of products
•
Custom trailers
•
Hauling systems for heavy
equipment transport
•
Parts
•
Energy
•
Mining
•
Railroad
•
Commercial construction
•
U.S. energy exploration build-out
•
Oil and gas exploration
•
General infrastructure construction
•
Reach stackers
•
Container handling forklifts
•
Parts
•
Global container market
•
International container market and global trade
•
Re-establishing customer relationships and select
product categories
•
Rough terrain forklifts
•
Special mission-oriented vehicles
•
Custom specialized carriers
•
Parts
•
Military
•
Utility
•
Ship building
•
Commercial
•
Steady, profitable growth from both commercial
and military application of products
3/14/2013
Nasdaq: MNTX |