Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Manitex International, Inc. | d689349d8k.htm |
| EX-99.1 - EX-99.1 - Manitex International, Inc. | d689349dex991.htm |
 “Focused
manufacturer of
engineered lifting
equipment”
Manitex International, Inc.
Conference Call
Fourth Quarter and Full Year 2013
March 6th, 2014
Exhibit 99.2 |
 2
Forward Looking Statements &
Non GAAP Measures
“Focused
manufacturer of
engineered lifting
equipment”
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 2013 Earnings Release on the Investor Relations section of our
website www.manitexinternational.com
for a description and/or reconciliation of these measures.
|
 3
“Focused
manufacturer of
engineered lifting
equipment”
Overview
•
2013 was another year of record growth and strong financial performance:
–
Sales of $245.1 million (19% increase)
–
Net income of $10.2 million (26% increase)
–
EPS $0.80 (18% increase)
–
EBITDA $21.5 million (20% increase), 8.8% of sales
•
Q4-2013 revenues increase 16% to $65.4 million and net income increases
49% to $3.0 million or $0.22 EPS. EBITDA $6.2 million 9.5% of
sales. •
Q4-2013 commercial conditions relatively unchanged from Q3-2013, with
markets flat. Start to 2014 has seen increase in tempo and order
intake
despite adverse impacts of weather in many places.
•
2013 accomplished several key building blocks:
•
New products introduced (eg 70 ton truck crane & 15 ton cab down).
•
Strategic acquisitions of Sabre and Valla in second half of the year.
•
Strengthened sales organization and distribution in several key areas.
|
 4
“Focused
manufacturer of
engineered lifting
equipment”
Commercial Overview
•
2013 market conditions did not live up to early growth expectations and in our
principal market, boom trucks, demand was marginally down year over
year:
•
Significant degree of uncertainty in N. America, influencing buying
decisions.
•
N. American general demand for our equipment relatively subdued and slow
growth and a long way from the peak of 2007-8. Energy still active
but demand from new developments slowed.
•
European markets continued to be adversely impacted from economic conditions
and lack of credit.
•
Selective international markets and sectors remained a positive
opportunity.
•
However, the start to 2014 is the strongest for past 18 months for boom truck
cranes.
•
Product revenue profile remained consistent i.e. still focused on more
specialized, higher tonnage units or industry specific product (e.g.
energy). Material handling equipment slower, but container handling
equipment improved during Q4-2013 with distribution gains.
•
Strongest demand for our Manitex boom trucks, up 30% v 2012. Large tonnage
unit shipments up 18% compared to 2012.
•
Invested in sales organization and added several new distributors in the year.
•
Several new products launched during the year, including 70t crane on
commercial chassis at Manitex.
•
Valla pick and carry cranes and Sabre tanks added to portfolio during the
year. •
12/31/13 Backlog of $77.3 million (12/31/12, $130.4 million): •
Production levels increased to improve lead times and balance with demand
levels.
•
Broad based order book although boom trucks continue to be heavily
represented. |
 5
Key Figures -
Annual
“Focused
manufacturer of
engineered lifting
equipment”
USD thousands
2013
2012
2011
Net sales
$245,072
$205,249
$142,291
% change in 2013 to prior period
19.4%
72.2%
Gross profit
46,476
40,464
29,250
Gross margin %
19.0%
19.7%
20.6%
Operating expenses
28,938
26,005
22,649
Net Income
10,178
8,077
2,780
Earnings per share
$0.80
$0.68
$0.24
Ebitda
21,483
17,957
11,120
Ebitda % of Sales
8.8%
8.7%
7.8%
Working capital
74,021
61,426
41,032
Current ratio
2.5
2.4
2.4
Backlog
77,281
130,352
83,700
% change in 2013 to prior period
(40.7%)
(7.7%) |
 6
“Focused
manufacturer of
engineered lifting
equipment”
2013 Operating Performance
$m
$m
2012 Net income
8.1
Gross profit impact of increased sales of $39.8 million
(2013 sales less 2012 sales at 2012 gross profit % ).
7.8
Impact from lower margin
(2013 gross profit % -
2012 gross profit % multiplied by 2013 sales)
(1.8)
Increase in gross profit
6.0
Increase in R&D expense
Increase in SG&A expenses
SG&A expense from acquired businesses & acquisition costs
(0.5)
(1.4)
(1.9)
(1.0)
Interest
(0.5)
Other income / (expense)
(0.1)
Increase in tax
(0.4)
2013 Net income
$ 10.2 |
 7
Key
Figures
-
Quarterly
“Focused
manufacturer of
engineered lifting
equipment”
USD thousands
Q4-2013
Q4-2012
Q3-2013
Net sales
$65,431
$56,524
$57,521
% change in Q4-2013 to prior period
15.8%
13.8%
Gross profit
12,779
10,322
11,201
Gross margin %
19.5%
18.3%
19.5%
Operating expenses
7,759
7,046
6,544
Net Income
2,991
2,014
2,621
Earnings Per Share
$0.22
$0.16
$0.21
Ebitda
6,225
4,102
5,624
Ebitda % of Sales
9.5%
7.3%
9.8% |
 8
Working Capital
“Focused
manufacturer of
engineered lifting
equipment”
•Major movements in working capital increase 2013 v 2012, of $12.6m
(including acquisitions):
•
Cash, net of short term credit facility, $2.4m, Receivables $2.0m, inventory
$11.4m, and decreased accounts payable $0.2m, offset by
accrued expenses $1.1m,
other
current
liabilities
$0.4m,
and
short
term
notes
$0.7m.
•Inventory: increases in raw materials $6.9m and finished goods $5.0m to
support growth.
•Working capital ratios in good position v 2012.
$000
2013
2012
2011
Working Capital
$74,021
$61,426
$41,032
Days sales outstanding (DSO)
53
58
60
Days payable outstanding (DPO)
45
51
59
Inventory turns
2.9
3.0
2.7
Current ratio
2.5
2.4
2.4
Operating working capital
86,916
74,300
49,613
Operating working capital % of
annualized LQS
33.2%
32.9%
33.9% |
 9
“Focused
manufacturer of
engineered lifting
equipment”
•Increase in debt at 12/31/2013 from 12/31/2012 of $5.1 million or $0.9
million net of cash. •
Increase in lines of credit, equipment finance and Italian working capital finance
$5.5 million.
•
Repayments of $0.6 million on capital leases.
•
Net increase in acquisition debt of $0.1 million.
•N. American revolver facilities, based on available collateral at 12/31/13
was $46m. •N. American revolver availability at 12/31/13 of
$6.0m. •Record EBITDA of $21.5 million for 2013.
Debt & Liquidity
•
Net capitalization is the sum of debt plus equity minus cash
•
Net debt is total debt less cash
$000
2013
2012
2011
Total Cash
6,091
1,889
71
Total Debt
54,231
49,138
42,227
Total Equity
84,991
59,533
46,794
Net capitalization
133,131
106,782
88,950
Net debt / capitalization
36.2%
44.2%
47.4%
EBITDA
21,483
17,957
11,120
EBITDA % of sales
8.8%
8.7%
7.8% |
 10
Summary
“Focused
manufacturer of
engineered lifting
equipment”
•
Niche product and market strategy and selective acquisitions continue
to deliver strong growth potential in an environment where the market
is currently providing little impetus.
•
Solid 2013 financial performance and strategic developments:
–
Output expanded.
–
Solidified strong position in higher growth markets such as energy
to complement traditional commercial focus.
–
New products launched and two strategic acquisitions completed
to broaden capability and product offering and strengthen
customer relationships.
–
Balance sheet strengthened by equity raise and debt repayments
and working capital facilities increased for continued growth.
|