BRIDGEVIEW, IL / ACCESSWIRE / 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.
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, www.manitexinternational.com/eventspresentations.aspx.
Non-GAAP Financial Measures and Other Items
In this press release, we refer to various non-GAAP (U.S. generally accepted accounting principles) financial measures which management uses to evaluate operating performance, to establish internal budgets and targets, and to compare the 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.
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.
Manitex International, Inc.
Chief Executive Officer
Darrow Associates, Inc.
Peter Seltzberg, Managing Director
MANITEX INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
MANITEX INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share and per share amounts)
Note: Results shown are from Continuing Operations
Net Sales, Gross Margin and Operating Income (Los
Reconciliation of Net Loss To Adjusted Net Loss:
Reconciliation of Net Loss To Adjusted EBITDA:
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 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.
SOURCE: Manitex International, Inc.
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