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Manitex International Reports First Quarter 2022 Results

BRIDGEVIEW, IL / ACCESSWIRE / May 4, 2022 / Manitex International, Inc. (NASDAQ:MNTX) ("Manitex" or the "Company"), a leading international provider of cranes and specialized industrial equipment, today announced results for the first quarter of 2022.

Q1 Financial Highlights

  • Net sales increased 28% to $60.4 million, compared to $47.2 million in the first quarter of 2021;
  • Net income of $0.2 million, or $0.01 per diluted share, compared to a loss of $0.8 million, or $(0.04) per diluted share, in the first quarter of 2021;
  • Adjusted net income* for the first quarter of 2022 was $0.9 million, or $0.05 per share, compared with a loss of $0.1 million, or $(0.01) per share for the first quarter of 2021;
  • Adjusted EBITDA* increased to $2.7 million, or 4.4% of net sales compared to $1.9 million, or 3.9% of net sales in 2021 and compared to $0.3 million, or 1.0% of net sales in the fourth quarter of 2021;
  • Backlog of $206 million, as of March 31, 2022, represents a 145% increase since March 31, 2021; the Company's book-to-bill ratio was 1.3:1 for the first quarter of 2022;
  • Net debt was $31.5 million compared to $23.8 million at the end of the year; representing a leverage ratio of 3.5 times trailing twelve months Adjusted EBITDA*

Subsequent Items

On April 11, 2022, the company simultaneously announced that Michael Coffey was appointed Chief Executive Officer, the closing of the acquisition of Rabern Rentals, and a new credit facility in the US. Total liquidity was estimated in the range of $35-$40 million at the close of this transaction.

"First quarter results reflect gains in sales, bookings, and a strong backlog that has surpassed $200 million," said Michael Coffey, CEO of Manitex International. "We are pleased with the strong demand for our products, across our product portfolio, both in North America and in Europe, and the backlog indicates that sales will continue to show good momentum throughout the rest of the year."

"Importantly, we continued to implement measures to address inflationary cost and supply chain pressures. These actions delivered improved results and should enable further benefit in the coming quarters. Subsequent to the end of the quarter, we completed the acquisition of Rabern Rentals, and while it will represent just a small portion of our revenues, we do expect it to be accretive to our Adjusted EBITDA, starting in the 2nd quarter. As we noted in our Form 8-k/a filed on April 21, 2022, Rabern Rentals had 2021 revenues of approximately $21 million and EBITDA of approximately $8 million."

"A focus on process efficiency, supply chain optimization and operational excellence will guide us as we battle inflationary and supply chain headwinds, which are impacting many equipment manufacturers at this time. We will be leveraging our global resources, implementing improved production processes and working on numerous initiatives that will translate into improved margins and EBITDA contributions for our business," concluded Coffey.

Financial Results for the First Quarter ended March 31, 2022

Net sales for the first quarter were $60.4 million compared to $47.2 million for the first quarter of 2021, and the Company reported a net income of $0.2 million, or $0.01 per diluted share, compared to a loss of $0.8 million, or $(0.04) per diluted share, in the prior-year period. Adjusted net income* for the first quarter of 2022 was $0.9 million, or $0.05 per share, compared with a loss of $0.1 million, or $(0.01) per share for the first quarter of 2021.

* Adjusted numbers are discussed in greater detail and reconciled under "Non-GAAP Financial Measures and Other Items" below.

Conference Call

Management will host a conference call with an accompanying slide presentation, in the morning Wednesday, May 4, at 11:00 AM ET, to discuss the results with the investment community. Anyone interested in participating in the call should dial 877-407-0792 from within the United States or 201-689-8263 if calling internationally. A replay will be available and can be accessed by dialing 844-512-2921 or 412-317-6671. Please use passcode 13728733 to access the replay. The call will be broadcast live and archived for 90 days over the internet with accompanying slides, accessible at the Company's website at

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 is included with this press release. 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 the dates 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), 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, Valla, and Rabern Rentals.

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
Peter Seltzberg, Capital Markets and Corporate Advisory
Investor Relations



(In thousands, except share and per share data)

March 31, 2022 December 31, 2021


Current assets


$15,524 $21,359

Cash - restricted

221 222

Trade receivables (net)

35,171 30,515

Other receivables

1,110 2,039

Inventory (net)

68,511 64,965

Prepaid expense and other current assets

3,548 2,436

Assets held for sale

1,069 -

Total current assets

125,154 121,536

Total fixed assets, net of accumulated depreciation of $17,011 and $18,662
at March 31, 2022 and December 31, 2021, respectively

15,235 16,460

Operating lease assets

3,524 3,563

Intangible assets (net)

11,157 11,946


24,629 24,949

Other long-term assets

1,168 1,143

Deferred tax assets

178 178

Total assets

$181,045 $179,775


Current liabilities

Accounts payable

$46,935 $44,136

Accrued expenses

10,366 10,539

Related party payables (net)

198 203

Notes payable

20,388 18,401

Current portion of finance lease obligations

450 399

Current portion of operating lease obligations

1,112 1,064

Customer deposits

4,677 7,121

Total current liabilities

84,126 81,863
Long-term liabilities

Revolving term credit facilities (net)

12,730 12,717

Notes payable (net)

9,938 10,089

Finance lease obligations (net of current portion)

3,775 3,822

Non-current operating lease obligations

2,413 2,499

Deferred gain on sale of property

487 507

Deferred tax liability

910 1,074

Other long-term liabilities

4,161 4,389

Total long-term liabilities

34,414 35,097

Total liabilities

118,540 116,960
Commitments and contingencies

Preferred Stock-Authorized 150,000 shares, no shares issued or outstanding at
March 31, 2022 and December 31, 2021

- -

Common Stock-no par value 25,000,000 shares authorized, 20,027,814 and 19,940,487
shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively

132,803 132,206

Paid-in capital

2,762 3,264

Retained deficit

(68,206) (68,436)

Accumulated other comprehensive loss

(4,854) (4,219)

Total equity

62,505 62,815

Total liabilities and equity

$181,045 $179,775



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

Three Months Ended
March 31,
2022 2021
Net revenues $60,420 $47,168
Cost of sales 50,295 38,363

Gross profit

10,125 8,805
Operating expenses

Research and development costs

716 785

Selling, general and administrative expenses

8,759 7,744

Total operating expenses

9,475 8,529

Operating income (loss)

650 276
Other income (expense)

Interest expense

(505) (525)

Interest income

2 4

Foreign currency transaction loss

(49) (215)

Other income (expense)

264 (20)

Total other income (expense)

(288) (756)
Income (loss) before income taxes 362 (480)

Income tax expense

132 292

Net income (loss)

$230 $(772)
Income (loss) per share


$0.01 $(0.04)


$0.01 $(0.04)
Weighted average common shares outstanding


19,961,785 19,845,064


20,014,180 19,845,064

Net Sales, Gross Margin and Operating Income (Loss)

Three Months Ended
March 31, 2022 December 31, 2021 March 31, 2021
As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted
Net sales $60,420 $60,420 $53,391 $53,391 $47,168 $47,168
% change Vs Q4 2021 13.2% 13.2%
% change Vs Q1 2021 28.1% 28.1%
Gross margin 10,125 10,125 4,655 7,881 8,805 8,873
Gross margin % of net sales 16.8% 16.8% 8.7% 14.8% 18.7% 18.8%
Operating Income (loss) 650 1,559 (7,114) (747) 276 748

Reconciliation of Net Income (Loss) To Adjusted Net Income (Loss)

Three Months Ended
March 31, 2022 December 31, 2021 March 31, 2021
Net income (loss) $230 $(8,065) $(772)
Adjustments, including net tax impact 713 6,411 664
Adjusted net income (loss) $943 $(1,654) $(108)
Weighted diluted shares outstanding 20,014,180 19,935,512 19,845,064
Diluted earnings (loss) per share as reported $0.01 $(0.40) $(0.04)
Total EPS effect $0.04 $0.32 $0.03
Adjusted diluted earnings (loss) per share $0.05 $(0.08) $(0.01)

Reconciliation of Net Income (Loss) To Adjusted EBITDA

Three Months Ended
March 31, 2022 December 31, 2021 March 31, 2021
Net Income (loss) $230 $(8,065) $(772)

Interest expense

505 511 521

Tax expense

132 374 292

Depreciation and amortization expense

1,145 1,004 1,130
EBITDA $2,012 $(6,176) $1,171

Litigation / legal settlement

$318 $682 $90

Rabern transaction costs

314 - -

Stock compensation

232 240 299

Inventory impairment

- 3,226 -

Impairment of Intangibles

- 2,078 -


49 122 215

Restructuring costs

29 81 68

Valla earnout

(202) - -


(27) 60 15
Total Adjustments $713 $6,489 $687
Adjusted EBITDA $2,725 $313 $1,858
Adjusted EBITDA as % of sales 4.5% 0.6% 3.9%


Mar 31, 2022 Dec 31, 2021 Sept 30, 2021 June 30, 2021 Mar 31, 2021
Backlog from continuing operations 205,682 $188,981 $113,584 $111,170 $83,793
Change Versus Current Period 8.8% 81.1% 85.0% 145.5%

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

March 31, 2022 December 31, 2021 March 31, 2021
Total cash & cash equivalents $15,745 $21,581 $16,075
Notes payable - short term $20,388 $18,401 $16,995
Current portion of finance leases 450 399 344
Notes payable - long term 9,939 10,089 13,067
Finance lease obligations - LT 3,775 3,822 4,128
Revolver, net 12,730 12,717 12,644
Total debt $47,282 $45,428 $47,178
Net debt $31,537 $23,847 $31,103

Net debt is calculated using the 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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