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Form 8-K Manitex International, For: Nov 18

November 18, 2014 11:07 AM EST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section�13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of the earliest event reported) November�18, 2014

MANITEX INTERNATIONAL, INC.

(Exact Name of Registrant as Specified in Its Charter)

Michigan 001-32401 42-1628978

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

9725 Industrial Drive,

Bridgeview, Illinois

60455
(Address of Principal Executive Offices) (Zip Code)

(708) 430-7500

(Registrant�s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Item�7.01 Results of Operations and Financial Condition.

On November�18, 2014, the Company posted a slide presentation on its website. This slide presentation is incorporated herein by reference.

The information under Item�7.01 in this Current Report on Form 8-K, including the exhibits hereto, is being furnished and shall not be deemed �filed� for the purposes of Section�18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information under Item�7.01 in this Current Report on Form 8-K will not be incorporated by reference into any registration statement or other document filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference. The furnishing of the information under Item�7.01 in this Current Report on Form 8-K is not intended to, and does not, constitute a determination by the Company that the information under Item�7.01 in this Current Report on Form 8-K is complete or that investors should consider this information before making an investment decision with respect to any security of the Company.

Item�9.01 Financial Statements and Exhibits.

(a) Financial Statements of Businesses Acquired.

Not applicable.

(b) Pro Forma Financial Information.

Not applicable.

(c) Shell Company Transactions.

Not applicable.

(d) Exhibits.

99.1 Manitex International, Inc. slide presentation posted on Company website November�18, 2014.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunder duly authorized.

MANITEX INTERNATIONAL, INC.
By: /s/ DAVID GRANSEE
Name: David Gransee
Title: VP & CFO

Date: November�18, 2014


EXHIBIT INDEX

Exhibit

Number

��

Description

99.1 �� Manitex International, Inc. slide presentation posted on company website November 18, 2014.
Manitex International, Inc.
Corporate Presentation
(NASDAQ: MNTX)
Q3 2014
Exhibit 99.1


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 Q3 2014 earnings release on the Investor Relations
section of our website www.manitexinternational.com for a description and/or reconciliation of these measures.
11/18/2014
Nasdaq: MNTX


Company Snapshot
3
11/18/2014
Nasdaq: MNTX
Manitex
International, Inc.
Niches
Served
Company
Origin
Global provider of highly
specialized cranes-
straight-mast and
knucklebooms
Materials and container
handling equipment also
sold through
dealerships, globally
Miscellaneous
specialized equipment
Energy exploration and
field development
Power line construction
Military
Railroads
Ports
Government/agency
Construction-resi and
non-resi
Launched as a private
company in 2003
Publicly traded on
NASDAQ: MNTX
Steady organic growth
Industry consolidator:
consistently adding
branded product lines
through M&A� since
going public in 2006


Company Timeline
4
11/18/2014
Nasdaq: MNTX
July 2013: Acquires
Sabre Manufacturing LLC
December 2009: Acquires
Load King Trailers
July 2009: Acquires
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
2007
2008
2009
2010
2011
2012
2013
July 2011: Closes
Acquisition of CVS
January 2003:
Manitowoc
divests
Manitex
March 2002:
Manitowoc
(NYSE:MTW)
acquires Grove
November 2013:�
Acquires Valla SpA
of Piacenza, Italy
2014
July 2014: Agreement to
Acquire
PM Group SpA
October 2014: Agrees
to form JV with Terex
for ASV


Leading Italian
manufacturer of truck-
mounted hydraulic knuckle
boom cranes
Diverse product lines
ranging up to 108 metric
tonnes in lifting capacity;
sales in 50 countries
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
Product Overview-Our Largest Product Groups
5
11/18/2014
Nasdaq: MNTX
*
* PM and ASV transactions expected to close Q4 2014
Crawler-track loaders and
skid-steer loaders
Commercial and Residential
Markets
Generally ideal for pick &
carry and digging
applications
ASV, Inc.
*


Competitive Positioning
6
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
11/18/2014
Nasdaq: MNTX
Superior ROI


Financial Summary-Snapshot
$000,� except %
2009
2010
2011
2012
2013
Revenues
$55,887
$95,875
$142,291
$205,249
245,072
Gross Margin (%)
20.0%
24.3%
20.6%
19.7%
19.0%
EBITDA
$1,982
$8,676
$11,120
$17,957
21,483
EBITDA Margin (%)
3.5%
9.0%
7.8%
8.7%
8.8%
Net income
$3,639
(1)
$2,109
$2,780
$8,077
$10,178
Backlog
$22,122
$39,905
$83,700
$130,352
$77,281
(1)
2009 GAAP Net Income includes gain on bargain purchase of $3,815
Key Statistics
Stock Price
(11/14/14)
$11.45/share
Market Cap (11/14/14)
$158.3M
Total Ent. Value (11/14/14)
$208.0M
2013 Revenue
$245.1M
2013 Net Income
$10.2M
2013 EBITDA
$21.5M
Ticker / Exchange
MNTX/NasdaqCM
Capitalization
Basic Shares O/S (9/30/14)
13.8M
Diluted Shares O/S
(9/30/14)
13.9M
Total Debt (at 9/30/14)
$54.7M
7
11/18/2014
Nasdaq: MNTX


Positioned for Consistent Financial Growth-2
Key Transactions in 2014
8
Historically
Consistent
EBITDA
Margin of
9.0%
2009-2012
CAGR was
45.3% (pre-
PM Group
and pre-ASV)
$M
Opportunity


Latest Transaction�JV Agreement with Terex
(NYSE:TEX)� to Operate ASV, Inc. (October 2014)
9
11/18/2014
Nasdaq: MNTX
ASV brings a broad product line of rubber-track crawler and skid-steer loaders and
accessories to the product group
Total sales for ASV, Inc. are forecasted to be approximately $128 million in 2014
with gross margins and adjusted EBITDA* margins roughly in-line with those of
Manitex.
Manitex contributes $25M into the Joint Venture, with $20M in common shares
and debt securities being issued to Terex, as well as $5M in cash; the JV is
expected to additionally have $60M in debt (no recourse to MNTX).
The transaction is expected to close in the fourth quarter of 2014.


Pending Acquisition-Agreement with PM-Group,
(July 2014)
10
11/18/2014
Nasdaq: MNTX
PM-Group S.p.A., is a leading Italian manufacturer of truck mounted
hydraulic
knuckle boom cranes with a product range spanning more than 50 models.
PM-Group has trailing twelve months revenues of $106 million and adjusted
EBITDA margins of approximately 9%.
Consideration was $107 million, subject to post-closing adjustments and earnout
provisions, and expected to consist of a combination of debt, equity, and the
assumption of $68 million in PM debt and liabilities. (Final purchase price subject to
adjustment based on market conditions at close; assumed debt remains separate with recourse only
to PM.)
The acquisition is expected to close in the fourth quarter of 2014


Lifting Equipment Market Overview�Straight
Mast
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
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
11
11/18/2014
Nasdaq: MNTX
Market Overview
Manitex Market Position


The Knuckleboom Market-
$2.3 Billion Globally
(Management Estimates)
12
11/18/2014
Nasdaq: MNTX
Large Market of $2.3 BN is roughly 2X the size of
the straight-mast boom truck market (global)
PM has a geographically diverse customer base with
70% of its business outside Europe
North American knuckleboom market is growing
Opportunity to increase PM Group�s No. American
market presence through Manitex�s distribution
network


Replacement Parts & Service
Consistent Recurring Revenue
13
Consistent recurring revenue stream throughout the cycle
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
11/18/2014
Nasdaq: MNTX


Revenue Growth Drivers
2009 �
2013
Pie chart represents the difference /
reconciliation between $55.9M & $245.1M
14
11/18/2014
Nasdaq: MNTX
Energy
business
was
less
than
10%
in
2009,
estimated
~
50%
in
2013
R&D
budget:
up
from
~
$1M
to
~
$2.5M/year


Investment Highlights
15
Niche markets with
solid demand
drivers for products
Steadying of
construction
environment and
energy markets
driving demand
Diverse end
markets result in
risk mitigation
Customer focused
design strategy
Diversified product
offering
Quickly adaptable
to changes in
demand
Commitment to
innovation,
research, &
product
development
Revenue and
earnings growth
have consistently
outpaced market
and industrial peers
since 2009
Backlog at $102M�
as of 9/30/2014
Manitex dealer
network provides
footprint for on-
going North
American expansion
PM Group has little
penetration in US
and has excellent
non-US and non-
Europe customer
base
No Customer
represents over 10%
of annual revenues
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
11/18/2014
Nasdaq: MNTX
A consolidator in the lifting and hauling industry, Manitex International
serves addressable markets with an estimated $4 BN in annual sales


16
Financial Overview
Manitex International, Inc.
Q3 2014
11/18/2014
Nasdaq: MNTX


Key Figures -
Quarterly
17
USD thousands except as noted
Q3-2014
Q3-2013
Q2-2014
Net sales
$66,197
$57,521
$68,399
Gross profit
10,915
11,201
13,144
Gross margin %
16.5%
19.5
19.2%
Operating expenses�
7,504
6,544
7,966
Net Income
1,768
2,621
2,986
EBITDA
4,519
5,624
6,293
EBITDA % of Sales
6.8%
9.8%
9.2%
Backlog ($ million)
102.1
102.5
11/18/2014
Nasdaq: MNTX


Summary Balance Sheet
18
$000s
30-Sep-14
31-Dec-13
31-Dec-12
31-Dec-11
31-Dec-10
Current Assets
134,751
$121,798
$104,777
$71,209
$54,703
Fixed Assets
10,097
11,143
10,297
11,017
10,659
Other Long-Term Assets
46,951
49,673
36,430
39,365
40,155
Total Assets
191,799
$182,614
$151,504
$121,591
$105,517
Current Liabilities
50,646
$47,930
$43,351
$30,177
$23,011
Long-Term Liabilities
49,446
49,693
48,620
44,620
39,232
Total Liabilities
100,092
97,623
91,971
74,797
62,243
Shareholders�
Equity
91,707
84,991
59,533
46,794
43,274
Total Liabilities & Shareholders�
Equity
191,799
$182,614
$151,504
$121,591
$105,517
11/18/2014
Nasdaq: MNTX


19
Working Capital
�Focused
manufacturer of
engineered lifting
equipment�
$000
Q3-2014
Q4-2013
Working Capital
$84,105
$73,868
Days sales outstanding (DSO)
62
53
Days payable outstanding (DPO)
47
45
Inventory turns
2.7
2.9
Current ratio
2.7
2.5
Operating working capital
98,144
86,677
Operating working capital % of
annualized LQS
37.1%
33.1%
�Working capital increase Q3-2014 v Q4-2013, of $10.2m: Key factors:
�Trade & Other Receivables $5.5m, Inventory $8.4m, partially offset by reduced cash $1.2m, increased accounts payable $2.7m,
short term working capital borrowings $0.5m.
�Increase in finished goods inventory of $0.5, reduction in WIP of $0.1 million, offset by increase in components of $7.9 million.
�Working capital ratios: DSO increase from a higher proportion of
international sales and timing of payments on military


20
�Focused
manufacturer of
engineered lifting
equipment�
$000
Q3-2014
Q4-2013
Total Cash
$4,934
$6,091
Total Debt
54,703
54,201
Total Equity
91,707
84,991
Net capitalization
141,476
133,131
Net debt / capitalization
35.2%
36.1%
Trailing 12 month EBITDA
$21,759
$21,483
Debt / EBITDA
x2.5
x2.5
Net capitalization is the sum of debt plus equity minus cash
Net debt is total debt less cash
Debt and Liquidity
�Increase in debt of $0.5 million from 12/31/13 principally reflects increase in working capital
facilities in N.A. ($0.5m).
�Generated $6.4 million in cash from operating activities in Q3-2014.
�N. American revolver facilities, based on available collateral at 9/30/14 was $51.4m.
�N. American revolver unused availability at 9/30/14 of $10.9m.


Experienced Management Team
21
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
Bruce Peterson
SVP Sales and Marketing
20+ years principally with Manitowoc
11/18/2014
Nasdaq: MNTX


Operating Companies
22
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
Specialized equipment for liquid
storage & containment
8,000-21,000 gallon capacities
Large client base in energy sector
Petrochemical
Waste management
Oil & gas drilling�
Reputation for quality & innovation
Serves a market of over $1B annually
At acquisition, TTM (3/31/13) revenues ~ $39.1M,
adjusted EBITDA ~ $4.5M, EBIT ~ $4.2M
11/18/2014
Nasdaq: MNTX


Operating Companies
23
Brand
Products
End Markets
Drivers
Precision pick & carry cranes
Automotive
Chemical / petrochemical
Industrial projects
Infrastructure development
Aerospace
Construction
Strong end market demand for specialized,
competitively differentiated products
Environmental (electric) or hazardous (spark free)
developments
Product development
11/18/2014
Nasdaq: MNTX
Knuckleboom cranes
Truck-mountd Aerial Platforms
Energy
Construction
Infrastructure
Utilities
Growing acceptance of knucklebooms in North
American markets
Oil and gas exploration creating demand
Product development
Crawler track crawlers
Skid-steer loaders
Construction
Infrastructure
Improving fundamentals in general construction
markets, residential and light commercial
ASV,
Inc.


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