Manitex Parent Co. Reports Positive 2006 Results

April 17, 2007 • Veri-Tek International Corp. filed its 10-K with the Securities and Exchange Commission late last week after requiring an extension to file its 2006 year-end results earlier this month. Among its results, the company reported its newly established lifting equipment segment, which includes crane manufacturer Manitex, had sales of $20.7 million for the three-month period that ended Dec. 31, 2006, and $40.7 million for the six-month period that ended Dec. 31, 2006.

These numbers exceed the previous guidance by $2.7 million and $3.7 million, respectively. Veri-Tek's acquisition of LiftKing Industries on Nov. 30, 2006, added $1.1 million to the segment's fourth quarter revenues and was not included in the company's earlier guidance.

Veri-Tek's adjusted operating income of $3.2 million, or 7.9 percent of sales, is at the upper end of its expected range of 7.5 to 8 percent for the period since the acquisitions • July 3 to Dec. 31, 2006, for Manitex and Nov. 30 to Dec. 31, 2006, for Manitex Liftking. For the same period, the company estimates that GAAP operating income for the lifting equipment segment was $2 million, (4.9 percent of sales). For the same period, the segment generated EBITDA of $3.2 million (7.8 percent of sales). Total Company GAAP net loss for the year ended December 31, 2006 was approximately $8.9 million, or 19.4 percent of sales.

Chairman and Chief Executive Officer David Langevin commented: "The performance of our two acquisitions undertaken this year, Manitex and Manitex Liftking, have been consistent with our expectations and establish an exciting platform for the company. We also wish to re-affirm our earlier guidance for this segment revenue for 2007 of between $95 million to $100 million and adjusted operating income in the range of 8.0 to 8.5 percent."