Manitex Reports 44% Increase in 2012 Net Revenues

March 13, 2013—Manitex International Inc. reports that 2012 net revenues rose 44% to a record $205.2 million, compared to the prior year's revenue of $142.3 million. For the quarter ended Dec. 31, 2012 net revenues were $56.5 million, representing a 55% year over-year increase from $36.6 million.

 

2012 net income of $8.1 million, or $0.68 in earning per share (EPS) increased 191%, compared to $2.8 million and $0.24 per share for 2011. For the quarter ended Dec. 31, 2012, net income increased 597% to $2 million or $0.16 per share, compared to the fourth quarter 2011 net income and earnings per share of $0.3 million and $0.03 respectively.

 

EBITDA for the full year 2012 was $18 million, equal to 8.7% of sales, compared to $11.1 million and 7.8% of sales for 2011, an increase in EBITDA of 61%. For the fourth quarter 2012, EBITDA was $4.1 million or 7.3% of sales, compared to $2.9 million and 7.9% of sales, an increase of 43%.

 

Consolidated backlog at December 31, 2012 rose 56% for the year to $130.4 million, compared to $83.7 million at December 31, 2011.

 

David Langevin, chairman and CEO, commented: "2012 was an exciting year of growth for Manitex, despite the continuing challenges of a weak global economy. We turned in record performance for revenues, EPS, EBITDA, backlog and other key metrics, due to solid execution of our business plan across the board. Our investment in new products has already assisted in our growth, with products we've developed and launched in the last three years now accounting for nearly 25% of our annual revenues, and we believe these will help drive us further in the future."

 

2012 revenues of $205.2 million increased $63.0 million or 44% from 2011 resulting from production increases at several facilities implemented in response to the higher levels of demand experienced over the past 12 months. Although the general economic environment in North America and European markets had limited or zero growth, Manitex said its products targeted to the energy and power line distribution sectors benefited from the higher levels of activity in these sectors as well as from increased market penetration.

 

All operations experienced higher growth, but higher capacity and specialized boom trucks drove almost 70% of the year over year revenue increase, with specialized trailers and other material handling equipment also strongly contributing. In the fourth quarter of 2012, revenues were $56.5 million, an increase year over year of $20.0 million or 55% and a sequential quarter increase of $3.1 million or 6%. Boom truck products accounted for over 80% of the increase, complemented by the equipment distribution segment where both new and used equipment revenues improved.