Manitex's Parent Co. Estimates Increased Lifting Equipment Sales

April 5, 2007 -- As a result of its acquisitions of Manitex and Liftking in 2006 and various other reasons, Veri-Tek International Corp. announced it has filed a notification of late filing with the SEC because it is unable to timely file its annual report for 2006. The company expects to file its Form 10-K within the 15-day extension period.

 

Although filing late, Veri-Tek has reported estimates for 2006 sales of its lifting equipment business segment. Sales for the three-month period that ended Dec. 31, 2006, were $20.7 million, and for the last half of 2006, sales were $40.7 million. These figures exceed Veri-Tek's previous guidance by $2.7 million and $3.7 million, respectively. The acquisition of Liftking Industries operations 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 estimates an adjusted operating income of $3.2 million (7.9% of sales), which is at the upper end of its expected range (7.5% to 8%) for the period since the Manitex acquisition, which took place July 3, 2006, and the Manitex Liftking acquisition, which concluded Nov. 30, 2006. For the same period, the company estimates that GAAP operating income for the lifting equipment segment was $2 million (4.9% of sales), and the segment generated EBITDA of $3.2 million (7.8% of sales). Veri-Tek estimates that total company GAAP net loss for the year ended Dec. 31, 2006, was approximately $8.9 million (19.4% of sales).

 

"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," said David Langevin, chairman and CEO. "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% to 8.5%."