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 www.manitexinternational.com/eventspresentations.aspx.

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
CoreIR
Peter Seltzberg, Capital Markets and Corporate Advisory
Investor Relations
516-419-9915
peters@coreir.com

MANITEX INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(In thousands, except share and per share data)

	March 31, 2022			December 31, 2021
ASSETS
Current assets
Cash	$	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
Goodwill		24,629			24,949
Other long-term assets		1,168			1,143
Deferred tax assets		178			178
Total assets	$	181,045		$	179,775
LIABILITIES AND EQUITY
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
Equity
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

MANITEX INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(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
Basic	$	0.01		$	(0.04	)
Diluted	$	0.01		$	(0.04	)
Weighted average common shares outstanding
Basic		19,961,785			19,845,064
Diluted		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

Adjustments:
Litigation / legal settlement	$	318		$	682		$	90
Rabern transaction costs		314			-			-
Stock compensation		232			240			299
Inventory impairment		-			3,226			-
Impairment of Intangibles		-			2,078			-
FX		49			122			215
Restructuring costs		29			81			68
Valla earnout		(202	)		-			-
Other		(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	%

Backlog

	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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Manitex International Reports First Quarter 2022 Results