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Manitex wrestles with increased demand

Wednesday, 28 Mar 2012 ( #558 ) - Bridgeview, IL, United States
News Story
Manitex International Inc sees its key challenge as continuing to increase internal output and that of suppliers.

In a 22 March financial filing, the Bridgeview-based manufacturer reports adjusted net income of USD3.6 million on 2011 sales of USD142.3 million.

"We made exceptional progress in 2011," says David Langevin, citing record financial performance. "We are well-positioned for continued growth throughout 2012" and look for a further ramp up of production. Langevin is Manitex chairman and chief executive officer.

"Robust demand for our energy-based products was the primary driver of our growth" during 2011, Langevin notes. Consolidated backlog on 31 December was USD83.7 million versus USD43.8 million at the end of 2010.

"Our strategic progress included the closing of our purchase of assets of CVS for our CVS Ferrari operation, which generated a profitable USD29 million in sales for the year," observes Andrew Rooke, president and chief operating officer. "We repaid approximately USD3.0 million of bank and acquisition debt net of the CVS acquisition and working capital finance." On 1 July 2011, Manitex subsidiary CVS Ferrari srl completed closing procedures with the Italian court’s concordato preventivo proceeding to obtain certain assets of CVS SpA in Rovoleti di Cadeo, Italy near Milan.

A 2011 net income adjustment of USD1.2 million relates to the projected Manitex liability for damages under a 5 May 2011 settlement agreement with two insurance companies concerning products Manitex no longer sells nor supports. Manitex seeks a rehearing on a Fifth Circuit Court of Appeals decision ( News #554).

Through operating units, publicly traded Manitex makes and markets boom trucks, sign cranes, reach stackers and straight-mast rough-terrain, high-capacity cushion-tyred and electric indoor forklifts. In addition, Manitex distributes cranes including Terex truck and rough-terrain cranes, Fuchs material handlers and the Manitex crane line.
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