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Manitex gains in sales, obtains orders

Wednesday, 18 Aug 2010 ( #475 ) - Bridgeview, IL, United States
News Story
Excluding the impact of acquisitions, Manitex International Inc has reported a 29.5% increase in sales for the quarter ended 30 June versus the comparable prior year period.

During 2009, Manitex acquired Load King Trailers in December and Badger Equipment Co in July.

Including the acquisitions, Manitex reports quarterly profit of USD213,000 on sales of USD19.5 million in comparison with a loss of USD117,000 on sales of USD11.8 million last year.

"Our specialty manufacturing strategy is working," says David Langevin, chairman and chief executive officer. "Our plants are running at much better rates of production in comparison to a year ago, and our visibility is good for the rest of the year."

Canada-based dealerships North West Crane Ltd (NWC) of Leduc, Alberta and Cropac Equipment Inc of Oakville, Ontario placed orders totaling USD5 million with Manitex’s boom truck subsidiary in Georgetown, Texas. The NWC order targets support services to the energy sector in western Canada, and the Cropac order involves the general construction segment in eastern Canada.

Manitex says the NWC order represents the largest single purchase of such Manitex products to be delivered to western Canada in more than two years.

On 30 June, Manitex disclosed formation of CVS Ferrari Srl, a new subsidiary for operation of the container handling business in Rovoleti di Cadeo, Italy under an operating agreement with the Ferrari family ( News #469).

Shares of Bridgeview-based Manitex trade on the Nasdaq stock market.
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