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Manitex gains during 2010 and 4th quarter

Wednesday, 23 Mar 2011 ( #506 ) - Bridgeview, IL, United States
News Story
Equipment manufacturer and distributor Manitex International Inc reports major gains in volume during 2010 and its fourth quarter.

"We are encouraged by the significant improvement in our performance in 2010, rebounding from the severe conditions of 2009," says David Langewin, chairman and chief executive officer. "Throughout this downturn, we have driven for expansion of our business and financial results by embarking on a broad international diversification program combined with the addition to our portfolio of several well-established and respected product lines."

Manitex reports profit of USD2.1 million on 2010 sales of USD95.9 million, the latter representing a 72% increase from 2009.

For the quarter ended 31 December, Manitex reports profit of USD900,000 on sales of USD29.5 million, the latter representing a 98% increase from the comparable 2009 quarter.

Manitex had a year-end backlog with a value of about USD40 million. "Our business model puts us on firm footing as we enter 2011," Manitex notes.

Non-US markets represented 38% of Manitex revenues during 2010, says Andrew Rooke, president and chief operating officer.

Bridgeview-based Manitex exhibited at the triennial ConExpo/ConAgg trade show in Las Vegas, Nevada. "We estimate the expenses associated with this very important show to be approximately $450,000," the company says. "As a result, the first quarter will be adversely impacted by (the) unusually high costs" for the trade show and "higher than normal quarterly accounting and legal costs" approximating USD250,000.

Manitex anticipates "incremental sales" from its CVS operating agreement. On 30 June 2010, Manitex signed an operating agreement with the Ferrari family to rent the assets of a container handling business known as CVS Ferrari SpA and located in Rovoleti di Cadeo, Italy. Manitex formed a new subsidiary, CVS Ferrari Srl, for the operation primarily involving reach stackers and associated lifting equipment ( News #469).

Manitex manufactures rough-terrain forklifts, indoor electric forklifts, cranes and special-mission-oriented vehicles variously under the Manitex, Liftking, Noble, Lowry, Schaeff, Badger and Load King brands and distributes cranes bearing the Terex, Fuchs and Manitex identities.
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