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Manitex International Reports Fourth Quarter and Full Year 2021 Results

BRIDGEVIEW, IL / ACCESSWIRE / March 8, 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 fourth quarter and full year of 2021.

Financial Highlights

  • Fourth quarter net sales increased 18.2% year-over-year, to $53.4 million, compared to $45.2 million in the fourth quarter of 2020; for the full year, net sales rose to $211.5 million from $167.5 million in 2020
  • Largely due to asset impairment charges of $3.2 million (related to the closure of the Company's Badger facility) and supply chain inefficiencies, fourth quarter gross profit declined to $4.7 million from $8.4 million in the prior-year period
  • The Company reported a fourth quarter net loss from continuing operations of $8.1 million, or $(0.40) per diluted share, compared to a loss of $1.8 million, or $(0.09) per diluted share, in the fourth quarter of 2020; the fiscal 2021 fourth quarter results included $6.4 million of one-time, after-tax charges ($0.32 per share), largely related to the Badger closing
  • Adjusted EBITDA* was $0.3 million in the fourth quarter of fiscal 2021 versus $1.5 million in 2020; for the full year, Adjusted EBITDA rose to $8.0 million from $5.7 million in the prior-year period
  • Backlog as of December 31, 2021 increased to $189.0 million from $113.6 million as of September 30, 2021, up 66.4% sequentially; the Company's book-to-bill ratio was 2.41:1 for the fourth quarter of 2021
  • Net debt was $23.8 million at the end of the quarter, representing a leverage ratio of 3.0 times trailing Adjusted EBITDA*
  • The Company's total liquidity* was $37.6 million as of December 31, 2021 versus $28.9 million at the end of 2020

"As we turn the corner on 2021, we remain steadfast in our resolve to tackle near-term supply chain constraints and put the Company on sound footing for the year ahead," said Steve Filipov, CEO of Manitex International. "We took a number of steps to improve our cost structure during the quarter including, first and foremost, closing our Badger facility in Winona, Minnesota and moving production of certain straight-mast boom cranes and aerial platforms to Georgetown, Texas. As part of this initiative - to enhance efficiencies and increase capacity utilization - we booked a pre-tax charge of $3.6 million related to asset impairment and inventory write-downs. We expect that such actions will save on operating expense and logistics costs going forward, expanding margins and paving the way for improved bottom line results. Furthermore, we will realize cash proceeds from selling assets related to the discontinued product lines and inventory, along with property, plant and equipment, associated with this consolidation.

"Our backlog grew over 66% sequentially from the third quarter while, at the same time, we continued to adjust pricing in response to ongoing supply chain challenges including higher material costs and logistics-related expense; while there is a lag time for such purchase price variances to stabilize, we expect margins to normalize as the year progresses. We also utilized cash generation to pay down debt in the fourth quarter and begin 2022 in a stronger liquidity position, which we believe will allow us to take advantage of strategic transactions that will be complementary to our existing business. Overall, even as the Company and industry face headwinds due to tight markets worldwide, we're seeing strong demand across the board and are optimistic about achieving greater operating performance in the quarters to come."

* The sum of cash and availability under the Company's revolver and working capital facilities.

Financial Results for the Fourth Quarter and Full Year ended December 31, 2021

Net sales for the fourth quarter were $53.4 million compared to $45.2 million for the fourth quarter of 2020, and the Company reported a net loss from continuing operations of $8.1 million, or $(0.40) per diluted share, compared to a loss of $1.8 million, or $(0.09) per diluted share, in the prior-year period. Adjusted net loss* from continuing operations for the fourth quarter of 2021 was $1.7 million, or $(0.08) per share, compared with the loss of $1.3 million, or $(0.07) per share for the fourth quarter of 2020.

Net sales for the full year were $211.5 million in 2021 compared to $167.5 million in 2020, and the Company reported a net loss from continuing operations of $4.6 million, or $(0.23) per diluted share, in 2021 compared to $12.7 million, or $(0.64) per diluted share, in the prior-year period.

Note: Results presented above are from Continuing Operations

* 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, after the close of the market, at 4:30PM ET today, March 8, 2022, 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 13727027 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, and Valla.

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
Manitex International, Inc.
Steve Filipov
Chief Executive Officer
512-942-3000

Darrow Associates
Chris Witty, Managing Director
Investor Relations
646-438-9385
cwitty@darrowir.com

MANITEX INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET
(In thousands, except share and per share data)

December 31, 2021 December 31, 2020
ASSETS
Current assets
Cash
$21,359 $17,161
Cash - restricted
222 240
Trade receivables (net)
30,515 30,418
Other receivables
2,039 179
Inventory (net)
64,965 56,055
Prepaid expense and other current assets
2,436 2,218
Total current assets
121,536 106,271
Total fixed assets, net of accumulated depreciation of $18,662 and $17,444
at December 31, 2021 and December 31, 2020, respectively
16,460 18,723
Operating lease assets
3,563 4,068
Intangible assets (net)
11,946 15,671
Goodwill
24,949 27,472
Other long-term assets
1,143 1,143
Deferred tax assets
178 247
Total assets
$179,775 $173,595
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$44,136 $32,429
Accrued expenses
10,539 7,909
Related party payables (net)
203 52
Notes payable
18,401 16,510
Current portion of finance lease obligations
399 344
Current portion of operating lease obligations
1,064 1,167
Customer deposits
7,121 2,363
Deferred income liability
- 3,747
Total current liabilities
81,863 64,521
Long-term liabilities
Revolving term credit facilities (net)
12,717 12,606
Notes payable (net)
10,089 13,625
Finance lease obligations (net of current portion)
3,822 4,221
Non-current operating lease obligations
2,499 2,901
Deferred gain on sale of property
507 587
Deferred tax liability
1,074 1,333
Other long-term liabilities
4,389 4,892
Total long-term liabilities
35,097 40,165
Total liabilities
116,960 104,686
Commitments and contingencies
Equity
Preferred Stock-Authorized 150,000 shares, no shares issued or outstanding at
December 31, 2021 and December 31, 2020
- -
Common Stock-no par value 25,000,000 shares authorized, 19,940,487 and 19,821,090
shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively
132,206 131,455
Paid-in capital
3,264 3,025
Retained deficit
(68,436) (63,863)
Accumulated other comprehensive loss
(4,219) (1,708)
Total equity
62,815 68,909
Total liabilities and equity
$179,775 $173,595

MANITEX INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share and per share amounts)

Three Months Ended
December 31,
Years Ended
December 31,
2021 2020 2021 2020
Net revenues
$53,391 $45,184 $211,539 $167,498
Cost of sales
45,510 36,755 175,377 136,632
Cost of sales - inventory write-down
3,226 - 3,226 -
Gross profit
4,655 8,429 32,936 30,866
Operating expenses
Research and development costs
975 981 3,332 3,227
Selling, general and administrative expenses
8,716 7,517 31,948 28,743
Impairment of intangibles and fixed assets
2,078 - 2,078 6,722
Total operating expenses
11,769 8,498 37,358 38,692
Operating income (loss)
(7,114) (69) (4,422) (7,826)
Other income (expense)
Interest expense
(511) (762) (2,084) (3,595)
Interest income
36 17 43 97
Gain on extinguishment of debt
- - - 595
Gain on Paycheck Protection Program loan forgiveness
- - 3,747 -
Foreign currency transaction loss
(122) (142) (543) (813)
Other income (expense)
20 (6) (97) (503)
Total other income (expense)
(577) (893) 1,066 (4,219)
Income (loss) before income taxes from continuing operations
(7,691) (962) (3,356) (12,045)
Income tax expense from continuing operations
374 865 1,217 674
Net income (loss) from continuing operations
(8,065) (1,827) (4,573) (12,719)
Discontinued operations
Loss from operations of discontinued operations
- (57) - (888)
Income tax expense
- 2 - 3
Loss from discontinued operations
- (59) - (891)
Net income (loss)
$(8,065) $(1,886) $(4,573) $(13,610)
Income (loss) per share
Basic
Income (loss) from continuing operations
$(0.40) $(0.09) $(0.23) $(0.64)
Loss from discontinued operations
$- $(0.01) $- $(0.05)
Net income (loss)
$(0.40) $(0.10) $(0.23) $(0.69)
Diluted
Income (loss) from continuing operations
$(0.40) $(0.09) $(0.23) $(0.64)
Loss from discontinued operations
$- $(0.01) $- $(0.05)
Net income (loss)
$(0.40) $(0.10) $(0.23) $(0.69)
Weighted average common shares outstanding
Basic
19,935,512 19,817,599 19,900,117 19,773,081
Diluted
19,935,512 19,817,599 19,900,117 19,773,081

Note: Results shown are from Continuing Operations

Net Sales, Gross Margin and Operating Income (Loss)


Three Months Ended

December 31, 2021 September 30, 2021 December 31, 2020

As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted
Net sales
$53,391 $53,391 $50,935 $50,935 $45,184 $45,184
% change Vs Q3 2021
4.8% 4.8%
% change Vs Q4 2020
18.2% 18.2%
Gross margin
4,655 7,881 8,036 8,036 8,429 8,095
Gross margin % of net sales
8.7% 14.8% 15.8% 15.8% 18.7% 17.9%
Operating Income (loss)
(7,114) (747) (155) 477 (69) 323
Year Ended
December 31, 2021 December 31, 2020
As Reported As Adjusted As Reported As Adjusted
Net sales
$211,539 $211,539 $167,498 $167,498
% change Vs prior year
26.3% 26.3%
Gross margin
32,936 36,231 30,866 30,885
Gross margin % of net sales
15.6% 17.1% 18.4% 18.4%
Operating Income (loss)
(4,422) 3,586 (7,826) 1,291

Reconciliation of Net Income (Loss) To Adjusted Net Income (Loss)

Three Months Ended Year Ended
December 31, 2021 September 30, 2021 December 31, 2020 December 31, 2021 December 31, 2020
Net income (loss)
$(8,065) $(1,101) $(1,827) $(4,573) $(12,719)
Adjustments, including net tax impact
6,411 882 528 4,823 10,347
Adjusted net income (loss)
$(1,654) $(219) $(1,299) $250 $(2,372)
Weighted diluted shares outstanding
19,935,512 19,917,276 19,817,599 19,900,117 19,773,081
Diluted earnings (loss) per share as reported
$(0.40) $(0.06) $(0.09) $(0.23) $(0.64)
Total EPS effect
$0.32 $0.05 $0.02 $0.24 $0.52
Adjusted diluted earnings (loss) per share
$(0.08) $(0.01) $(0.07) $0.01 $(0.12)

Reconciliation of Net Income (Loss) To Adjusted EBITDA

Three Months Ended Year Ended
December 31, 2021 September 30, 2021 December 31, 2020 December 31, 2021 December 31, 2020
Net Income (loss)
$(8,065) $(1,101) $(1,827) $(4,573) $(12,719)
Interest expense
511 490 762 2,084 3,595
Tax expense
374 234 865 1,217 674
Depreciation and amortization expense
1,004 1,085 1,164 4,343 4,309
EBITDA
$(6,176) $708 $964 $3,071 $(4,141)
Adjustments:
Inventory impairment
$3,226 $- $- $3,226 $-
Impairment of Intangibles
2,078 - - 2,078 6,722
Litigation / legal settlement
682 271 113 1,193 772
Stock compensation
240 239 380 1,056 1,038
FX
122 121 142 543 813
Put call option reversal
- - (334) - (334)
PPP Loan forgiveness
- - - (3,747) -
Restructuring costs
81 150 433
Gain from PM debt payoff
(595)
Other
60 258 233 442 998
Total Adjustments
$6,489 $889 $534 $4,940 $9,847
Adjusted EBITDA
$313 $1,597 $1,498 $8,011 $5,706
Adjusted EBITDA as % of sales
0.6% 3.1% 3.3% 3.8% 3.4%

Backlog

Dec 31, 2021 Sept 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020
Backlog from continuing operations
$188,981 $113,584 $111,170 $83,793 $67,967
Change Versus Current Period
66.4% 70.0% 125.5% 178.0%

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

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.


December 31, 2021 September 30, 2021 December 31, 2020
Total cash & cash equivalents
$21,581 $17,564 $17,401
Notes payable - short term
$18,401 $14,383 $16,510
Current portion of finance leases
399 380 344
Notes payable - long term
10,089 12,684 13,625
Finance lease obligations - LT
3,822 3,931 4,221
Revolver, net
12,717 12,704 12,606
Total debt
$45,428 $44,082 $47,306
Net debt
$23,847 $26,518 $29,905

SOURCE: Manitex International, Inc.



View source version on accesswire.com:
https://www.accesswire.com/692072/Manitex-International-Reports-Fourth-Quarter-and-Full-Year-2021-Results

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