MANITEX INTERNATIONAL, INC. (Exact Name of Registrant as Specified in Its Charter)

Transcription

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of the earliest event reported) May 28, 2014 MANITEX INTERNATIONAL, INC. (Exact Name of Registrant as Specified in Its Charter) Michigan (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 9725 Industrial Drive, Bridgeview, Illinois (Address of Principal Executive Offices) (Zip Code) (708) (Registrant s Telephone Number, Including Area Code) (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR ) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR e-4(c))

2 Item 7.01 Results of Operations and Financial Condition. On May 28, 2014, the Company posted a slide presentation on its website. This slide presentation is incorporated herein by reference. The information under Item 7.01 in this Current Report on Form 8-K, including the exhibits hereto, is being furnished and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information under Item 7.01 in this Current Report on Form 8-K will not be incorporated by reference into any registration statement or other document filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference. The furnishing of the information under Item 7.01 in this Current Report on Form 8-K is not intended to, and does not, constitute a determination by the Company that the information under Item 7.01 in this Current Report on Form 8-K is complete or that investors should consider this information before making an investment decision with respect to any security of the Company. Item 9.01 Financial Statements and Exhibits. (a) Financial Statements of Businesses Acquired. Not applicable. (b) Pro Forma Financial Information. Not applicable. (c) Shell Company Transactions. Not applicable. (d) Exhibits Manitex International, Inc. slide presentation posted on Company website May 28, 2014.

3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunder duly authorized. Date: May 28, 2014 MANITEX INTERNATIONAL, INC. By: /s/ D AVID G RANSEE Name: David Gransee Title: VP & CFO

4 EXHIBIT INDEX Exhibit Number Description 99.1 Manitex International, Inc. slide presentation posted on company website May 28, 2014.

5 Exhibit 99.1 Manitex Corporate International, Presentation Inc. (NASDAQ: May 2014 MNTX)

6 Forward Safe Harbor Looking Statement Statements under the & Non-GAAP U.S. Private Measures management including statements regarding the Securities Company s Litigation expected Reform results Act of of operations 1995: This or presentation liquidity; statements contains concerning statements projections, that are forward-looking predictions, expectations, in nature which estimates express or the forecasts beliefs and as expectations our business, of financial you can identify and operational forward-looking results and statements future economic by terminology performance; such as and anticipate, statements estimate, of management s plan, goals project, and objectives continuing, and other ongoing, similar expect, expressions we concerning believe, we matters intend, that may, are not will, historical should, facts. In could, some cases, 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 and results, discussed performance in the Company s or achievements filings with to differ the Securities significantly and Exchange from the results, Commission performance and statements or achievements this presentation expressed or should implied be evaluated by such forward-looking light of these statements. important factors. These factors Although and we additional believe information that these are statements update publicly are based or revise upon any reasonable forward-looking assumptions, statement, we cannot whether guarantee as a result future of new results. information, Forward-looking future developments statements speak or otherwise. only as of the date on which they are made, and the Company undertakes no obligation to Non-GAAP is useful to understanding Measures: Manitex its operating International results from without time the to impact time refers of special to various items. non-gaap See Manitex s (generally Q accepted earnings accounting release on principles) the Investor financial Relations measures section in of this our presentation. website Manitex believes that this information description and/or reconciliation of these measures. a Focused 5/28/2014 manufacturer Nasdaq: MNTX of engineered 2 lifting equipment

7 Company Manitex International, Snapshot Niches Served Inc. Company Global provider Origin Sell materials and of container highly specialized handling equipment and custom through configured dealerships cranes Energy Power line exploration construction and field development (includes Canadian oil sands and recent oil and natural gas initiatives throughout U.S.) Military Railroads Ports Government/agency Launched Publicly traded as a private on NASDAQ: company MNTX in 2003 Steady Industry organic consolidator: growth Focused manufacturer acquired of engineered seven lifting branded equipment product lines since going public in /28/2014 Nasdaq: MNTX 3

8 #44 According on Forbes to Forbes, Best Small this list Companies compiles List an for annual Two ranking Consecutive of America s Years: 2012 Best & Small 2013 under $1 billion, which are ranked based on return on equity, sales growth and earnings Companies growth over that have the past experienced year and the strong past growth five years. over the Forbes past methodology five years. The factored 2013 list in highlights stock performance public companies versus each with company s sales peer Focused group manufacturer during the last of engineered 12 months. 5/28/2014 Nasdaq: MNTX 4 lifting equipment

9 Financial Key Statistics Summary Stock Market Price Cap (at (at 5/15/14) $15.97 Total Ent. Value (5/15/14) $220.4M Revenue $245.1M $272.0M 2013 EBITDA Net Income $21.5M $10.2M Ticker Capitalization / Exchange MNTX/NasdaqCM Basic Diluted Shares Shares O/S O/S (at (at 3/31/13) 3/31/13) 13.8M Total Debt (at 3/31/13) $52.7M 13.8M $000, Revenues except $55,887 % 2009 $95, $142, $205, Gross Margin (%) 20.0% 24.3% 20.6% 19.7% 19.0% 245,072 EBITDA Margin $1,982 $8,676 (%) 3.5% $11, % $17, % 8.7% 21,483 Net income $3,639(1) $2,109 $2,780 $8,077 $10, % Backlog (1) 2009 $22,122 GAAP Net $39,905 Income $83,700 includes $130,352 gain on $77,281 Focused manufacturer of engineered lifting equipment bargain purchase 5/28/2014 of Nasdaq: $3,815 MNTX 5

10 Product Engineered Overview Manitex boom lifting trucks equipment SkyCrane Sign cranes aerial platforms RT Special forklifts Carriers mission-oriented vehicles Heavy Transporters material & steel handling Specialized earthmoving, mill equipment Has built ~ 10,000 units since railroad 1945 and material handling equipment since 1945 Manufacturer Products: reach of stackers, container laden handling unladen equipment container for the forklifts global port & straddle & inter-modal carriers sectors Focused 5/28/2014 manufacturer Nasdaq: MNTX of engineered 6 lifting equipment

11 New Enters Product the global Overview: truck crane 70 ton market Manitex with TC700 CE compliant for international markets competitive price point and benefits of a commercial chassis Concept Orders in developed hand will collaboratively commence shipping with customers in second half to meet of the requirements Focused manufacturer of engineered lifting equipment year 5/28/2014 Nasdaq: MNTX 7

12 Most Acquired Recent Valla Acquisition: SpA, a Piacenza, Valla 11/30/2013 Cranes sold through specialized agents Italy-based and distributors manufacturer for of a variety comprehensive of end markets line of such precision as petrochemical, pick and carry construction, cranes with aerospace lifting capacities and automotive. from 2.5 ton Complements to 90 ton. Includes electric and diesel capabilities. crane offerings and adds depth to product lines. Family 20 ton electric owned business with average revenues over last three years of approx. $5.5 million. Total potential purchase consideration of $1.2m principally earn out based. Focused 8 manufacturer of engineered lifting equipment

13 Competitive Core Competencies Positioning Strong Acknowledged brand history International dealers product enable development us to follow record Focused specialized equipment and niche demand Products end-markets Niche Broad markets Highly end-user customized/specialized; base Parts and service an important part will of configure-to-order Superior ROI business model Lower Usually capital less or commitment no special permitting for a boom vs. truck competitors vs. competitors custom cranes custom of cranes similar of lifting similar capacity lifting capacity Focused 5/28/2014 manufacturer Nasdaq: MNTX of engineered 9 lifting equipment

14 Lifting Market Equipment Overview Market Overview Principal Smaller tonnage products: cranes boom (<30 truck tons) cranes more that focused vary in height general & tonnage construction capacity Larger tonnage cranes in higher demand since economic downturn markets; larger cranes (30+ tons) focus on power line construction and energy Boom Manitex truck Market cranes Position typically less expensive than rough terrain and all terrain cranes Broader Focus on market: being a ~65% niche of player cranes allows shipped specialization in the smaller tailored tonnage towards range; customers ~75% of needs Manitex shipments have been in larger tonnage Production First to launch distribution 50-ton crane skewed (May toward 2007) larger tonnage machines Have Focused developed manufacturer a series of of engineered products around lifting equipment the demand for larger tonnage cranes 5/28/2014 Nasdaq: MNTX 10

15 Replacement Consistent recurring Parts & revenue Service stream Consistent throughout Recurring the Revenue Spares relate to swing drives, rotating components, and cycle Serve additional brands booms among others, many of which are proprietary Service Automated team proprietary for crane equipment Focused manufacturer of system engineered implemented lifting equipment in principal operations 5/28/2014 Nasdaq: MNTX 11

16 Revenues Growth ($ in Millions) Drivers 2009 Revenues 2013 Sources of $55.9 Growth $245.1 Acquisitions Organic $ in Millions Revenue 40% 60% Growth: (Estimated) $ in Millions Pie Growth chart Being represents Driven the by difference R&D and / New reconciliation Product Innovations between $55.9M (Pie chart & $245.1M New Products Introduced Existing illustrates 2013 revenues) Revenue Product Breakout: 2012 (Est) 30% 70% Energy R&D budget: business up was from less ~ $1M than to 10% ~ $2.3M/year in 2009, estimated ~ 50% in 2013 Focused 5/28/2014 manufacturer Nasdaq: MNTX of engineered 12 lifting equipment

17 Investment Growth in End Highlights Niche markets with Markets Increased penetration solid in oil demand gas, drivers power for grid products Demand end markets energy, railroad, and utilities and rail industries Flexible Operating Model expected to be consistently strong Customer Diversified focused product design offering strategy Implementing Quickly adaptable leverage to changes product in demand & manufacturing combinations Commitment Expected impact to innovation, from new product research launches & product in 2014 development Growth Q in backlog Key Financial growth Metrics 4 year ( ) CAGR: of 29.4% Revenue to $100 45%, million Balance sheet strength positionned for growth: EBITDA Interest 81% coverage and Net of 7.0 Income times 29% Broad Industry & Geographic Distribution and debt to EBITDA ratio of 2.4 times at 3/31/2014 End NA represents market diversity ~80% of can revenue, offset weak mitigating demand concerns in a particular of European segment Existing international presence (~20K units worldwide) economic climate International Experienced Management dealer network provides footprint for on-going international growth Seasoned Successfully senior integrated management: multiple over acquisitions 70 years of collective industry experience Significant Focused manufacturer management of ownership 5/28/2014 Nasdaq: MNTX engineered 13 lifting equipment

18 Financial Manitex International, Overview May 2014 Inc. Focused 5/28/2014 manufacturer Nasdaq: MNTX of engineered 14 lifting equipment

19 Key USD Figures thousands - Quarterly Net sales $62,576 except $59,566 as noted $65,431 Q Q Q Gross margin profit 11,604 % 18.5% 10, % 12,779 Operating expenses 7,993 6, % Net Income 1,877 1,911 2,991 7,759 EBITDA % 4,722 of Sales 4,1217.5% 6,225 Backlog ($ million) % 9.5% Focused manufacturer of engineered /28/2014 Nasdaq: MNTX 15 lifting equipment

20 Summary $000s 31-Mar-14 Balance 31-Dec-13 Sheet Current Assets 124,714 $122, Dec-12 $104, Dec-11 $71, Dec-10 Fixed Assets 10,706 11,143 10,297 11,017 10,659 $54,703 Other Total Assets Long-Term 184,377 Assets $182,730 48,957 $151,504 49,555 36,430 $121,591 39,365 $105,517 40,155 Current Long-Term Liabilities Liabilities 49,543 47,737 $48,016 49,723 $43,351 48,620 $30,177 44,620 $23,011 Total Liabilities 97,280 97,739 91,971 74,797 62,24339,232 Shareholders Total Liabilities Equity & Shareholders 87,097 84,991 Equity 59, ,377 46,794 $182,730 43,274 Focused manufacturer of engineered lifting equipment $151,504 $121,591 $105,517 5/28/2014 Nasdaq: MNTX 16

21 Working $000 Q Capital Working Capital Q4 $75, Sales Outstanding (DSO) $73,873 Days Payable Outstanding (DPO) Inventory Turns Current Ratio Operating Working Capital % $91,962 of Annualized $86,682 Working capital increase Q v Q4-2013, LQS of $1.3m: 36.7% 33.1% Trade Working & Other capital Receivables ratios: DSO $5.6m, increase Inventory due timing $2.2m, of offset sales by during reduced the quarter cash $5m, and and a higher increased proportion accounts of international payable $2.5m, sales short term working capital borrowings $0.4m and other current liabilities $0.6m. Focused 5/28/2014 manufacturer Nasdaq: MNTX of engineered 17 lifting equipment

22 Debt $000 & 3/31/2014 Liquidity Cash $1,050 12/31/2013 Debt 52,688 54,231 $6,091 Total Capitalization Equity 87,097138,715 84,991 Net Debt / Capitalization 37.2% 133,131 22,084 21, % EBITDA Debt repayments (TTM) % in of the Sales quarter 8.9% of $ % facilities, based on million N. American revolver availability at 3/31/14 available of $6.4m. collateral at 3/31/14 was $44.2m. Focused 5/28/2014 manufacturer Nasdaq: MNTX of engineered 18 lifting equipment

23 Experienced Name & Title Management Experience Team David Chairman Langevin Andrew Rooke CEO 20+ years principally with Terex President David Gransee & COO 20+ years principally with Rolls Royce, GKN Sinter Metals, Off-Highway & Auto Divisions CFO Robert & Litchev Treasurer Formerly with Arthur Andersen, 15+ years with Eon Labs (formerly listed) President Scott Rolston Manufacturing Operations 10+ years principally with Terex SVP Focused Strategic manufacturer Planning of 13+ engineered years principally lifting equipment with Manitowoc 5/28/2014 Nasdaq: MNTX 19

24 Company March 2002: Timeline January 2003: Manitowoc (NYSE:MTW) divests Manitex acquires Grove May 2006: 2008: Manitex Name changed merges to into Manitex Veri-Tek, International Intl. (VCC) and listed on Nasdaq (MNTX) July December 2007: 2009: VCC acquires Acquires Noble Load forklift 2013: Acquires Sabre Manufacturing King Trailers 2010: CVS Operating Agreement LLC July November 2011: Closes 2006: Veri-Tek Acquisition Acquires of CVS October 2008: Crane & Machinery and LiftKing July 2009: Acquires Badger Equipment Schaeff Co. Forklift acquired November : Acquires 2010 Valla 2011 SpA 2012 of 2013 Piacenza, Italy Focused 5/28/2014 manufacturer Nasdaq: MNTX of engineered 20 lifting equipment

25 Operating Brand Products Companies Boom trucks and End cranes Markets Sign Drivers Energy exploration Power transmission cranes Parts Strong end market demand for specialized, Industrial competitively projects differentiated Infrastructure products development Product development for oil, gas, and energy sectors, power line construction Rough Railroad terrain Construction cranes Specialized Refineries construction Municipality equipment Parts Equipment Rough terrain replacement forklifts Special cycle mission-oriented small tonnage flexible vehicles cranes Custom for specialized refinery market carriers More Parts efficient product offering across end markets Military Steady, profitable Utility Ship growth building from Commercial Custom trailers Hauling systems both for commercial heavy equipment and military transport application Parts of products Energy U.S. energy Mining exploration Railroad build-out Commercial Oil construction Reach stackers Container handling forklifts and gas Parts exploration General infrastructure construction Global International container container market Specialized equipment market for liquid and storage global & trade containment Re-establishing 8,000-21,000 customer gallon relationships capacities and select product categories Large Reputation user base for quality in energy & innovation sector Petrochemical Serves a market Waste of management over $1B annually Oil & gas drilling Focused 5/28/2014 manufacturer Nasdaq: MNTX of engineered 21 lifting equipment

26 Operating Brand Products Companies Precision pick & End carry Markets cranes Drivers Chemical / petrochemical Automotive Industrial Infrastructure projects Aerospace development Construction Environmental Strong (electric) end market or hazardous demand (spark for specialized, free) developments competitively differentiated products Expansion Product development into N. American market through MNTX distribution Focused 5/28/2014 manufacturer Nasdaq: MNTX of engineered 22 lifting equipment