$MNTX
Manitex International, Inc.

2013 Q3 Form 10-Q Financial Statement

#000119312513434811 Filed on November 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $57.52M $53.38M
YoY Change 7.76% 44.5%
Cost Of Revenue $46.32M $42.57M
YoY Change 8.81% 46.2%
Gross Profit $11.20M $10.81M
YoY Change 3.62% 38.16%
Gross Profit Margin 19.47% 20.25%
Selling, General & Admin $5.878M $5.742M
YoY Change 2.37% 11.52%
% of Gross Profit 52.48% 53.12%
Research & Development $666.0K $601.0K
YoY Change 10.82% 35.97%
% of Gross Profit 5.95% 5.56%
Depreciation & Amortization $970.0K $880.0K
YoY Change 10.23% -4.35%
% of Gross Profit 8.66% 8.14%
Operating Expenses $6.544M $6.343M
YoY Change 3.17% 13.45%
Operating Profit $4.657M $4.467M
YoY Change 4.25% 100.04%
Interest Expense $837.0K $578.0K
YoY Change 44.81% -11.49%
% of Operating Profit 17.97% 12.94%
Other Income/Expense, Net -$839.0K -$650.0K
YoY Change 29.08% -2.55%
Pretax Income $3.818M $3.817M
YoY Change 0.03% 143.74%
Income Tax $1.197M $1.313M
% Of Pretax Income 31.35% 34.4%
Net Earnings $2.621M $2.504M
YoY Change 4.67% 145.49%
Net Earnings / Revenue 4.56% 4.69%
Basic Earnings Per Share $0.21 $0.21
Diluted Earnings Per Share $0.21 $0.21
COMMON SHARES
Basic Shares Outstanding 12.35M shares 12.14M shares
Diluted Shares Outstanding 12.40M shares 12.15M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.100M $3.300M
YoY Change -6.06% 312.5%
Cash & Equivalents $3.078M $3.305M
Short-Term Investments
Other Short-Term Assets $3.000M $3.400M
YoY Change -11.76% 61.9%
Inventory $75.43M $60.51M
Prepaid Expenses
Receivables $31.37M $33.09M
Other Receivables $3.100M $2.800M
Total Short-Term Assets $116.5M $103.5M
YoY Change 12.57% 56.27%
LONG-TERM ASSETS
Property, Plant & Equipment $11.38M $10.27M
YoY Change 10.77% -9.09%
Goodwill $19.88M $15.27M
YoY Change 30.22%
Intangibles $23.24M $18.59M
YoY Change 25.04%
Long-Term Investments
YoY Change
Other Assets $1.073M $134.0K
YoY Change 700.75% -96.95%
Total Long-Term Assets $57.83M $45.99M
YoY Change 25.76% -11.22%
TOTAL ASSETS
Total Short-Term Assets $116.5M $103.5M
Total Long-Term Assets $57.83M $45.99M
Total Assets $174.3M $149.4M
YoY Change 16.63% 26.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.14M $29.57M
YoY Change -21.73% 75.99%
Accrued Expenses $6.975M $6.091M
YoY Change 14.51% 45.02%
Deferred Revenue
YoY Change
Short-Term Debt $9.600M $6.900M
YoY Change 39.13% 40.82%
Long-Term Debt Due $1.900M $1.100M
YoY Change 72.73% 83.33%
Total Short-Term Liabilities $44.94M $44.66M
YoY Change 0.64% 65.39%
LONG-TERM LIABILITIES
Long-Term Debt $39.80M $39.50M
YoY Change 0.76% 5.05%
Other Long-Term Liabilities $1.347M $1.120M
YoY Change 20.27% -58.52%
Total Long-Term Liabilities $47.24M $47.57M
YoY Change -0.71% 18.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.94M $44.66M
Total Long-Term Liabilities $47.24M $47.57M
Total Liabilities $92.18M $92.23M
YoY Change -0.06% 26.69%
SHAREHOLDERS EQUITY
Retained Earnings $11.87M $2.664M
YoY Change 345.42%
Common Stock $68.28M $52.76M
YoY Change 29.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $82.11M $57.21M
YoY Change
Total Liabilities & Shareholders Equity $174.3M $149.4M
YoY Change 16.63% 26.64%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $2.621M $2.504M
YoY Change 4.67% 145.49%
Depreciation, Depletion And Amortization $970.0K $880.0K
YoY Change 10.23% -4.35%
Cash From Operating Activities $950.0K $1.380M
YoY Change -31.16% 206.67%
INVESTING ACTIVITIES
Capital Expenditures -$230.0K -$340.0K
YoY Change -32.35% -79.88%
Acquisitions
YoY Change
Other Investing Activities -$12.87M $50.00K
YoY Change -25840.0% -82.76%
Cash From Investing Activities -$13.10M -$290.0K
YoY Change 4417.24% -79.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.781M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.90M 280.0K
YoY Change 4150.0% -73.58%
NET CHANGE
Cash From Operating Activities 950.0K 1.380M
Cash From Investing Activities -13.10M -290.0K
Cash From Financing Activities 11.90M 280.0K
Net Change In Cash -250.0K 1.370M
YoY Change -118.25% 1041.67%
FREE CASH FLOW
Cash From Operating Activities $950.0K $1.380M
Capital Expenditures -$230.0K -$340.0K
Free Cash Flow $1.180M $1.720M
YoY Change -31.4% -19.63%

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<div> <p style="MARGIN-TOP: 12pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b>Note 1. Nature of Operations</b></p> <!-- xbrl,body --> <p style="MARGIN-TOP: 6pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt" align="justify">The Company is a leading provider of engineered lifting solutions. The Company operates in two business segments: the Lifting Equipment segment and the Equipment Distribution segment.</p> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <i>Lifting Equipment Segment</i></p> <p style="MARGIN-TOP: 6pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt" align="justify">The Company is a leading provider of engineered lifting solutions. The Company designs, manufactures and distributes a diverse group of products that serve different functio ns and are used in a variety of industries. Through its Manitex, Inc. subsidiary it markets a comprehensive line of boom trucks, a truck crane and sign cranes. Manitex&#x2019;s boom trucks, the truck crane and crane products are primarily used for industrial projects, energy exploration and infrastructure development, including, roads, bridges and commercial construction. Badger Equipment Company (&#x201C;Badger&#x201D;) is a manufacturer of specialized rough terrain cranes and material handling products. Badger primarily serves the needs of the construction, municipality, and railroad industries.</p> <p style="MARGIN-TOP: 12pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt" align="justify">Through its Manitex Liftking ULC (&#x201C;Manitex Liftking&#x201D; or &#x201C;Liftking&#x201D;) subsidiary, the Company also sells a complete line of rough terrain forklifts, a line of stand-up electric forklifts, cushioned tired forklifts with lifting capacities from 18&#xA0;thousand to 40&#xA0;thousand pounds, and special mission oriented vehicles, as well as other specialized carriers, heavy material handling transporters and steel mill equipment. Manitex Liftking&#x2019;s rough terrain forklifts are used in both commercial and military applications. Specialty mission oriented vehicles and specialized carriers are designed and built to meet the Company&#x2019;s unique customer needs and requirements. The Company&#x2019;s specialized lifting equipment has met the particular needs of customers in various industries that include utility, ship building and steel mill industries.</p> <p style="MARGIN-TOP: 12pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt" align="justify">Manitex Load King, Inc. (&#x201C;Load King&#x201D;) manufactures specialized custom trailers and hauling systems typically used for transporting heavy equipment. Load King Trailers serve niche markets in the commercial construction, railroad, military, and equipment rental industries through a dealer network. Load King complements our existing material handling business.</p> <p style="MARGIN-TOP: 12pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt" align="justify">CVS Ferrari, srl (&#x201C;CVS&#x201D;) located near Milan, Italy designs and manufactures a range of reach stackers and associated lifting equipment for the global container handling market, which are sold through a broad dealer network.</p> <p style="MARGIN-TOP: 12pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt" align="justify">On August&#xA0;19, 2013, Manitex Sabre, Inc. (&#x201C;Sabre&#x201D;) acquired the assets of Sabre Manufacturing, LLC. Sabre located in Knox, Indiana, manufactures a comprehensive line of specialized mobile tanks for liquid and solid storage and containment solutions with capacities from 8,000 to 21,000 gallons. Its mobile tanks will be sold to specialized independent tank rental companies and through the Company&#x2019;s existing dealer network. The tanks are used in a variety of end markets such as petrochemical, waste management and oil and gas drilling.</p> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <i>Equipment distribution segment</i></p> <p style="MARGIN-TOP: 6pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt" align="justify">The Company operates a crane dealership that distributes Terex rough terrain and truck cranes and Manitex&#x2019;s products. The Company treats these operations as a separate reporting segment entitled &#x201C;Equipment Distribution.&#x201D; The Equipment Distribution segment also supplies repair parts for a wide variety of medium to heavy duty construction equipment sold both domestically and internationally. The crane products are used primarily for infrastructure development and commercial construction; applications include road and bridge construction, general contracting, roofing, and sign construction and maintenance.</p> <p style="MARGIN-TOP: 12pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt" align="justify">The Company&#x2019;s North American Equipment Exchange division, (&#x201C;NAEE&#x201D;) markets previously-owned construction and heavy equipment, domestically and internationally.&#xA0;This division provides a wide range of used lifting and construction equipment of various ages and condition, and has the capability to refurbish the equipment to the customers&#x2019; specification.</p> </div>
dei Trading Symbol
TradingSymbol
MNTX
dei Entity Registrant Name
EntityRegistrantName
Manitex International, Inc.
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-09-30
dei Entity Central Index Key
EntityCentralIndexKey
0001302028
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
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<div> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b>Reclassification</b></p> <p style="MARGIN-TOP: 6pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> Certain reclassifications have been made to the prior year&#x2019;s consolidated financial statements to conform to the current year&#x2019;s presentation.</p> </div>
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42053 shares

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0001193125-13-434811-index-headers.html Edgar Link pending
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