EX-99.1 2 dex991.htm SLIDE PRESENTATION POSTED ON COMPANY WEBSITE Slide Presentation posted on Company website
“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Manitex
International, Inc.
Corporate Presentation
(NASDAQ:MNTX)
August 2010
Exhibit 99.1

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Forward Looking Statements and Non-
GAAP Measures
2
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This presentation 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 presentation 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. 
Non-GAAP Measures: Manitex International from time to time refers to various non-GAAP (generally accepted
accounting principles) financial measures in this presentation. Manitex believes that this information is useful to
understanding its operating results without the impact of special items. See Manitex’s earnings releases on 
the
Investor
Relations
section
of
our
website
www.manitexinternational.com
for
a
description
and/or
reconciliation of these measures.

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
Company Snapshot
3
LTM Share Price Performance
Company Description
Manitex
International, Inc. provides engineered lifting
solutions. The company operates through two
segments, Lifting Equipment and Equipment
Distribution. The Lifting Equipment segment designs,
manufactures, and distributes boom trucks and crane
products. The Equipment Distribution segment sells,
services and distributes lifting equipment to end users.
The company was formerly known as Veri-Tek
International, Corp. and changed its name to Manitex
International, Inc. in May 2008. Manitex
International
was founded in 1993 and is based in Bridgeview,
Illinois.
Financial Summary
Total Enterprise Value
(8/12/10):
$61.4 million
Market Cap (8/12/10):
$28.0 million
LTM Total Revenue (6/3010):
$71.5 million
LTM Net Income (6/30/10):
$4.2 million
LTM EBITDA (6/30/10):
$3.9 million
Stock Price (8/12/10)
$2.46
Ticker / Exchange:
MNTX / NASDAQ
$2.46

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
•
Global provider of boom trucks, sign cranes and
specialized
material
handling
equipment
primarily
used
in
commercial, state, local and international government,
and military applications
•
Major industries served include energy (extraction and
processing), utilities, railroads, commercial building,
rental fleets, cargo transportation, and infrastructure
development
–
roads
and
bridges
•
Historically serving North American markets; recent
international diversification and growth
•
Business Model based in part on an aggressive program of making accretive
acquisitions of complementary businesses
–
High margin niche markets
–
Including two in 2009 (Badger and Load King)
–
Rely on seller financing (favorable terms, limited covenants)
Manitex
International
Businesses
Corporate Presentation
“Focused
manufacturer of
engineered lifting
equipment “
Corporate Overview
Manitex
International
4

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
5
Product Overview
Manitex, Manitex Liftking, Badger, Load King
•
Badger Equipment has
manufactured specialized
earthmoving, railroad and
material handling
equipment since 1945 and
has built over 10,000 units
during its existence.
•
Manufacturer of a complete
line of RT Forklifts, Special
Mission Oriented Vehicles,
Carriers, Heavy Material
Handling Transporters and
Steel Mill Equipment
•
Manitex specializes in
engineered lifting
equipment and its
product family includes
Manitex Boom Trucks,
SkyCrane Aerial Platforms
and Sign Cranes
•
Elk Point, South Dakota-based
manufacturer of specialized
custom trailers and hauling
systems typically used for
transporting heavy equipment.

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Key Management
Name & Title
Experience
David Langevin
Chairman & CEO
20+ years principally with Terex
Andrew Rooke
President &COO
20+ years principally with Rolls Royce, GKN Sinter Metals, Off-
Highway & Auto Divisions
David Gransee
CFO & Treasurer
Formerly with Arthur Andersen,  15+ years with Eon Labs
(formerly listed)
Robert Litchev
President –
Material Handling & SVP
International Distribution
10+ years principally with Terex
Scott Rolston
SVP Sales & Marketing –
Manitex
International
13+ years principally with Manitowoc
6

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
1)
2009 was a transformative year for Manitex
–
Two major acquisitions
–
Successfully
developed
new
products
for
the
utilities
&
railroad
markets
•
Maintained R&D spend to continue developing innovative products
–
Major cost reductions
•
$12.4 m reduction in costs in 2009 compared to 2008: Manufacturing cost reduction 48% or $7.8m, SG&A,
Corporate and R&D cost reduction of 34% or $4.6m
2)
Experienced senior management
–
Senior management has over 70 years of collective experience from well-known industrial leaders such
as Terex, Manitowoc, Rolls Royce, GKN Sinter Metals, Off-Highway and Auto Divisions and Genie
3)
The Company has a global presence with more than 20,000 units operating
worldwide spanning equipment dealerships throughout the country
–
High recurring revenue stream 24% of total sales (average 40% margin)
4)
Growing market share
–
Increased penetration in oil and gas, power grid and rail
–
Rebounding military sales
–
Expanding international sales
5)
Focused on earnings, cash flow and working capital management
7
Investment Highlights

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
8
Company Timeline
March 2002:
Manitowoc (NYSE:MTW)
acquires Grove.
January 2003:
Manitowoc divests
Manitex
December 2009:
Acquire Load King
Trailers
July 2009 Acquire Badger
Equipment Co
November 2006: Veri-
Tek
Acquires LiftKing
July 2007: VCC
acquires Noble
forklift
August 2007: Sale of assets and
closure of legacy VCC business
May 2008: Name changed to Manitex
International
and listed on Nasdaq
(MNTX)
October 2008:
Crane &
Machinery and
Schaeff
Forklift
acquired
July 2006: Manitex
merges  into Veri-Tek,
Intl. (VCC)
2002
2003
2004
2005
2006
2007
2008
2009
2010

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
9
Acquisition History
Key Transactions
2002
Manitowoc was required to divest Manitex
July 2006
Merger of Manitex
into Veri-Tek
Intl (Amex: VCC)
November 2006
Manitex
acquisition of Liftking
July 2007
Acquisition of Noble forklift product line
August 2007
Sale of assets & closure of legacy VCC business.
October 2008
Acquisition of assets of Crane & Machinery and Schaeff
Forklift
July 2009
Acquisition of Badger Equipment Company
December 2009
Acquisition of Load King Trailers

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
•
Load King Trailers, an Elk Point, South
Dakota-based manufacturer of
specialized custom trailers and hauling
systems typically used for transporting
heavy equipment
•
Consideration of $3 million; Load King’s
last five years average annual revenues
were approximately $23 million
•
Niche product line, well-recognized
quality brand name and accomplished
management team
Recent Acquisitions
Highlights
10
•
Badger Equipment Co, a Winona,
Minnesota based manufacturer of
specialized rough terrain cranes and
material handling products
•
Stock purchase with consideration of
$5.1m: Badgers last five years average
annual revenues were approximately
$8m
•
Developing new rough terrain crane line
targeted for railroad, refinery and
construction markets
•
Long standing brand recognition and
crane legacy, with established railroad
and municipality relationships

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Recent Acquisitions (subject to approval)
CVS
11
•
June 30 2010 MNTX entered into an agreement to operate, on an
exclusive
rental
basis,
the
business
of
CVS
SPA,
commencing
July
1
2010
•
CVS
SPA
is
located
near
Milan
Italy
and
designs
and
manufactures
a
range
of reach stackers and associated lifting equipment for the global container
handling market
•
CVS had 2008 annual sales of $106m prior to the global downturn
•
The rental agreement has been filed with the Italian Court and includes an
exclusive option to purchase the business at the conclusion of the Italian
insolvency process (“Concordato
Preventivo”) Rental period could extend
for up to two years
•
Sales
and
profits
are
consolidated
into
Manitex
International
from
July
2010. No debt or liabilities of “old CVS”
were assumed. As at July 1, CVS
has a backlog of orders of approximately $10m
•
Acquisition is transformational:
•
Adds global product offering
•
European manufacturing and design
•
Adds scale
•
Above average growth profile sectors of containers / ports / inter-
modal

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Replacement Parts & Service
Consistent Recurring Revenue
•
Recurring revenue of approximately 24% of total sales
•
Typical margins >40%
•
Spares relate to swing drives, rotating components, and booms among others,
many of which are proprietary
–
Serve additional brands
–
Service team for crane equipment
12

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Pro-forma Revenues
•
Pro-forma revenues are based on 2007
revenue numbers for each respective
business, regardless of date of acquisition by
Manitex
International
•
We believe Pro-forma revenues are more
representative of revenue opportunity than
revenues in the current phase of the
economic cycle
13
Manitex,  $80.0
Liftking,  $26.0
Crane & Machinery,  $18.1
Schaeff,  $3.3
Noble, $1.1
Badger,  $8.0
LoadKing,  $20.0
CVS Ferrari,  $80.0
$0.0
$50.0
$100.0
$150.0
$200.0
$250.0
Pro-forma Annual Revenue

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
14
Steadily Increasing Market Share
Even in Down Cycle
23.4%
16.7%
20.8%
29.6%
36.1%
76.6%
83.3%
79.2%
70.4%
63.9%
0
500
1000
1500
2000
2500
3000
0%
25%
50%
75%
100%
2005
2006
2007
2008
2009
Units Shipped
Market Share
Boom Truck Crane Market
MNTX
Others
Total Units Shipped

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
•
Management saw the state of the world as an opportunity to cut costs and 
grow the business through acquisition at a very modest cost, notwithstanding
reductions in its core markets
•
$12.4 m reduction in costs in 2009 compared to 2008
•
Management was successful in lowering costs to match decreases in sales; revenue decreased
47% from 2008-2009
•
With outside financing unavailable our model of negotiating seller financing fit
circumstances perfectly
•
1  
six
months
2010
gross
margin
23.7%,
117%
increase
in
EBITDA,
revenue
trend higher throughout the half year
•
1  
six
months
2010
EBITDA
margin
of
8.6%
was
the
best
since
2007
15
2009/2010 Highlights
Opportunistic Cost Cutting
st
st

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Select Financial Data
Note: Includes continuing operations only.
* Includes gain on bargain purchase of $3,815
16
(USD in thousands)
2007
2008
2009
Revenue
$ 106,946
$ 106,341
$ 55,887
Gross Margin
18.6%
16.4%
20.0%
EBITDA
8,461
5,416
1,982
EBITDA Margin
7.9%
5.1%
3.5%
Net Income
2,126
1,799
3,639 *
$106,946
$106,341
$55,887
$8,461
$5,416
$1,982
$2,126
$1,799
$3,639
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
2007
2008
2009
Revenue
EBITDA
Net Income

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Growth Drivers –
2010 and Beyond
•
World wide improvements in GDP, economic recovery
•
Increased market penetration with product developments and innovative
distribution
•
Leverage synergy with railroad industry
•
Developed products specifically for the following industries:  Oil & Gas, 
Railroads, Power Grid & Wind Power
•
Any significant governmental infrastructure spending will be a potential
spark to recovery for Manitex
•
International expansion
–
New
dealership
agreements
reached
in
Middle
East,
Russia,
&
with
Caterpillar
Global
Distribution Network
–
Achieved European CE Certification for 50 Ton Cranes in 2009.
–
Manitex
International
made
its
first
international
sales
in
2008
and
has
identified
new
markets
to
accelerate
future
growth
(Russian
market
potential
is
estimated
to
be
double
that
of North America)
–
2009 international sales were over 10% of revenue
•
CVS Ferrari is additive to the Company results
17

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Recent Developments
•
May 27, 2009 –
Announced $7.0 million in new orders including $5.0 million for
commercial boom truck cranes for the owner-operated and rental markets and
$2.0 million for Liftking
military container handling forklifts.
•
July 10, 2009 –
Acquired Badger Equipment Company for $3.0 million; adds
another niche product line of rough terrain cranes and expands dealer network.
•
December 2, 2009 -
Announced $7.6 million of orders received for 1
st
half of
2010
•
December 31, 2009 -
Acquired Load King Trailers
•
February
8,
2010
–
Announced
$4
million
of
orders
for
end
of
1
st
half
of
2010
•
June
9,
2010
–
Announced
$5
million
of
orders
for
2
nd
half
of
2010
•
June 30, 2010 –
Announced signing of exclusive Operating Agreement for
business of CVS
•
August 5, 2010 –
Announced $5 million of orders for 2010 for Manitex
boom
truck cranes for Canadian dealers
18

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Business Strategy
•
Diversify product offering through acquisition and maintained R&D
–
Increased R&D spending as a percent of sales
•
International diversification, focus on growth markets, oil, gas, commodities mining
–
Russia / CIS market  > double North America
–
Middle East
•
Expand margins through commitment to improved sourcing and manufacturing
efficiencies
•
Pursue cross-sell opportunities and add depth to distribution network.
–
Manitex
–
32
dealers
covering
all
50
states.
–
Liftking
–
Combination
of
direct
sales
and
dealer
network
–
and
military
–
Noble
Forklifts
–
Caterpillar
distribution.
–
Crane
&
Machinery
–
Direct
sales
of
Manitex
products.
–
Badger –
Strong presence in rail and municipalities.
–
Load King
–
Complementary to material handling and Badger products
•
Increase recurring revenues through replacement parts contracts.
•
Consolidate through accretive acquisitions of specialized industrial equipment
companies.
19

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Summary
Delivering sound operational and financial performance despite the historic
economic and industry-specific challenges
•
Growing market share
•
Increased penetration in oil and gas, power grid and rail
•
Rebound in military sales
•
Penetration into rental markets and networks
•
International orders are increasing
•
We have successfully scaled our business to perform in the current market
conditions through cost rationalization
•
Focused on earnings, cash flow and working capital management
20

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Appendix
21
Manitex
International, Inc.
Corporate Presentation
August 2010

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Key Figures -
Quarterly
22
$11,848
$21,970
$19,502
$594
$1,823
$1,732
$0
$5,000
$10,000
$15,000
$20,000
$25,000
Q2-2009
Q1-2010
Q2-2010
$0
$500
$1,000
$1,500
$2,000
Net Sales
EBITDA
USD thousands
Q2-2009
Q1-2010
Q2-2010
Net sales
$11,848
$21,970
$19,502
          % change in Q2-2010 to
prior period
65%
-11%
Gross profit
2,477
5,212
4,607
        Gross margin %
20.9%
23.7%
23.6%
Operating expenses 
2,446
4,169
3,658
Net (loss) Income
(117)
307
213
EBITDA
594
1,823
1,732
          EBITDA % of Sales
5.0%
8.3%
8.9%
Backlog ($ million)
15.5
21.8
24.9

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Summarized Balance Sheet
23
Current assets
$44,855
$40,147
$40,685
Fixed assets
11,053
11,804
5,878
Other long term assets
41,694
42,734
39,665
Total Assets
$97,602
$94,685
$86,228
Current liabilities
15,579
14,569
17,062
Long term liabilities
40,974
39,688
34,152
Total Liabilities
$56,553
$54,257
$51,214
Shareholders equity
41,049
40,428
35,014
Total liabilities & Shareholders equity
$97,602
$94,685
$86,228
31-Dec-08
31-Dec-09
30-Jun-10

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Working Capital
$000
Q2 2010
Q4 2009
Q2 2009
Working Capital
$29,276
$25,578
$21,304
Days sales outstanding
69
67
66
Days payable outstanding
57
73
68
Inventory turns
2.2
1.7
1.7
Quarterly EBITDA
1,732
426
594
Quarterly EBITDA % of sales
8.9%
2.9%
5.0%
Current ratio
2.9
2.8
2.9
•Increase in working capital Q2-2010 v Q4-2009 principally from increased
cash ($1.2m), accounts receivable ($3.8m) offset by reduced inventory
($0.7m) and increased accounts payable and accruals ($0.9)
•Continued strength of current ratio
24

“Focused
manufacturer of
engineered lifting
equipment “
Corporate Presentation
Debt and Liquidity
$000
Q2-2010
Q4-2009
Q2-2009
Total Cash
1,485
287
97
Total Debt
34,955
33,511
25,142
Total Equity
41,049
40,428
35,162
Net capitalization
74,519
73,652
60,207
Net debt / capitalization
44.9%
45.1%
41.6%
•Ebitda
for Q2-2010 at 8.9% of sales is best performance since Q3-2007
•Net
debt
reduction
in
Q2-2010
of
$0.7m:
Net
usage
on
lines
of
credit
$0.9m,
repayment
on
notes
and leases ($0.6m)
•Revolver facility, based on available collateral at June 30, 2010 was $22.4m
•Total availability, including cash, at June 30, 2010 $4.6m
•Net capitalization is the sum of debt plus equity minus cash.
•Net debt is total debt less cash
25