EX-99.2 3 dex992.htm WEBCAST PRESENTATION SLIDES Webcast presentation slides
Exhibit 99.2
Manitex International, Inc.
Conference Call
Fourth Quarter & Full Year 2010
March 17th, 2011


2
Forward Looking Statements
& Non GAAP Measures
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 fourth quarter 2010 earnings
release
on
the
Investor
Relations
section
of
our
website
www.manitexinternational.com
for
a
description
and/or
reconciliation of these measures.


3
2010 Summary
2010 was a year of significant financial improvements from
2009, highlighted by the near-doubling of revenues, record
EBITDA margins, and highest quarterly EPS in Manitex history
Achieved 31% organic growth
Our commitment to international diversification and addition
of new product lines bolstered our growth
Our products remain focused on specialized lifting equipment
Continued emphasis on cost control resulted in margin
expansion and operating leverage


4
Overview-Fourth Quarter 2010
Continuing the momentum from Q3-2010 together with full quarter contribution
from CVS Ferrari
Year on year quarterly revenues up 98% to $29.5 million
Net income of $0.9 million, EPS of $0.08 and highest ever quarterly EBITDA of $2.9
million, 9.6% of sales
Gross margin remains strong at 25.9%
US markets remained weak, but we exploited niche opportunities in energy,
utility,
container
handling
and
international
sectors.
Non
US
revenues
grow
to
38% of total revenues (2007=20%)
Year-on-year backlog increase of 80%, sequential quarter increase of 21%
Continuing focus on cost control, working capital and liquidity
Q4-2010 incremental sales of $14.6 million generated 15% incremental operating
income*
Managing growth with existing credit facilities. Cash and availability under credit lines of
$4.3 million at December 31, 2010
*excluding 2009 bargain purchase


5
Key Figures -
Quarterly
USD thousands
Q4-2010
Q3-2010
Q4-2009
Net sales
$29,544
$24,859
$14,934
% change in Q4-2010 to prior period
19%
98%
Gross profit
7,660
5,855
3,444
Gross margin %
25.9%
23.6%
23.1%
Operating expenses
Includes benefit from bargain purchase gain
5,605
-
4,365
-
776
(2,915)
Net Income
932
657
3,842
Ebitda
2,850
2,271
426*
Ebitda % of Sales
9.6%
9.1%
2.9%
Working capital
31,692
29,621
25,578
Current ratio
2.4
2.7
2.8
Backlog
39,905
32,847
22,122
% change in Q3-2010 to prior period
21%
80%
*Excluding gain on bargain purchase


6
Q4-2010 Operating Performance
$000
$000
Q4-2009 Net income
Q4-2009 bargain purchase gain
3,842         
(2,915)
927
Gross profit impact of increased sales of $14.9
million (Q4-2010 sales less Q4-2009 sales at Q4-2009 gross profit
% )
3,369
Benefit from improved margin (Q4-2010 gross profit % -
Q4-2009 gross profit % multiplied by  Q4-2010 sales)
847
Increase in gross profit
4,216
Increase in operating expenses (including new
operations expenses of $1.6 million)
(1,914)
Interest & Other income / (expense)
(108)
Increase in tax (2010 charge v 2009 benefit)
(2,189)
Q4-2010 Net income
$        932


7
Key Figures -
Annual
USD thousands
2010
2009
2008
Net sales
$95,875
$55,887
$106,341
% change in 2010 to prior period
72%
(10%)
Gross profit
23,334
11,157
17,465
Gross margin %
24%
20%
16%
Operating expenses
17,797
7,813*
14,057
Tax charge (benefit)
1,026
(2,097)
(407)
Net Income from continuing operations
2,109
3,639*
1,799
Ebitda
8,676
1,982
5,416
Ebitda % of Sales
9.0%
3.5%
5.1%
Working capital
31,692
25,578
23,623
Current ratio
2.4
2.8
2.4
Backlog
39,905
22,122
15,703
*Including gain on bargain purchase $3,815


8
2010 Operating Performance
$000
$000
2009 Net income
2009 bargain purchase gain
3,639         
(3,815)
(176)
Gross profit impact of increased sales of $40
million (2010 sales less 2009 sales at 2009 gross profit % )
7,998
Benefit
from
improved
margin
(2010
gross
profit
%
-
2009
gross profit % multiplied by 2010 sales)
4,179
Increase in gross profit
12,177
Increase in operating expenses (including new
operations expenses of $3.7 million)
(6,169)
Interest & Other income / (expense)
(600)
Increase in tax (2010 charge of $1.0m v 2009
benefit of $2.1m)
(3,123)
2010 Net income
$       2,109


9
2010 Operating Expenses
•In
2010
incurred
additional
SG&A
costs
of
$2.0
million
in
“2009
operations”
that
generated an additional $17.1 million in revenue
•Increases in SG&A from reinstatement of portion of compensation costs, selling
expenses and freight, legal costs
•2009 operating expenses were reduced by $3.8 million from the bargain purchase
gains on Badger and Load King
$ millions
Incremental Sales in 2010 from 2009 operations *
17.1
2010 (Increase) / decrease in operating expenses in "2009 operations"
Increase in R&D expenses
(0.3)
Decrease in restructuring expense
0.1
Increase in SG&A expenses
(2.0)
Exchange rate effect
(0.3)
Non-
recurring bargain purchase gain on 2009 acquisitions
(3.8)
Total Incremental Operating Expenses in "2009 operations"
(6.3)
Incremental SG&A % of sales
11.7%
* 2009 operations includes Manitex, Liftking, and Crane & Schaeff and excludes Badger for six months
to June 30th 2010, Load King, CVS Ferrari and North American Equipment Exchange (NAEE)


10
Working Capital
$000
Q4-2010
Q3 2010
Q4 2009
Working Capital
$31,692
$29,621
$25,578
Days sales outstanding
60
62
67
Days payable outstanding
62
53
73
Inventory turns
2.9
2.7
1.7
Current ratio
2.4
2.7
2.8
Operating working capital
36,763
34,833
29,112
Operating working capital % of LQ sales
31.1%
35.0%
48.7%
•Increase in working capital Q4-2010 v Q4-2009 principally from increased accounts
receivable ($9.7m) and inventory ($3.4m) and offset by increased
accounts payable,
accruals & other liabilities ($8.4m)
•Inventory increase includes $1.3 million from new operations of CVS and
NAEE
•Operating working capital improvement to 31% of annualized LQ sales


11
Debt and Liquidity
$000
Q4-2010
Q3-2010
Q4-2009
Total Cash
662
217
287
Total Debt
34,019
33,745
33,511
Total Equity
43,274
42,025
40,428
Net capitalization
76,631
75,553
73,652
Net debt / capitalization
43.5%
44.4%
45.1%
YTD EBITDA
8,676
5,826
1,982
YTD EBITDA % of sales
9.0%
8.8%
3.5%
Ebitda for Q4-2010 at 9.6% of sales is best quarterly performance by the Company. Full
year EBITDA of 9.0%
Net reduction in term notes during 2010 of $1.8m:
•Revolver
facility,
based
on
available
collateral
at
December
31,
2010
was
$23.6m
•Cash and revolver availability at December 31, 2010 $4.3m
•Net capitalization is the sum of debt plus equity minus cash.
•Net debt is total debt less cash


12
Commercial Update
US market sectors showing different profiles
General construction activity still limited resulting in low demand from rental
fleets and general contractors. Our recent announcement of $13.5
million of
orders did however include rental fleet orders indicating more positive
outlook
Stronger niche market sectors of energy and utilities but these are also
volatile and sensitive to underlying trends eg commodities
Non-US markets have been showing stronger economic activity
We have targeted Canada, Middle East & parts of Europe 
Non-US sales account for 38% of 2010 revenues, up from 20% in 2007
Q4-2010 represented first full quarters contribution from CVS Ferrari
Container handling and inter-modal markets are showing increasing activity
and equipment demand
Slowly building commercial and operational activities at CVS
Strong presence and financial investment planned for ConExpo at Las
Vegas in March
Largest show in N. America held every three years
Backlog of $40 million to enter 2011, an increase of 80% from 12/31/2009


13
2011 Outlook
Q1-2011
Sales: Expectation that revenues will be solid improvement from Q1-
2010 sales of $22m
Net Income: Impact of costs of regulatory filings and participation at
ConExpo of $0.7 million
EPS: Despite the higher Q1 costs, we anticipate we will exceed Q1-
2010 EPS of $0.03
2011
Expect specialty markets of energy, rail, and utilities to lead to double
digit revenue growth year on year in our existing businesses.
Additionally, we expect incremental sales from our CVS operating
agreement
Overall, our business model puts us on a firm footing as we
enter 2011 and we expect to continue to implement our
strategy and build upon it as the economy improves