EX-99.2 3 d771898dex992.htm EX-99.2 EX-99.2
“Focused
manufacturer of
engineered lifting
equipment”
Exhibit 99.2
Manitex International, Inc.
Conference Call
Second Quarter 2014
August 6th, 2014


2
Forward Looking Statements &
Non GAAP Measures
“Focused
manufacturer of
engineered lifting
equipment”
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 Second Quarter 2014 Earnings Release on the Investor Relations
section of our website
www.manitexinternational.com
for a description and/or reconciliation of these measures.


3
“Focused
manufacturer of
engineered lifting
equipment”
Overview
Record quarterly sales & EBITDA with net income equal to previous highs: 
Sales
of
$68.4
million
(9.3%
increase)
Net
income
of
$3.0
million
(12.5%
increase)
EBITDA
$6.3
million
(14.2%
increase),
9.2%
of
sales
EPS
$0.22
(unchanged
from
Q2-2013,
but
1.5
million
more
diluted
shares)
Continued increase in order intake in Q2-2014 provides YTD increase in backlog of
~33% to $102.5 million.
July 21
st
, announced agreement to acquire PM Group S.p.A. subject to Italian
court approval. Based near Modena, Italy, PM Group had June 30, 2014 trailing
twelve month revenues of approximately $106 million. Expected to
close in Q4-
2014.


4
“Focused
manufacturer of
engineered lifting
equipment”
Commercial Overview
•Order demand in the quarter saw some stronger demand in Europe for CVS and in N.America for
lower tonnage crane products
•Book to bill ratio of 104% in Q2-2014, compared to 82% for Q2-2013 and 136% for Q1-2014.
•Relatively slow growth in N. America and a long way from the peak of 2007-8.
•Expect to see energy developments pick up in medium term. As at July 25, N. America rig
count YOY increase of 8.2%  (173 rigs)
•European markets continue to improve
•Product order profile has shown an increase in smaller / mid-range tonnage cranes reflecting
increase in general construction activity. Commercial material handling equipment slower but
container handling equipment showed stronger demand in the quarter and expected to grow further.
•Awarded third military contract for specialized military specification equipment with approximate
revenues of between $30 -$45 million over the next five years. This award from the US Navy brings
the value of contracts for deliveries in the next five years secured by Manitex Liftking in the past
fourteen months to a range of $75 -
$125 million.
•6/30/14 Backlog of $102.5 million (12/31/13, $77.3 million):
•Broad based order book with stronger representation from CVS and
from lower capacity cranes
•Strong order intake in Q2-2014 for container handling equipment (CVS)


5
Key Figures -
Quarterly
“Focused
manufacturer of
engineered lifting
equipment”
USD thousands
Q2-2014
Q2-2013
Q1-2014
Net sales
$68,399
$62,554
$62,576
% change in Q2-2014 to prior period
9.3%
9.3%
Gross profit
13,144
12,260
11,604
Gross margin %
19.2%
19.6%
18.5%
Operating expenses
7,966
7,656
7,993
Net Income
2,986
2,655
1,877
Earnings Per Share
$0.22
$0.22
$0.14
Ebitda
6,293
5,513
4,722
Ebitda % of Sales
9.2%
8.8%
7.5%
Working capital
84,392
70,179
75,171
Current ratio
2.5
2.6
2.5
Backlog
$102,517
$96,637
$100,023
% change in Q2-2014 to prior period
6.1%
2.5%


6
“Focused
manufacturer of
engineered lifting
equipment”
Q2-2014 Operating Performance
$m
$m
Q2-2013 Net income
2.7    
Gross profit impact of increased sales of $5.8 million
(2014 sales less 2013 sales at 2013 gross profit % ).
1.1
Impact from decrease in margin
(2014 gross profit % -
2013 gross profit % multiplied by 2014 sales)
(0.2)
Increase in gross profit
0.9
Operating expenses
(0.3)
Interest / other
-
Increase in tax
(0.2)
Q2-2014 Net income
$3.0      


7
Working Capital
“Focused
manufacturer of
engineered lifting
equipment”
$000
Q2-2014
Q4-2013
Working Capital
$84,392
$73,873
Days sales outstanding (DSO)
70
53
Days payable outstanding (DPO)
50
45
Inventory turns
2.8
2.9
Current ratio
2.5
2.5
Operating working capital
102,778
86,682
Operating working capital % of
annualized LQS
37.6%
33.1%
•Working capital increase Q2-2014 v Q4-2013, of $10.5m:
•Trade & Other Receivables $13.2m, Inventory $7.0m, partially offset by
reduced cash $2.9m, increased accounts payable $4.2m, short term
working
capital borrowings $2.5m and accruals & other current liabilities $0.9m.
•Inventory increase includes governmental units shipped not recognized as
revenue in Q2
•Working capital ratios: DSO increase from a higher proportion of
international
sales and timing of payments on military


8
“Focused
manufacturer of
engineered lifting
equipment”
$000
Q2-2014
Q4-2013
Total Cash
$3,189
$6,091
Total Debt
59,828
54,231
Total Equity
90,498
84,991
Net capitalization
147,137
133,131
Net debt / capitalization
38.5%
36.2%
Trailing 12 month EBITDA
$22,864
$21,483
Debt / EBITDA
x2.6
x2.5
•Increase in debt of $5.6 million from 12/31/13 principally reflects increase in working capital
facilities in N.A. ($4.1m) and Italy ($2.3m) funding increased activity levels.
•Other debt repayments in the quarter of $0.6 million
•N. American revolver facilities, based on available collateral at 6/30/14 was $50.8m.
•N. American revolver availability at 6/30/14 of $6.1m.
Debt & Liquidity
Net capitalization is the sum of debt plus equity minus cash
Net debt is total debt less cash


9
Summary
“Focused
manufacturer of
engineered lifting
equipment”
Q2-2014 achieved highest quarterly revenues and EBITDA to date and
equal high levels of net income.
Solid ~30% increase in backlog to $103 million is indicator of improved
customer confidence although short term negative mix
PM acquisition expected to close in Q4-2014, providing additional
growth platform for 2015 as we become a pro-forma greater than $350
million revenue organization


10
Appendix
“Focused
manufacturer of
engineered lifting
equipment”
PM Group S.p.A. Acquisition
Agreement


Agreement with PM-Group
11
8/5/2014
Nasdaq: MNTX
Manitex International, Inc. (Nasdaq: MNTX)
has reached an agreement to
acquire
PM-Group
SpA
(PM
and
Oil
&
Steel
SpA,)
of
San
Cesario
sul
Panaro,
Modena, Italy.
Consideration of $107 million, subject to post-closing adjustments and earnout
provisions, is expected to consist of a combination of debt, equity, and the assumption of
$68 million in debt and liabilities.
The acquisition is expected to close in the fourth quarter of 2014, subsequent to the
pending Italian Court approval of a debt restructuring plan.
PM-Group had accumulated $140M in debt, following 2008 LBO, which has created an
opportunity for Manitex to acquire the company and restructure the debt.
PM-Group has trailing twelve months revenues of $106 million and adjusted EBITDA
margins of approximately 9% .


Deal Structure
Purchase Price of $107 Million consists of:
$24 million in cash provided by a new Manitex term loan with
current Manitex Banking group.
$15 million in new equity issuance (approximately 1 million
MNTX shares) distributed primarily to current PM banks.
$68 million in assumed debt and liabilities which includes
working capital facilities for PM.
12
8/5/2014
Nasdaq: MNTX


Acquisition Rationale:
13
Acquisition fits into Manitex International stated growth objectives to achieve
growth both organically and through acquisitions.  PM-Group represents our
largest acquisition to date.
PM-Group is a strong strategic fit:
Adds product classes -
knuckle boom cranes and truck mounted aerial
platforms-
both are a highly desired product categories with strong demand.
Adds new manufacturing facilities/capacity
Adds new distributors, geographies and niche markets
Accelerates Manitex growth both within Europe and globally
Compelling synergies create value for shareholders
Accretion to EBITDA and Earnings expected in 2014
8/5/2014
Nasdaq: MNTX


What We are Buying
14
8/5/2014
Nasdaq: MNTX
PM
is
a
leading
Italian
manufacturer
of
truck-mounted
hydraulic
knuckle
boom cranes, with diverse product lines ranging up to 108 ton meters in
lifting capacity, sales in 50 countries including Western and Eastern
Europe, South America, Middle & Far East, and North America.
Oil
&
Steel
(“O&S”)
is
a
market
leader
in
truck
mounted
aerial
platforms.
PM and O&S’
headquarters and assembly plants are located in San
Cesario sul Panaro, in the province of Modena, Italy, together with a
manufacturing plant in Romania.


Combination of Manitex and PM-Group
15
8/5/2014
Nasdaq: MNTX
HIGHLIGHTS:
Annualized Pro Forma Revenues in excess of $350 Million
Annualized Pro Forma EBITDA in excess of $30 Million
Long-term Gross Margin Target Remains ~20%
Long-term EBITDA Margin Target Remains ~10%
Pro forma combined backlog as of March 31, 2014 is ~$116 Million
Manitex International now offers its dealers both straight-mast and
knuckle boom cranes