-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IIj6KrnodAgauDPh0D//UgCLsY/Rof//tCg/PxycXZxGsliXmSmpharMWzCPCxIx NHMgofYLMfI/z79Hs+hRLQ== 0000897069-01-500083.txt : 20010421 0000897069-01-500083.hdr.sgml : 20010421 ACCESSION NUMBER: 0000897069-01-500083 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010417 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010419 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MANITOWOC CO INC CENTRAL INDEX KEY: 0000061986 STANDARD INDUSTRIAL CLASSIFICATION: CONSTRUCTION MACHINERY & EQUIP [3531] IRS NUMBER: 390448110 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-11978 FILM NUMBER: 1606263 BUSINESS ADDRESS: STREET 1: 500 S 16TH ST STREET 2: STE B CITY: MANITOWOC STATE: WI ZIP: 54221-0066 BUSINESS PHONE: 9206844410 MAIL ADDRESS: STREET 1: 500 S 16TH ST CITY: MANITOWOC STATE: WI ZIP: 54221-0066 8-K 1 pdm10a.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ----------------------- Date of Report: April 17, 2001 (Date of earliest event reported) The Manitowoc Company, Inc. (Exact name of registrant as specified in its charter) Wisconsin 1-11978 39-0448110 -------------------- --------------------- ------------------ (State or other (Commission File (IRS Employer jurisdiction of Number) Identification No.) incorporation) 500 South 16th Street, Manitowoc, Wisconsin 54221-0066 ----------------------------------------------------------------- (Address of principal executive offices including zip code) (920) 684-4410 ---------------------------------- (Registrant's telephone number) INFORMATION TO BE INCLUDED IN THE REPORT Item 5. Other Events On April 17, 2001, The Manitowoc Company, Inc. issued a press release announcing its earnings for the first quarter ended March 31, 2001. A copy of such press release is filed as Exhibit 20 and is incorporated by reference herein. Item 7. Financial Statements and Exhibits (c) Exhibits. See the Exhibit Index following the Signature page of this report, which is incorporated herein by reference. 1 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THE MANITOWOC COMPANY, INC. Date: April 19, 2001 /s/ Glen E. Tellock --------------------------------------- Glen E. Tellock, Senior Vice President and Chief Financial Officer 2 THE MANITOWOC COMPANY, INC. EXHIBIT INDEX TO FORM 8-K CURRENT REPORT DATED AS OF APRIL 17, 2001 Exhibit Number Description 20 Press Release dated April 17, 2001, regarding the company's first quarter earnings. 3 EX-20 2 pdm10b.txt PRESS RELEASE APRIL 17, 2001 News for Immediate Release MANITOWOC ANNOUNCES FIRST-QUARTER 2001 FINANCIAL RESULTS First-Quarter Results in Line with Company's Revised Guidance MANITOWOC, WI - April 17, 2001 - The Manitowoc Company, Inc. (NYSE: MTW) today reported financial results for the first quarter ended March 31, 2001. Net sales increased 11.4 percent to $229.4 million in the first quarter of 2001, from $205.9 million for the same period in 2000. Net earnings for the quarter were $9.9 million, or $.40 per diluted share, compared with $14.9 million, or $.57 per diluted share, in the first quarter of 2000. Weighted average shares outstanding used to calculate diluted earnings per share for the first quarter of 2001 and the prior-year quarter were 24.5 million and 26.0 million, respectively. "Our first-quarter financial results are in line with our preliminary expectations that were announced on March 26," said Terry D. Growcock, Manitowoc's president and chief executive officer. "As we discussed at that time, we had expected to see slight growth resume in the beverage industry during 2001. However, a protracted weakness brought on by capital equipment spending constraints contributed to broad volume decreases in this business. In addition, product mix issues and slower ice-machine sales further affected Foodservice revenues and earnings. "Despite this short-term weakness, we are increasingly confident of our growth prospects for the remainder of the year. We have undertaken significant expense reduction initiatives across all of our Foodservice operations that should enable Manitowoc to realize cost savings in the second half of 2001. Also, new-product introductions during the balance of the year should offset some of the declines in the first quarter, regardless of the ongoing beverage industry concerns. "Prospects for our Crane segment remain solid, despite increased European pricing pressures for our large crawler cranes due to the strong dollar. Slower order-to-delivery rates in our boom-truck operation reflect the continued economic concerns affecting smaller contractors," added Growcock. "Quoting activity for our higher-capacity lift cranes continues to climb, driven by demand in the energy-related markets. Although pricing pressures hampered our margins in the first quarter, we have expanded our leadership position in the worldwide market for medium- and high-capacity lift cranes. - more - Manitowoc Announces First-Quarter Results /2 "The strength of our large-crane business is evidenced by the very positive response we received two weeks ago at BAUMA 2001, an international construction equipment trade fair in Germany," stated Growcock. "The introduction of five major new crane products at one show is unprecedented in the lattice-boom crane industry and is a testament to our technological and manufacturing capabilities. Including sales made at BAUMA, our overall crane segment backlog stood at $85 million as of April 13, 2001. "We continue to move forward with our planned acquisition of Potain SA, the tower crane subsidiary of Groupe Legris Industries in France. The combination of Manitowoc and Potain would create one of the world's premier providers of lifting solutions for the construction industry. We expect to receive the final regulatory approvals shortly, which should enable us to close this transaction next month. "In our Marine group, we are completing another active winter repair season," continued Growcock. "This season included more than 20 dry dockings at our Sturgeon Bay and Toledo facilities, and work continues steadily on the hopper dredge Liberty Island. In addition, quoting activity is the highest in recent memory at our Bay, Toledo, and Cleveland operations, as well as at Marinette Marine. The Marinette acquisition is nearly assimilated, and we remain confident that Marinette will meet our accretion assumptions for the year. "Our strict fiscal management and focus on EVA(R) principles has enabled us to continue generating cash despite challenging market conditions. Cash flow from operations was very positive in the first quarter, totaling $11.4 million, compared with cash from operations of $1.1 million in the first quarter of 2000. During the quarter, Manitowoc generated $2.1 million in EVA for our shareholders. "Going forward, we have a number of reasons to be optimistic about our prospects. While we anticipate continued softness in the beverage industry, new-product introductions slated for later this year should offset some of this weakness and enable us to boost margins closer to Manitowoc's historical level. Demand for our medium- and large-capacity cranes continues to be strong, with added benefits expected later in the year as a result of new medium-capacity and specialty crane products introduced at BAUMA. Work on the Liberty Island should be completed in the fourth quarter, and our Marine operations are vigorously pursuing new shipbuilding contracts. We look forward to achieving our Vision 2002 goals, which are now in sight, and we remain committed to delivering superior value to our shareholders." The Manitowoc Company, Inc. is a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment for the foodservice industry. It is also a leading producer of lattice-boom cranes, boom trucks, and related products for the construction industry, and is the largest provider of ship repair, conversion, and new-construction services for the U.S. Great Lakes maritime industry. - more - Manitowoc Announces First-Quarter Results / 3 Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. Potential factors could cause actual results to differ materially from those expressed or implied by such statements. These statements include, but are not limited to, those relating to Manitowoc's anticipated cost savings, new foodservice product introductions, planned acquisition of Potain, and accretion assumptions for the Marinette Marine acquisition. Information on the potential factors that could affect the company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2000. Company Contact: Glen E. Tellock Senior Vice President & Chief Financial Officer 920-683-8122 THE MANITOWOC COMPANY, INC. Unaudited Consolidated Financial Information For the First Quarter of Calendar Years 2001 and 2000 (In thousands, except per-share data) INCOME STATEMENT - ------------------------------------------------------------------------------- QUARTER ENDED March 31, 2001 2000 --------- ------------ Net sales $229,351 $205,853 Cost of sales 173,321 150,136 --------- ------------ Gross profit 56,030 55,717 Engineering, selling & administrative 33,686 27,072 Amortization 2,315 1,902 --------- ------------ Operating earnings 20,029 26,743 Interest expense (4,096) (2,511) Other (expense) income - net (115) (371) --------- ------------ Earnings before taxes on income 15,818 23,861 Provision for taxes on income 5,948 8,948 --------- ------------ NET EARNINGS $9,870 $14,913 ========= ============ BASIC EARNINGS PER SHARE $0.41 $0.58 ========= ============ DILUTED EARNINGS PER SHARE $0.40 $0.57 ========= ============ BALANCE SHEET - ------------------------------------------------------------------------------- ASSETS March 31, Dec. 31 2001 2000 --------- ------------ Current assets: Cash & temporary investments $10,257 $16,027 Accounts receivable 71,730 88,231 Inventories 101,818 91,178 Other current assets 33,583 28,071 --------- ------------ Total current assets 217,388 223,507 Intangible assets 307,516 308,751 Other assets 14,581 10,332 Property, plant & equipment - net 102,297 99,940 --------- ------------ TOTAL ASSETS $641,782 $642,530 ========= ============ LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable & accrued expenses $146,124 $144,713 Current portion of long-term debt 270 270 Short-term borrowings 68,671 81,000 Product warranties 12,537 13,507 --------- ------------ Total current liabilities 227,602 239,490 Long-term debt 140,337 137,668 Other non-current liabilities 32,005 31,603 Stockholders' equity 241,838 233,769 --------- ------------ TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $641,782 $642,530 ========= ============ SEGMENT SUMMARY - ------------------------------------------------------------------------------- QUARTER ENDED March 31, 2001 2000 --------- ------------ Net sales: Foodservice products $101,245 $92,929 Cranes and related products(*) 84,258 100,770 Marine 43,848 12,154 --------------- ---------- Total $229,351 $205,853 =============== ========== Operating earnings (loss): Foodservice products $9,541 $12,180 Cranes and related products 11,363 17,333 Marine 4,569 2,377 General corporate expense (3,129) (3,245) Amortization (2,315) (1,902) --------------- ---------- Total $20,029 $26,743 =============== ========== CASH FLOW SUMMARY - ------------------------------------------------------------------------------- QUARTER ENDED March 31, 2001 2000 --------- ------------ Net earnings $9,870 $14,913 Non-cash adjustments to income 5,317 4,673 Changes in operating assets and liabilities (3,771) (18,474) --------------- ---------- Net cash provided by 11,416 1,112 operations Business acquisitions - net 0 (30,694) Capital expenditures (5,336) (4,853) Proceeds from sale of fixed assets 22 22 Treasury stock purchases 0 (22,638) Dividends paid (1,791) (1,957) Proceeds (payments) on long-term borrowings-net 2,669 (11) Proceeds (payments) from revolver borrowings-net (12,329) 67,201 Other changes to stockholders' equity (339) 0 Effect of exchange rate changes on cash (82) (10) --------------- ---------- Net increase (decrease) in cash & temporary investments ($5,770) $8,172 (*) Prior periods restated to reflect the required adoption of EITF 99-19 relating to the reporting of certain crane segment revenues gross versus net. This does not result in a change in net income or earnings per share. -----END PRIVACY-ENHANCED MESSAGE-----