BRIDGEVIEW, IL--(Marketwired - May 5, 2016) - Manitex International, Inc. (
For the three months ended March 31 2016, the Company reported net income attributable to shareholders of Manitex International of $1.5 million or $0.09 per share, on net revenues of $102.4 million, compared to a net loss of ($0.2) million or ($0.01) per share on sales of $101.0 million for the three months ended March 31 2015. Net income attributable to shareholders of Manitex International adjusted for transaction related and restructuring related items for the three months ended March 31 2016 was $0.3 million or $0.02 per share, compared to $1.5 million or $0.10 per share for the three months ended March 31 2015. (The Glossary at the end of this press release contains further details regarding these adjustments).
First Quarter 2016 Financial Highlights:
Chairman and Chief Executive Officer, David Langevin, commented, "We started the year off at a reasonable level in light of continued market sluggishness in our sector. At the present time, we see the North American market for straight mast cranes continuing at low levels. However, based upon the order rate in the market for the first quarter, we may have seen the bottom. Further, while the global markets for industrial equipment are running at such low levels, we have the opportunity at this time to concentrate on the stated goals that we outlined in our annual earnings release, namely to execute on our cost reduction programs throughout our company, continue to integrate PM, expand ASV branded distribution, refocus our product line to our higher margin businesses and to continue to reduce debt.
"We are carefully managing our balance sheet and capital resources, and while we reported a total debt at the end of the quarter that was up from year end, it is important to note that this represents a temporary increase in our working capital lines to bridge a $23 million increase in receivables and relatively flat inventory on $8.9 million in higher sales. We have paid down the entirety of our term debt from the PM acquisition in just one year, which represents a portion of the $6.7 million in overall term debt paid down in the quarter and we expect further working capital improvements, net debt reductions, and improved cash conversion throughout the coming year. We believe that successful execution of our strategy, as outlined above, will drive growth of our highest margin products, achieve stronger cash generation, improve our balance sheet, and yield significant returns to our shareholders," Mr. Langevin continued.
Continuing Operations: Segment Results | |||||||||||
As Reported | As Adjusted | ||||||||||
Three Months Ended March 31 | Three Months Ended March 31 | ||||||||||
$000 | 2016 | 2015 | 2016 | 2015 | |||||||
Consolidated | |||||||||||
Net Revenues | 102,361 | 101,042 | 102,361 | 101,042 | |||||||
Operating Income | 3,357 | 2,050 | 3,357 | 5,077 | |||||||
Operating Margin % | 3.3 | % | 2.0 | % | 3.3 | % | 5.0 | % | |||
Lifting Segment | |||||||||||
Net Revenues | 70,189 | 66,662 | 70,189 | 66,662 | |||||||
Operating Income | 4,228 | 2,720 | 4,768 | 3,777 | |||||||
Operating Margin % | 6.0 | % | 4.1 | % | 6.8 | % | 5.7 | % | |||
ASV Segment | |||||||||||
Net Revenues | 28,468 | 32,061 | 28,468 | 32,061 | |||||||
Operating Income | 1,027 | 1,979 | 1,027 | 2,808 | |||||||
Operating Margin % | 3.6 | % | 6.2 | % | 3.6 | % | 8.8 | % | |||
Equipment Distribution Segment | |||||||||||
Net Revenues | 5,551 | 3,490 | 5,551 | 3,490 | |||||||
Operating Income | 154 | 30 | -386 | 30 | |||||||
Operating Margin % | 2.8 | % | 0.9 | % | -7.0 | % | 0.9 | % | |||
Corporate & Eliminations | |||||||||||
Revenue eliminations | 1,847 | 1,171 | 1,847 | 1,171 | |||||||
Corporate charges & inter segment profit in inventory | 2,052 | 2,679 | 2,052 | 3,820 | |||||||
(The Glossary at the end of this press release contains further details regarding As Adjusted items).
Lifting Segment Results
ASV Segment Results
Equipment Distribution Segment Results
Andrew Rooke, Manitex International President and Chief Operating Officer, commented, "The first quarter saw further progress with our strategic and operational priorities. Repayments of $6.7 million were made on term debt and at the end of the quarter we had fully repaid the US recourse $14 million term loan for the PM acquisition. Our working capital did increase in the quarter, although we expect this to be largely a temporary effect. The working capital increase came principally from a $23 million increase in receivables driven by the timing and the higher level of sales quarter over quarter, together with the timing of some European shipments at the end of the quarter. Cost reduction and the balancing of activity with demand remain a high focus and despite some significant adverse sales mix comparisons, we achieved a gross margin very comparable with that of the adjusted margin for the first quarter of 2015. Contributing to this are our cost reduction initiatives established in 2015, where we set ourselves a target of $15 million of savings over the three years, 2015 to 2017. We achieved $2.2 million of savings in the first quarter equal to 40% of our annual 2016 target and currently expect to continue to exceed our 2016 target."
Conference Call:
Management will host a conference call at 4:30 PM Eastern Time today to discuss the results with the investment community. Anyone interested in participating in the call should dial 888-510-1786 if calling within the United States or 719-325-2484 if calling internationally. A replay will be available until May 12, 2016 which can be accessed by dialing 877-870-5176 if calling within the United States or 858-384-5517 if calling internationally. Please use passcode 4006554 to access the replay. The call will additionally be broadcast live and archived for 90 days over the internet with accompanying slides, accessible at the investor relations portion of the Company's corporate website, www.manitexinternational.com/eventspresentations.aspx.
About Manitex International, Inc.
Manitex International, Inc. is a leading worldwide provider of highly engineered specialized equipment including boom truck, truck and knuckle boom cranes, container handling equipment and reach stackers, rough terrain forklifts, and other related equipment. Our products, which are manufactured in facilities located in the USA, Canada, and Italy, are targeted to selected niche markets where their unique designs and engineering excellence fill the needs of our customers and provide a competitive advantage. We have consistently added to our portfolio of branded products and equipment both through internal development and focused acquisitions to diversify and expand our sales and profit base while remaining committed to our niche market strategy. Our brands include Manitex, PM, O&S, CVS Ferrari, Badger, Liftking, Sabre, and Valla. ASV, our venture with Terex Corporation, manufactures and sells a line of high quality compact track and skid steer loaders.
Forward-Looking Statement
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release 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 release 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.
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except for share and per share amounts) |
||||||||||||
Three Months Ended March 31, |
||||||||||||
2016 | 2015 | |||||||||||
Unaudited | Unaudited | |||||||||||
Net revenues | $ | 102,361 | $ | 101,042 | ||||||||
Cost of sales | 83,916 | 83,040 | ||||||||||
Gross profit | 18,445 | 18,002 | ||||||||||
Operating expenses | ||||||||||||
Research and development costs | 1,489 | 1,101 | ||||||||||
Selling, general and administrative expenses | 13,599 | 14,851 | ||||||||||
Total operating expenses | 15,088 | 15,952 | ||||||||||
Operating income | 3,357 | 2,050 | ||||||||||
Other income (expense) | ||||||||||||
Interest expense | (3,113 | ) | (2,844 | ) | ||||||||
Foreign currency transaction (loss) gain | (537 | ) | 945 | |||||||||
Other income (expense) | 2,182 | (18 | ) | |||||||||
Total other expense | (1,468 | ) | (1,917 | ) | ||||||||
Income before income taxes and loss in non-marketable equity interest from continuing operations | 1,889 | 133 | ||||||||||
Income tax expense from continuing operations | 517 | 31 | ||||||||||
Loss in non-marketable equity interest, net of taxes | (39 | ) | (39 | ) | ||||||||
Net income from continuing operations | 1,333 | 63 | ||||||||||
Discontinued operations | ||||||||||||
Income from operations of discontinued operations | -- | 10 | ||||||||||
Income tax expense | -- | 3 | ||||||||||
Income on discontinued operations | -- | 7 | ||||||||||
Net income | 1,333 | 70 | ||||||||||
Net loss (income) attributable to noncontrolling interest | 127 | (294 | ) | |||||||||
Net income (loss) attributable to shareholders of Manitex International, Inc. | $ | 1,460 | $ | (224 | ) | |||||||
Earnings (loss) Per Share | ||||||||||||
Basic | ||||||||||||
Earnings (loss) from continuing operations attributable to shareholders of Manitex International, Inc. | $ | 0.09 | $ | (0.01 | ) | |||||||
Income (loss) from discontinued operations attributable to shareholders of Manitex International, Inc. | $ | - | $ | - | ||||||||
Earnings (loss) attributable to shareholders of Manitex International, Inc. | $ | 0.09 | $ | (0.01 | ) | |||||||
Diluted | ||||||||||||
Earnings (loss) from continuing operations attributable to shareholders of Manitex International, Inc. | $ | 0.09 | $ | (0.01 | ) | |||||||
Income (loss) from discontinued operations attributable to shareholders of Manitex International, Inc. | $ | - | $ | - | ||||||||
Earnings (loss) attributable to shareholders of Manitex International, Inc. | $ | 0.09 | $ | (0.01 | ) | |||||||
Weighted average common shares outstanding | ||||||||||||
Basic | 16,105,601 | 15,836,423 | ||||||||||
Diluted | 16,105,982 | 15,836,423 | ||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
(In thousands, except share and per share data) | |||||||||||
March 31, 2016 |
December 31, 2015 |
||||||||||
Unaudited | Unaudited | ||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash | $ | 3,929 | $ | 8,578 | |||||||
Trade receivables (net) | 86,285 | 63,388 | |||||||||
Accounts receivable from related party | 769 | 388 | |||||||||
Other receivables | 4,745 | 3,254 | |||||||||
Inventory (net) | 120,188 | 119,269 | |||||||||
Deferred tax asset | 2,951 | 2,951 | |||||||||
Prepaid expense and other | 4,218 | 4,872 | |||||||||
Total current assets | 223,085 | 202,700 | |||||||||
Total fixed assets (net) | 41,775 | 41,985 | |||||||||
Intangible assets (net) | 70,166 | 70,629 | |||||||||
Goodwill | 81,572 | 80,089 | |||||||||
Other long-term assets | 1,819 | 1,704 | |||||||||
Non-marketable equity investment | 5,713 | 5,752 | |||||||||
Total assets | $ | 424,130 | $ | 402,859 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Notes payable--short term | $ | 40,327 | $ | 30,323 | |||||||
Revolving credit facilities | 2,392 | 1,795 | |||||||||
Current portion of capital lease obligations | 866 | 1,004 | |||||||||
Accounts payable | 65,334 | 62,137 | |||||||||
Accounts payable related parties | 1,899 | 1,611 | |||||||||
Accrued expenses | 20,842 | 21,053 | |||||||||
Other current liabilities | 2,779 | 2,113 | |||||||||
Total current liabilities | 134,439 | 120,036 | |||||||||
Long-term liabilities | |||||||||||
Revolving term credit facilities | 51,372 | 46,097 | |||||||||
Notes payable | 61,685 | 66,340 | |||||||||
Capital lease obligations | 5,751 | 5,850 | |||||||||
Convertible note-related party (net) | 6,770 | 6,737 | |||||||||
Convertible note (net) | 13,972 | 13,923 | |||||||||
Deferred gain on sale of property | 1,145 | 1,288 | |||||||||
Deferred tax liability | 4,593 | 4,525 | |||||||||
Other long-term liabilities | 7,858 | 7,763 | |||||||||
Total long-term liabilities | 153,146 | 152,523 | |||||||||
Total liabilities | 287,585 | 272,559 | |||||||||
Commitments and contingencies | |||||||||||
Equity | |||||||||||
Preferred Stock--Authorized 150,000 shares, no shares issued or outstanding at March 31, 2016 and December 31, 2015 | -- | -- | |||||||||
Common Stock--no par value 25,000,000 shares authorized, 16,125,661 and 16,072,100 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively | 93,678 | 93,186 | |||||||||
Paid in capital | 2,531 | 2,630 | |||||||||
Retained earnings | 18,048 | 16,588 | |||||||||
Accumulated other comprehensive loss | (3,323 | ) | (5,392 | ) | |||||||
Equity attributable to shareholders of Manitex International, Inc. | 110,934 | 107,012 | |||||||||
Equity attributable to noncontrolling interest | 25,611 | 23,288 | |||||||||
Total equity | 136,545 | 130,300 | |||||||||
Total liabilities and equity | $ | 424,130 | $ | 402,859 | |||||||
MANITEX INTERNATIONAL, INC. | ||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
(In thousands) | Three Months Ended March 31, |
|||||||||||
2016 | 2015 | |||||||||||
Unaudited | Unaudited | |||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 1,333 | $ | 70 | ||||||||
Adjustments to reconcile net income to cash used for operating activities: | ||||||||||||
Depreciation and amortization | 3,110 | 2,818 | ||||||||||
Changes in allowances for doubtful accounts | 312 | 82 | ||||||||||
Changes in inventory reserves | 305 | 14 | ||||||||||
Deferred income taxes | (16 | ) | (85 | ) | ||||||||
Amortization of deferred debt issuance costs | 321 | 323 | ||||||||||
Amortization of debt discount | 143 | 180 | ||||||||||
Change in value of interest rate swaps | (386 | ) | - | |||||||||
Loss in non-marketable equity interest | 39 | 39 | ||||||||||
Share-based compensation | 285 | 573 | ||||||||||
Adjustment to deferred gain on sales and lease back | (118 | ) | - | |||||||||
Gain on disposal of assets | (2,170 | ) | (8 | ) | ||||||||
Reserves for uncertain tax provisions | 16 | 4 | ||||||||||
Changes in operating assets and liabilities: | ||||||||||||
(Increase) decrease in accounts receivable | (23,108 | ) | 1,181 | |||||||||
(Increase) decrease in inventory | (2,895 | ) | (3,326 | ) | ||||||||
(Increase) decrease in prepaid expenses | 688 | (3,231 | ) | |||||||||
(Increase) decrease in other assets | 77 | (147 | ) | |||||||||
Increase (decrease) in accounts payable | 1,819 | 2,693 | ||||||||||
Increase (decrease) in accrued expense | (749 | ) | (14 | ) | ||||||||
Increase (decrease) in income tax payable on ASV conversion | - | (16,500 | ) | |||||||||
Increase (decrease) in other current liabilities | 561 | 128 | ||||||||||
Increase (decrease) in other long-term liabilities | (127 | ) | (338 | ) | ||||||||
Discontinued operations - cash provided by operating activities | - | 163 | ||||||||||
Net cash used for operating activities | (20,560 | ) | (15,381 | ) | ||||||||
Cash flows from investing activities: | ||||||||||||
Acquisition of business, net of cash acquired | - | (18,991 | ) | |||||||||
Proceeds from the sale of fixed assets | - | 11 | ||||||||||
Proceeds from the sale of intellectual property (Note 17) | 2,205 | - | ||||||||||
Purchase of property and equipment | (370 | ) | (532 | ) | ||||||||
Investment in intangibles other than goodwill | (19 | ) | - | |||||||||
Investment received from noncontrolling interest (Note 17) | 2,450 | - | ||||||||||
Net cash provided by (used for) investing activities | 4,266 | (19,512 | ) | |||||||||
Cash flows from financing activities: | ||||||||||||
Borrowing on revolving term credit facilities | 5,295 | 5,313 | ||||||||||
Net borrowings on working capital facilities | 9,318 | 3,177 | ||||||||||
New borrowings-convertible notes | - | 15,000 | ||||||||||
New borrowings-term loan | - | 14,000 | ||||||||||
New borrowings-other | 701 | 4,323 | ||||||||||
Debt issuance costs incurred | (394 | ) | (1,089 | ) | ||||||||
Note payments | (7,359 | ) | (3,118 | ) | ||||||||
Shares repurchased for income tax withholding on share-based compensation | (42 | ) | - | |||||||||
Proceeds from sale and lease back (Note 13) | 4,080 | - | ||||||||||
Payments on capital lease obligations | (238 | ) | (358 | ) | ||||||||
Discontinued operations - cash used for financing activities | - | (29 | ) | |||||||||
Net cash provided by financing activities | 11,361 | 37,219 | ||||||||||
Net increase (decrease) in cash and cash equivalents | (4,933 | ) | 2,326 | |||||||||
Effect of exchange rate changes on cash | 284 | (1,118 | ) | |||||||||
Cash and cash equivalents at the beginning of the year | 8,578 | 4,370 | ||||||||||
Cash and cash equivalents at end of period | $ | 3,929 | $ | 5,578 | ||||||||
Supplemental Information
In an effort to provide investors with additional information regarding the Company's results, Manitex International refers to various non-GAAP (U.S. generally accepted accounting principles) financial measures which management believes provides useful information to investors. These non-GAAP measures may not be comparable to similarly titled measures being disclosed by other companies. In addition, the Company believes that non-GAAP financial measures should be considered in addition to, and not in lieu of, GAAP financial measures. Manitex International believes that this information is useful to understanding its operating results and the ongoing performance of its underlying businesses. Management of Manitex International uses both GAAP and non-GAAP financial measures to establish internal budgets and targets and to evaluate the Company's financial performance against such budgets and targets. The amounts described below are unaudited, are reported in thousands of U.S. dollars, and are as of, or for the three month period ended March 31, 2016, unless otherwise indicated.
Non-GAAP Financial Measures
This press release includes the following non-GAAP financial measures: "Adjusted EBITDA" (GAAP Operating Income adjusted for acquisition transaction related expense, restructuring and related expense, and Foreign exchange and other, and depreciation and amortization) and Adjusted Net Income (net income attributable to Manitex shareholders adjusted for acquisition transaction related and restructuring and related expense, net of tax, and change in net income attributable to noncontrolling interest). These non-GAAP terms, as defined by the Company, may not be comparable to similarly titled measures used by other companies. Neither Adjusted Net Income nor Adjusted EBITDA are a measure of financial performance under generally accepted accounting principles. Items excluded from Adjusted EBITDA and Adjusted Net Income are significant components in understanding and assessing financial performance. Adjusted EBITDA and Adjusted Net Income should not be considered in isolation or as a substitute for net earnings, operating income and other consolidated earnings data prepared in accordance with GAAP or as a measure of our profitability. A reconciliation of Operating Income to Adjusted EBITDA and Adjusted Net Income is provided below.
The Company's management believes that Adjusted EBITDA and Adjusted EBITDA as a percentage of sales and Adjusted Net Income represent key operating metrics for its business. GAAP Operating Income adjusted for acquisition transaction related expense, restructuring and related expense, Foreign exchange and other, and depreciation and amortization (Adjusted EBITDA), and Adjusted Net Income, GAAP net income adjusted for acquisition transaction and restructuring related expense are a key indicator used by management to evaluate operating performance. While Adjusted EBITDA and Adjusted Net Income are not intended to replace any presentation included in our consolidated financial statements under generally accepted accounting principles (GAAP) and should not be considered an alternative to operating performance or an alternative to cash flow as a measure of liquidity, we believe these measures are useful to investors in assessing our operating results, capital expenditure and working capital requirements and the ongoing performance of its underlying businesses. These calculations may differ in method of calculation from similarly titled measures used by other companies. A reconciliation of Adjusted EBITDA and Adjusted Net Income to GAAP financial measures for the three month periods ended March 31, 2015 and 2016 is included with this press release below and with the Company's related Form 8-K.
Reconciliation of GAAP Operating Income to Adjusted EBITDA (in thousands) | ||||
Three Months Ended | ||||
March 31, 2016 |
March 31, 2015 |
|||
Operating income | $3,357 | $2,050 | ||
Pre-tax:- transaction related, restructuring and related expense and foreign exchange and other adjustments | -- |
3,044 |
||
Depreciation & Amortization | 3,110 | 2,818 | ||
Adjusted Earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) | $6,467 |
$7,912 |
||
Adjusted EBITDA % to sales | 6.3% | 7.8% | ||
Reconciliation of GAAP Net Income (loss) Attributable to Shareholders of Manitex International to Adjusted Net Income (loss) Attributable to Shareholders of Manitex International (in thousands) | ||||
Three Months Ended | ||||
March 31, 2016 |
March 31, 2015 |
|||
Net income (loss) attributable to shareholders | $1,460 | $(224) | ||
Pre - tax:- transaction related, restructuring and related and Foreign Exchange and other expense adjustments | (1,983) |
3,044 |
||
Tax effect based on effective tax rate | 793 | (896) | ||
Change in net income attributable to noncontrolling interest | -- |
(406) |
||
Adjusted Net Income attributable to Manitex shareholders | $270 |
$1,518 |
||
Weighted average diluted shares outstanding | 16,105,601 |
15,836,423 |
||
Diluted earnings (loss) per share attributable to shareholders as reported | $0.09 |
$(0.01) |
||
Total EPS Effect | $(0.07) | $0.11 | ||
Adjusted Diluted earnings per share attributable to shareholders | $0.02 |
$0.10 |
||
Transaction and restructuring related expense
After tax expense and per share amounts (Adjusted Net Income) are calculated using pre-tax amounts, applying a tax rate based on the effective tax rate to arrive at an after-tax amount. This number is divided by the weighted average diluted shares to provide the impact on earnings per share. The company assesses the impact of these items because when discussing earnings per share, the Company adjusts for items it believes are not reflective of operating activities in the periods.
Three Months Ended March 31, 2016 | Pre-tax | After-tax | EPS | |||
Transaction related | $1,983 | $1,190 | $0.07 | |||
Total | $1,983 | $1,190 | $0.07 | |||
Three Months Ended March 31, 2015 | Pre-tax | After-tax | EPS | |||
Transaction related | $2,687 | $1,903 | $0.12 | |||
Restructuring and related expense | $357 | $245 | $0.02 | |||
Change in noncontrolling interest | $(406) | $(406) | $(0.03) | |||
Total | $2,638 | $1,742 | $0.11 | |||
Backlog
Backlog is defined as purchase orders that have been received by the Company. The disclosure of backlog aids in the analysis the Company's customers' demand for product, as well as the ability of the Company to meet that demand. Backlog is not necessarily indicative of sales to be recognized in a specified future period.
March 31, 2016 | December 31, 2015 | March 31, 2015 | ||||
Backlog | $78,563 | $82,522 | $100,732 | |||
3/31/2016 Decrease v prior periods | (4.8%) |
(22.0%) |
Current Ratio is calculated by dividing current assets by current liabilities.
March 31, 2016 | December 31, 2015 | |||
Current Assets | $223,085 | $202,700 | ||
Current Liabilities | 134,439 | $120,036 | ||
Current Ratio | 1.7 | 1.7 |
Days Sales Outstanding, (DSO), is calculated by taking the sum of net trade and related party receivables divided by annualized sales per day (sales for the quarter, multiplied by 4, and the sum divided by 365).
Days Payables Outstanding, (DPO), is calculated by taking the sum of net trade and related party payables divided by annualized cost of sales per day (cost of goods sold for the quarter, multiplied by 4, and the sum divided by 365).
Debt is calculated using the Condensed Consolidated Balance Sheet amounts for current and long term portion of long term debt, capital lease obligations, notes payable, convertible notes and revolving credit facilities. Debt to Adjusted EBITDA ratio is calculated by dividing total debt at the balance sheet date by trailing twelve month Adjusted EBITDA.
March 31, 2016 | December 31, 2015 | |||
Current portion of long term debt | 40,327 | 30,323 | ||
Current portion of capital lease obligations | 866 | 1,004 | ||
Revolving credit facilities | 2,392 | 1,795 | ||
Revolving term credit facilities | 51,372 | 46,097 | ||
Notes payable - long term | 61,685 | 66,340 | ||
Capital lease obligations | 5,751 | 5,850 | ||
Convertible Notes | 20,742 | 20,660 | ||
Debt | $183,135 | $172,069 | ||
Adjusted EBITDA (TTM) | $24,361 | $25,775 | ||
Debt to Adjusted EBITDA Ratio | 7.5 | 6.7 | ||
Interest Cover is calculated by dividing Adjusted EBITDA (GAAP Operating Income adjusted for acquisition transaction expense and restructuring related expense and other exceptional costs and depreciation and amortization) for the trailing twelve month period by interest expense as reported in the Consolidated Statement of Income for the same period.
12 Month Period April 1, 2015 to March 31, 2016 |
12 Month Period January 1 2015 to December 31 2015 | |||
Adjusted EBITDA | $24,361 | $25,775 | ||
Interest Expense | 13,253 | 12,984 | ||
Interest Cover Ratio | 1.8 | 2.0 | ||
Inventory turns are calculated by multiplying cost of goods sold for the referenced three month period by 4 and dividing that figure by inventory as at the referenced period.
Operating Working Capital is calculated using the Consolidated Balance Sheet amounts for Trade receivables (net of allowance) plus inventories, less Accounts payable. The Company considers excessive working capital as an inefficient use of resources, and seeks to minimize the level of investment without adversely impacting the ongoing operations of the business.
March 31, 2016 |
December 31, 2015 |
|||
Trade receivables (net) | $86,285 | $63,388 | ||
Inventory (net) | 120,188 | 119,269 | ||
Less: Accounts payable | 65,334 | 62,137 | ||
Total Operating Working Capital | $141,139 | $120,520 | ||
% of Trailing Three Month Annualized Net Sales | 34.5% |
32.2% |
||
Trailing Three Month Annualized Net Sales is calculated using the net sales for quarter, multiplied by four.
Three Months Ended | ||||||
March 31, 2016 |
December 31, 2015 | March 31, 2015 |
||||
Net sales | $102,361 | $93,491 | $101,042 | |||
Multiplied by 4 | 4 | 4 | 4 | |||
Trailing Three Month Annualized Net Sales | $409,444 | $373,964 | $404,168 | |||
Working capital is calculated as total current assets less total current liabilities
March 31, 2016 | December 31, 2015 | |||
Total Current Assets | $223,085 | $202,700 | ||
Less: Total Current Liabilities | 134,439 | 120,036 | ||
Working Capital | $88,646 | $82,664 |
Company Contact
Manitex International, Inc.
David Langevin
Chairman and Chief Executive Officer
(708) 237-2060
Email Contact
Darrow Associates Inc.
Peter Seltzberg, Managing Director
Investor Relations
(516) 510-8768
Email Contact
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