Manitex International Announces Record $83.7 Million Backlog as of December 31, 2011
BRIDGEVIEW, Ill., Jan. 19, 2012 /PRNewswire/ — Manitex International, Inc. (Nasdaq: MNTX), a leading provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts, container handling equipment and special mission oriented vehicles, today announced that it expects to report a consolidated order backlog of $83.7 million as of December 31, 2011. This is an increase of 33% from September 30, 2011, a 110% year over year increase, and represents an all-time high for the company.
A broad-based increase in demand for the company’s specialized products, particularly domestically, continues to drive orders and position the company for growth throughout 2012. Accordingly, the company has begun to expand its output and is preparing its materials and resource needs within the supply chain for further expansion in 2012.
Paul Gibson, General Manager of the Company’s subsidiary, Manitex Inc., commented, “Demand for Manitex equipment, particularly our higher tonnage cranes, is being driven by continued activity in the North American energy sector. Our introduction of a new cab and crane operating system on the new higher tonnage machines have won immediate acceptance from our customers and provided a strong sales increase. In response to this demand we have expanded our internal North American sales force to sustain our business momentum as we head through 2012 and towards 2013.”
Ron Clark, General Manager of Manitex Load King, commented, “Heightened activity in energy and associated construction projects, as well as in domestic and international mining, and rail activity has resulted in strong heavy duty trailer demand and a consequent significant backlog increase at Load King throughout 2011 which has particularly strengthened during the final quarter of the year. Load King has historically maintained a leading position in these specialized markets with its targeted applications and quality reputation. Our competitive lead-times have provided further impetus to customers to acquire the Load King product. We intend to maintain this momentum with an output increase heading into 2012.”
As reported in recent announcements, Manitex Liftking has seen a healthy increase in military orders which has also contributed to the total record corporate backlog of $83.7 million at December 31, 2011.
About Manitex International, Inc.
Manitex International, Inc. is a leading provider of engineered lifting solutions including cranes, reach stackers and associated container handling equipment, rough terrain forklifts, indoor electric forklifts and special mission oriented vehicles, including parts support.
Our Manitex subsidiary manufactures and markets a comprehensive line of boom trucks and sign cranes through a national and international dealership network. Our boom trucks and crane products are primarily used in industrial projects, energy exploration and infrastructure development, including roads, bridges, and commercial construction. Additionally, Badger Equipment Company, a subsidiary located in Winona, Minnesota, manufactures specialized rough terrain cranes and material handling products. Badger primarily serves the needs of the construction, municipality, and railroad industries. Our Italian subsidiary, CVS Ferrari, srl, designs and manufactures a range of reach stackers and associated lifting equipment for the global container handling market, which is sold through a broad dealer network. Our Manitex Liftking subsidiary is a provider of material handling equipment including the Noble straight-mast rough terrain forklift product line, Lowry high capacity cushion tired forklift and Schaeff electric indoor forklifts as well as specialized carriers, heavy material handling transporters and steel mill equipment. Manitex Liftking’s rough terrain forklifts are used in both commercial and military applications. Our subsidiary, Manitex Load King located in Elk Point, South Dakota is a manufacturer of specialized engineered trailers and hauling systems, typically used for transporting heavy equipment.
Our Crane and Machinery division is a Chicago based distributor of cranes including Terex truck and rough terrain cranes, Fuchs material handlers and our own Manitex product line. Crane and Machinery provides after market service in its local market as well as being a leading distributor of OEM crane parts, supplying parts to customers throughout the United States and internationally. The division also provides a wide range of used lifting and construction equipment of various ages and conditions, and has the capability to refurbish the equipment to the customer’s specifications.
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.
Company Contact --------------- Manitex International, Inc. Hayden IR David Langevin Peter Seltzberg Chairman and Chief Executive Officer Investor Relations (708) 237-2060 (646) 415-8972 email@example.com firstname.lastname@example.org
SOURCE Manitex International, Inc.