Manitex Intl (NASDAQ:MNTX)

On 1/12/12 we added MNTX to the GeoBargain list @ $5.29

Catalyst: Announcement of order backlog of $83.7 million which was an increase of 110% year over year and represented all time high for the company.

On 5/15/2012 we removed MNTX from the GeoBargain List @ $10.50

Current road block: The stock is up near 100% since being coded a GeoBargain.  The stock trades at a trailing P/E of  27.6 and 17 times 2012 EPS estimates of $0.62.  Although we believe that MNTX will easily exceed analysts’ expectations we think it is prudent for us to lock in profits and remove the stock from the GeoBargain list.

• Peak performance: Reached a high of  $10.60 on 05/15/2012 for a maiximum potential return of 100.3%
• Current Price: $10.00

First Quarter 2012 Results

• Net revenues rose 35% to a record $42.8 million, compared to the prior year's quarter of $31.7 million and 17% compared to the fourth quarter 2011 revenues of $36.6 million.
• Net income of $1.3 million or $0.11 per share increased 183% compared to the prior year's quarter of $0.4 million and $0.04 per share.
• EBITDA (1) increased 65% for the first quarter of 2012 to $3.4 million equivalent to 7.9% of sales compared to $2.1 million or 6.5% for the first quarter of 2011.
• Consolidated backlog at March 31, 2012 rose 179% from the comparable quarter of 2011 to $133.3 million. Compared to the backlog at December 31, 2011, the increase was 59% or $49.6 million in the quarter.

Chairman and Chief Executive Officer, David Langevin, commented, "The momentum in our business that led to record levels of sales, EBITDA, and backlog in 2011 continues to move us forward in 2012. We are executing well according to plan, and our first quarter's results reflect the operating leverage in our model, with the bottom line growing faster than our top line. In the first quarter we began to benefit from a planned output expansion that is taking place at our Manitex boom truck operations. We expect to continue to increase output in each quarter during 2012 in response to the robust demand in the niche markets we serve, with particular strength coming from the North American energy field. The growth in our backlog further underscores the health of our business, and speaks well to our strategy of developing products that serve high growth markets."

Andrew Rooke, Manitex International President and Chief Operating Officer, commented, "Our first quarter output expansion was in line with our expectations and provided a sequential quarterly increase of 17% in revenues allowing us to report a Company record, in quarterly sales. Our planning and activities in this regard are ongoing, and we are moving steadily to effect further production increases that may well enable us to convert a higher percentage of our $133 million backlog into sales on a quarterly basis. At the same time, control of costs has allowed the benefit of these revenues increases to flow through to EBITDA, which at $3.4 million was another record and represented nearly 8% of sales. We continue to effectively manage our liquidity and ability to fund our growth, and expect that our balance sheet ratios will remain in good condition, and we will start to make further debt repayments during the year."

Outlook

Mr. Langevin concluded, "With our increasing backlog, output expansion, and strong niche in the North American energy market, we expect our sales and profits to improve steadily throughout 2012. Boom truck bookings are now taking us into 2013 deliveries, which coupled with our leveraged financial model, should provide us with the opportunity to deliver another year of growth and solid returns for our shareholders next year. Any improvement in the current economic environment with respect to our served markets would naturally add further to our optimism."

BRIDGEVIEW, Ill., April 11, 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 a consolidated order backlog of $133 million as of March 31, 2012.  This is an increase of 59% from December 31, 2011, a 179% year over year increase, and represents another all-time high for the company and the eighth successive quarterly increase.

Robust demand for the Company's Manitex boom truck cranes continues to lead the backlog higher, and the company is also seeing continued strength in the demand for its other specialized products. As previously reported, in the fourth quarter of 2011 the Company began activity to increase output at its key facilities in conjunction with its supply chain for further expansion in 2012 to support the growing customer demand.  The current backlog calls for products to ship throughout 2012 and into early 2013.

Andrew Rooke, President and Chief Operating Officer for Manitex International commented, "The order intake for the quarter was exceptionally strong and is being driven by demand for specialized products for the energy sector. While Manitex boom trucks represent the major part of this backlog, we have also been successful in securing increased orders in other parts of our portfolio. In particular, Load King is also benefiting from the high levels of demand from the energy sector for both standard and specialized trailers, while CVS Ferrari has just secured a $4 million international order for terminal tractors. We remain focused on ramping up production, particularly at Manitex, to ensure that our product deliveries keep up with the pace of customer demand and to drive steady increases in our quarterly revenues throughout the year."

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 recent product development initiatives have been targeted to several specific areas of operation for the energy sector and have led directly to new orders. Additionally, the expansion of our dealer and sales network, as previously reported, has provided improved geographical dealer coverage and support for our products in North America. We are seeing progress in our efforts to increase production and anticipate this leading to higher sales throughout the year."

Fourth Quarter 2011 Results

• 2011 net revenues rose 48% to a record $142.3 million, compared to the prior year's revenue of $95.9 million and above the company's previous high of $106.9 million in 2007. For the quarter ended December 31, 2011 net revenues were $36.6 million, representing a 24% year-over-year increase, from $29.5 million 
• EBITDA (1) for the full year 2011 was $11.1 million or 7.8% of sales, compared to $8.7 million and 9.0% of net revenues in 2010. For the fourth quarter 2011, EBITDA was $2.9 million, 7.9% of sales, compared to $2.9 million, 9.6% of net revenues for the fourth quarter of 2010.
• For the full year 2011, adjusted net income (2) increased 69% to $3.6 million or $0.31 per share, compared to $2.1 million or $0.19 for 2010. Adjusted net income for the fourth quarter of 2011, increased 15% to $1.1 million or $0.09 per share, compared to fourth quarter 2010 net income of $0.9 million or $0.08 per share.
• Consolidated backlog at December 31, 2011 rose 110% for the year and 33% during the fourth quarter to $83.7 million, compared with $43.8 million from December 31, 2010 and $63.1 million at the end of September 30, 2011.

Chairman and Chief Executive Officer, David Langevin, commented, "We made exceptional progress in 2011, with record financial performance from top to bottom, and believe that we are well-positioned for continued growth throughout 2012. Robust demand for our energy based products was the primary driver of our growth during the year, and the continued growth in our backlog indicates that 2012 will be another year of healthy expansion. We are working hard to secure supply, increase our production, and ship product to keep up with the pace of our order backlog, which is principally at our Manitex cranes division, although we are seeing contributions from each of our other product lines as well, though at more moderate levels. We are getting excellent cooperation from our supplier base and we expect consistent and steady growth from each quarter for the current year as our suppliers step up to meet our product demands. The energy markets we serve with our equipment appear to be in a strong growth environment and the overall economic trend appears now to also be improving, all of which bodes well for our group over the next several years."

Outlook

Mr. Langevin concluded, "Our expectation is that the drivers of our growth remain intact and there is an opportunity for us to continue to grow in tandem with the expansion period that we believe is now in front of us in the niches we serve, particularly in the energy fields in North America. We expect consistent sales growth each quarter throughout the year, beginning with consolidated sales in the first quarter exceeding those of the fourth quarter of 2011, as we have recently begun to expand our output, and operating leverage continuing to the ultimate benefit to our bottom line and our shareholders."

BRIDGEVIEW, Ill., Feb. 27, 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, a recent decision from the Fifth Circuit Court of Appeals overturned a decision that favored Manitex and held its insurers liable for damages. As a result, pursuant to a May 5th, 2011 settlement agreement, with two plaintiffs relating to damages from legacy products that the company no longer sells nor supports, Manitex has become liable to make combined payments of $95,000 annually to the two plaintiffs over a twenty year period, without interest. The total of all payments is $1.9 million, and Manitex expects to record a one-time exceptional expense of approximately $0.8 million, net, after-tax, against its fourth quarter and full year 2011 GAAP financial results.

Although the Company plans to file a Petition for Panel Rehearing pursuant to Rule 40 of the Federal Rules of Appellate Procedure to the Fifth Circuit Court of Appeals, the Company will recognize the liability under the May 5th settlement agreements and record an exceptional charge to income for this liability in 2011.  In accordance with current accounting guidance, the liability is recorded at the present value of future payments discounted at a market rate of return.  Manitex management is not aware of any other similar potential liabilities at the present time and has secured insurance coverage to explicitly cover such future instances, mitigating future business risk.

This is a review of our MNTX GeoNugget released on February 1, 2012.

• Price = $5.89
• Fully-Taxed Trailing EPS = $0.34
• Fully-Taxed EPS Estimates = $0.50
• P/E based on Fully-Taxed Trailing EPS =17.3
• P/E based on Fully-Taxed 2012 EPS estimates= 11.8

Criteria Check List

MNTX Meets 5 out of 10 of our most important requirements for growth and risk-based quantitative data.

	Requirement	Comments
	Recent 52-week High (generally within 3 months)	Must Reach $6.76
	Strong EPS Growth Rate	As of 3rd Qtr 2011; Full year 2012
	> 30% EPS Growth Rate	3rd Qtr. 2011 EPS increased 50% Full year 2012 estimates implies an EPS growth rate of 61%
	GeoPowerRanking (GPR); Number of consecutive quarters that EPS is expected to grow at least 30%.	5
	10% Revenue Growth	3rd Qtr. 2011 revenue increased 49%. Full year 2012 estimates implies a revenue growth rate of 20%
	Strong Operating Cash Flow and Balance Sheet	As of 3rd Qtr 2011

To see more requirements, reasons for optimism, as well as potential valuation, see the rest of our February 1, 2012 GeoNugget.

Be among the first investors to receive quality due diligence on stories like this one!

BRIDGEVIEW, Ill., Feb. 16, 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, announced today that it was notified by Comerica Bank, that it has been approved for an extension of its credit facility from $22.5 million to $27.5 million, effective February 16, 2012. Substantially all other terms of the agreement remain the same, including the expiration date of April 1, 2015.

Andrew Rooke, Chief Operating Officer, commented, "As we previously reported, the strong demand underlying the rise in our backlog has resulted in increasing production at several facilities within our North American operations. This newly increased credit availability will ensure that we have sufficient working capital to sustain these production increases and continue to meet customer demand for our products. Comerica has maintained a clear understanding of our business needs and we appreciate their continued support, as we continue to execute our growth strategy for Manitex International."

BRIDGEVIEW, Ill., Jan. 31, 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 a new order, valued at $1.9 million, including options for future deliveries, from the Canadian military for CVS Ferrari reach stackers.

This order represents the first sale to North America for CVS Ferrari, a subsidiary of Manitex International, with manufacturing facilities near Milan, Italy. The reach stackers will be used in Canadian military logistics facilities in Quebec, and will be supported by an appointed dealer within the Manitex Liftking network.  Initial deliveries are anticipated to begin in mid-2012.

Stefano Mercati, General Manager of CVS Ferrari, commented, "We are delighted to receive this order from the Canadian military and are encouraged by this example of our successful leveraging of the Manitex International network across targeted markets. We believe our products will continue to see good reception as we execute our strategy to further develop and expand the markets for our specialized niche products."

Mark Aldrovandi, Director of North American Sales at Manitex Liftking, added, "The Canadian military has been a valuable customer of Manitex Liftking for many years and they responded positively to the extension of the Manitex Liftking product offering with the CVS reach stacker. We look forward to continuing to provide our customers with exceptional products and service as we expand our offerings throughout North America."

Earlier this month, Manitex International reported that its backlog had grown over 110% for the year of 2011, to a record $83.7 million, as the company is experiencing a heightened demand across its product lines.

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.