15.08.2008

Revenues slip at Manitex as backlog jumps

US based boom truck, crane and fork truck manufacturer Manitex has reported first half revenues of $50 million, five percent lower than for the same period in 2007. However thanks to lower interest costs and the absence of restructuring charges, pre tax profits increased by seven percent to $836,000.

The company has also seen substantial demand for its 50 ton truck crane which has helped boost its crane order book by 22 percent. The company has booked orders for 130 units of this new crane since it was launched around a year ago.

David Langevin, chairman and chief executive officer of Manitex International said: “Our second quarter produced exceptional results from our Manitex product line against the backdrop of a North American capital equipment market still-challenged by lack- luster demand and rising material costs.”

“Our backlog continues to rise with global demand for our products, particularly our 50-ton and other high capacity cranes and we are particularly encouraged by the 22 percent year-to-date increase in our crane backlog this year. We have received in excess of 130 orders for our 50-ton crane since its launch a year ago. On the materials handling side, we have responded to the more difficult market conditions by commencing a streamlining of our operations and will continue to prudently position ourselves so that we are prepared when this market finds firmer footing.”

“We now have good visibility into orders and our expected performance for the remainder of the year and expect to see financial benefits materialize from our international distribution agreements in the second half of 2008 and into 2009. For 2009, we anticipate at least 10 percent of our revenues will come from our international diversification with our new distributors who sell into the oil, gas and mining markets, particularly within Russia, the C.I.S. and the Middle East.”

We believe that we can maintain the sales momentum with our large capacity cranes and the profitability that we demonstrated this quarter throughout this year and into 2009. Based on our
greater visibility, we would expect our continuing operations’ revenues for 2008 to be in the $100 -
$110 million range