Manitex International, Inc. (Nasdaq: MNTX),
a leading international provider of truck and knuckle boom cranes,
today announced third quarter 2018 results. Net revenues for
the third quarter were $60.9 million, compared to $56.5 million in
the prior year’s period, and net income from continuing operations
attributable to shareholders of Manitex was $0.1 million, or $0.01
per share, compared to a net loss from continuing operations
attributable to shareholders of Manitex of $(1.5) million, or
$(0.09) per share, in the third quarter of 2017. Adjusted net
income* from continuing operations in the third quarter 2018 was
$2.1 million, or $0.11 per share, compared to adjusted net income
of $1.2 million, or $0.07 per share, for the third quarter of 2017.
Third Quarter Highlights
(versus prior year, unless otherwise noted):
- Net revenues grew 7.9% to $60.9 million from $56.5 million
- Adjusted EBITDA* increased 21.0% to $5.0 million, or 8.2% of
sales, from $4.2 million or 7.4% of sales
- Adjusted earnings per share* improved to $0.11 compared to
$0.07
- Net debt of $49 million represents reduction of $41 million
since year-end 2017
- Backlog was $79 million as of October 31, 2018, compared with
$76 million at the end of the second quarter and $61 million as of
year-end 2017, representing a 30% year to date increase
- Continued progress with Tadano partnership in expanding PM’s
international distribution
* Adjusted Numbers are discussed in greater
detail and reconciled under “Non-GAAP Financial Measures and Other
Items” at the end of this release.
Chief Executive and Chairman David J. Langevin commented, “Our
third quarter financial report indicates notable improvement over a
year ago, highlighted by revenue growth of nearly 8% and operating
earnings of $3 million, which is an improvement of $2 million, or
200%, and a 30% growth in the backlog year to date. Adjusted
EBITDA of over $5 million, for the second consecutive quarter,
shows that we have worked efficiently to keep up with the rising
component prices that have impacted all participants in the
industrial equipment industry. Most importantly, the cash we
have generated has reduced our net debt to $49 million and reduced
our leverage ratio down to the lowest level we’ve seen in many
years. Global industrial equipment demand remains solid, our
margins are trending modestly higher and we do expect to continue
to realize the benefits of price increases as well as improvements
we’ve made to our cost structure.”
“Our hallmark Manitex brand crane business continues to
experience robust growth, as a leader with 40% of the North
American straight mast boom truck market, with healthy margins and
a replacement cycle underway. We are also particularly
encouraged about the benefits that our partner Tadano has brought
to the table. Now in just its fifth month, this partnership is
moving us forward in establishing PM as a top competitor in the
knuckle boom crane market. With its presence in the Asian,
European, and South American markets, we believe there is potential
for PM to achieve meaningful penetration of the growing
multi-billion knuckle boom market, which is the largest market
opportunity for Manitex, and thus, a top priority for our
company.”
Steve Kiefer, President and Chief Operating Officer of Manitex,
stated, “Manitex continues to execute on its growth plans, and
we’re closing in on our sales, gross margins, and EBITDA targets
for the year. Third quarter gross margin of 19.7% was up from 17.5%
in 2017 and continued to improve versus the first and second
quarters of 2018. This margin expansion reflects the
disciplined efforts of our teams to appropriately manage trade,
supply chain, and currency challenges while also improving our
operating efficiency. Tariff costs which had a minimal impact on
our results in the quarter, in fact, totaling less than $250,000,
along with surcharges and general material inflation costs from our
suppliers were offset through price realization.”
“Key markets remain healthy and show signs of growth with
continued improvement in rental rates, rental fleet utilization
levels and industry orders for mobile cranes. Regarding new
products, recently launched A62, TM-200 and Trolley Boom Loader
product lines were joined in the third quarter by additional
Trolley Boom Loader configurations and the introduction of a new
11-ton Cary Deck Crane that we are confident will be met with
enthusiastic market reception. The multi-billion-dollar global
knuckle boom market remains healthy and represents one of our most
significant growth opportunities, with, in our estimation, each
percentage point of share gain generates $20 million in incremental
annual revenue. Buildout of our North American dealer network
continues, with two multi-site PM knuckle boom dealers having
signed on with us year to date and our team is working diligently
with the Tadano team and distribution network to finalize initial
stocking orders and move to the next phase of our marketing plans.
Our objective is to accelerate PM’s penetration of this key global
market throughout their global dealer network.
“Based on current industry conditions, which remain on track to
support the recovering build rates throughout the mobile cranes
category, we expect continued revenue growth moving into 2019, with
upside potential from continued organic sales growth, both here and
abroad from both recent and upcoming new product introductions,”
concluded Mr. Kiefer.
Other Matters:The Company
continues to comply with the SEC investigation regarding the
Company’s restatement of prior financial statements which was
completed in April 2018.
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 800-949-2175 if
calling within the United States or 323-994-2132 if calling
internationally. A replay will be available until November 8,
2018, which can be accessed by dialing
844-512-2921 if calling within the United States, or 412-317-6671
if calling internationally. Please use passcode1055909 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.
Non-GAAP Financial Measures
and Other Items
Results of operations reflect continuing
operations. All per share amounts are on a fully diluted basis. In
this press release, Manitex refers to various non-GAAP (U.S.
generally accepted accounting principles) financial measures which
management uses to evaluate operating performance, to establish
internal budgets and targets, and to compare the Company’s
financial performance against such budgets and targets. These
non-GAAP measures, as defined by the Company, may not be comparable
to similarly titled measures being disclosed by other companies.
While adjusted financial measures 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. The
amounts described below are unaudited, are reported in thousands of
U.S. dollars, and are as of, for three month periods ended
September 30, 2018 and 2017, unless otherwise indicated. A
reconciliation of Adjusted GAAP financial measures for the three
month periods ended September 30, 2018 and 2017 is included with
this press release below and with the Company's related Form
8-K.
About Manitex International,
Inc.
Manitex International, Inc. is a leading
worldwide provider of highly engineered mobile cranes (truck
mounted straight-mast and knuckle boom cranes, industrial cranes,
rough terrain cranes and railroad cranes), truck mounted aerial
work platforms and specialized industrial equipment. Our products,
which are manufactured in facilities located in the USA and Europe,
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, Oil
& Steel, Badger, Sabre, and Valla. The company also has a
minority ownership in ASV Holdings, Inc. which manufactures and
sells a line of high-quality compact track and skid steer
loaders.
Forward-Looking Statements
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 ContactManitex
International, Inc.
Steve
Kiefer
President and
Chief Operating Officer
(708) 237-2065
skiefer@manitex.com
Darrow Associates Inc.Peter Seltzberg, Managing
DirectorInvestor Relations (516)
419-9915pseltzberg@darrowir.com
MANITEX INTERNATIONAL, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(In thousands, except share and per share
data)
|
|
|
|
|
|
|
September 30,
2018 |
|
December 31,
2017 |
|
|
Unaudited |
|
Unaudited |
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash |
|
$ |
20,265 |
|
|
$ |
5,014 |
|
Cash -
restricted |
|
|
306 |
|
|
|
352 |
|
Marketable equity securities |
|
|
5,346 |
|
|
|
— |
|
Trade
receivables (net) |
|
|
42,073 |
|
|
|
46,633 |
|
Other
receivables |
|
|
2,747 |
|
|
|
1,946 |
|
Inventory
(net) |
|
|
67,480 |
|
|
|
54,360 |
|
Prepaid
expense and other |
|
|
2,017 |
|
|
|
2,017 |
|
Total current assets |
|
|
140,234 |
|
|
|
110,322 |
|
Total
fixed assets, net of accumulated depreciation of $14,350 and
$12,921 at September 30, 2018 and December 31, 2017,
respectively |
|
|
20,366 |
|
|
|
22,038 |
|
Intangible assets (net) |
|
|
28,260 |
|
|
|
31,014 |
|
Goodwill |
|
|
42,508 |
|
|
|
43,569 |
|
Equity
investment in ASV Holdings, Inc. |
|
|
— |
|
|
|
14,931 |
|
Other
long-term assets |
|
|
1,234 |
|
|
|
1,475 |
|
Deferred
tax asset |
|
|
1,839 |
|
|
|
1,839 |
|
Total assets |
|
$ |
234,441 |
|
|
$ |
225,188 |
|
LIABILITIES AND EQUITY |
|
|
|
|
Current liabilities |
|
|
|
|
Notes
payable |
|
$ |
21,464 |
|
|
$ |
29,131 |
|
Current
portion of capital lease obligations |
|
|
409 |
|
|
|
378 |
|
Accounts
payable |
|
|
40,269 |
|
|
|
35,386 |
|
Accounts
payable related parties |
|
|
79 |
|
|
|
1,331 |
|
Accrued
expenses |
|
|
9,138 |
|
|
|
10,070 |
|
Customer
deposits |
|
|
1,777 |
|
|
|
2,242 |
|
Other
current liabilities |
|
|
- |
|
|
|
890 |
|
Total current liabilities |
|
|
73,136 |
|
|
|
79,428 |
|
Long-term liabilities |
|
|
|
|
Revolving
term credit facilities |
|
|
— |
|
|
|
12,893 |
|
Notes
payable (net) |
|
|
26,651 |
|
|
|
26,656 |
|
Capital
lease obligation, (net of current portion) |
|
|
5,173 |
|
|
|
5,483 |
|
Convertible note related party (net) |
|
|
7,119 |
|
|
|
7,005 |
|
Convertible note (net) |
|
|
14,475 |
|
|
|
14,310 |
|
Deferred
gain on sale of property |
|
|
874 |
|
|
|
969 |
|
Deferred
tax liability |
|
|
3,789 |
|
|
|
3,384 |
|
Other
long-term liabilities |
|
|
3,910 |
|
|
|
4,215 |
|
Total long-term liabilities |
|
|
61,991 |
|
|
|
74,915 |
|
Total liabilities |
|
|
135,127 |
|
|
|
154,343 |
|
Commitments and contingencies |
|
|
|
|
Equity |
|
|
|
|
Preferred
Stock—Authorized 150,000 shares, no shares issued or outstanding at
September 30, 2018 and December 31, 2017 |
|
|
— |
|
|
|
— |
|
Common
Stock—no par value 25,000,000 shares authorized, 19,615,390 and
16,617,932 shares issued and outstanding at September 30, 2018 and
December 31, 2017, respectively |
|
|
130,111 |
|
|
|
97,661 |
|
Paid in
capital |
|
|
2,773 |
|
|
|
2,802 |
|
Retained
deficit |
|
|
(30,913 |
) |
|
|
(28,583 |
) |
Accumulated other comprehensive loss |
|
|
(2,657 |
) |
|
|
(1,035 |
) |
Total equity |
|
|
99,314 |
|
|
|
70,845 |
|
Total liabilities and equity |
|
$ |
234,441 |
|
|
$ |
225,188 |
|
|
|
|
|
|
|
|
|
|
|
MANITEX INTERNATIONAL, INC.CONSOLIDATED
STATEMENTS OF OPERATIONS(In thousands, except for
share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
Net revenues |
|
$ |
60,938 |
|
|
$ |
56,464 |
|
|
$ |
181,517 |
|
|
$ |
148,634 |
|
Cost of
sales |
|
|
48,944 |
|
|
|
46,591 |
|
|
|
145,982 |
|
|
|
121,965 |
|
Gross profit |
|
|
11,994 |
|
|
|
9,873 |
|
|
|
35,535 |
|
|
|
26,669 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development costs |
|
|
801 |
|
|
|
619 |
|
|
|
2,179 |
|
|
|
1,902 |
|
Selling,
general and administrative expenses |
|
|
8,190 |
|
|
|
8,282 |
|
|
|
27,184 |
|
|
|
25,797 |
|
Total operating expenses |
|
|
8,991 |
|
|
|
8,901 |
|
|
|
29,363 |
|
|
|
27,699 |
|
Operating income (loss) |
|
|
3,003 |
|
|
|
972 |
|
|
|
6,172 |
|
|
|
(1,030 |
) |
Other
(expense) income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(1,294 |
) |
|
|
(1,716 |
) |
|
|
(4,350 |
) |
|
|
(4,498 |
) |
Interest
income |
|
|
68 |
|
|
|
— |
|
|
|
95 |
|
|
|
— |
|
Change in
fair value of securities held |
|
|
(907 |
) |
|
|
— |
|
|
|
(2,308 |
) |
|
|
— |
|
Foreign
currency transaction loss |
|
|
(410 |
) |
|
|
(799 |
) |
|
|
(635 |
) |
|
|
(1,138 |
) |
Other
(expense) income |
|
|
(3 |
) |
|
|
18 |
|
|
|
(355 |
) |
|
|
361 |
|
Total other expense |
|
|
(2,546 |
) |
|
|
(2,497 |
) |
|
|
(7,553 |
) |
|
|
(5,275 |
) |
Income (loss) before income taxes and income (loss) in
equity interest from continuing
operations |
|
|
457 |
|
|
|
(1,525 |
) |
|
|
(1,381 |
) |
|
|
(6,305 |
) |
Income
tax expense from continuing operations |
|
|
335 |
|
|
|
281 |
|
|
|
540 |
|
|
|
416 |
|
Income
(loss) on equity investments (including loss on sale of
shares) |
|
|
— |
|
|
|
284 |
|
|
|
(409 |
) |
|
|
284 |
|
Net income (loss) from continuing operations |
|
|
122 |
|
|
|
(1,522 |
) |
|
|
(2,330 |
) |
|
|
(6,437 |
) |
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations of discontinued operations (including loss
on disposal for the three and nine months 2017 of $1,133) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(573 |
) |
Income
tax benefit |
|
|
— |
|
|
|
(15 |
) |
|
|
— |
|
|
|
(28 |
) |
Income
(loss) from discontinued operations |
|
|
— |
|
|
|
15 |
|
|
|
— |
|
|
|
(545 |
) |
Net income (loss) |
|
|
122 |
|
|
|
(1,507 |
) |
|
|
(2,330 |
) |
|
|
(6,982 |
) |
Net
income attributable to noncontrolling interest from discontinued
operations |
|
|
— |
|
|
|
- |
|
|
|
— |
|
|
|
(274 |
) |
Net income (loss) attributable to shareholders
of Manitex International,
Inc. |
|
$ |
122 |
|
|
$ |
(1,507 |
) |
|
$ |
(2,330 |
) |
|
$ |
(7,256 |
) |
Earnings (loss) Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) from continuing operations attributable to shareholders
of Manitex International, Inc. |
|
$ |
0.01 |
|
|
$ |
(0.09 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.39 |
) |
Loss from
discontinued operations attributable to shareholders of
Manitex International, Inc. |
|
$ |
— |
|
|
$ |
0.00 |
|
|
$ |
— |
|
|
$ |
(0.05 |
) |
Net
earnings (loss) attributable to shareholders of Manitex
International, Inc. |
|
$ |
0.01 |
|
|
$ |
(0.09 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.44 |
) |
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) from continuing operations attributable to shareholders
of Manitex International, Inc. |
|
$ |
0.01 |
|
|
$ |
(0.09 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.39 |
) |
Loss from
discontinued operations attributable to shareholders of Manitex
International, Inc. |
|
$ |
— |
|
|
$ |
0.00 |
|
|
$ |
— |
|
|
$ |
(0.05 |
) |
Net
earnings (loss) attributable to shareholders of Manitex
International, Inc. |
|
$ |
0.01 |
|
|
$ |
(0.09 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.44 |
) |
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
19,610,168 |
|
|
|
16,573,927 |
|
|
|
18,003,829 |
|
|
|
16,532,683 |
|
Diluted |
|
|
19,694,379 |
|
|
|
16,573,927 |
|
|
|
18,003,829 |
|
|
|
16,532,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Operating Income (Loss) from
Continuing Operations to Adjusted EBITDA (in
thousands)
|
Three Months Ended |
Nine Months Ended ** |
|
September 30, 2018 |
September 30, 2017 |
September 30, 2018 |
September 30, 2017 |
Operating income (loss) |
$ |
3,003 |
|
$ |
972 |
|
$ |
6,172 |
|
$ |
(1,030 |
) |
Adjustments related to restatement,
restructuring, discontinued model, restricted stock, and other
expenses |
|
785 |
|
|
1,956 |
|
|
3,923 |
|
|
7,763 |
|
Adjusted operating income (loss) |
|
3,788 |
|
|
2,928 |
|
|
10,095 |
|
|
6,733 |
|
Depreciation and amortization |
|
1,238 |
|
|
1,225 |
|
|
3,789 |
|
|
3,908 |
|
Adjusted EBITDA |
$ |
5,026 |
|
$ |
4,153 |
|
$ |
13,884 |
|
$ |
10,641 |
|
Adjusted EBITDA % to
sales |
|
8.2 |
% |
|
7.4 |
% |
|
7.6 |
% |
|
7.2 |
% |
|
Reconciliation of GAAP Net Income (Loss)
From Continuing Operations Attributable to Shareholders of Manitex
International to Adjusted Net Income (Loss) From continuing
Operations Attributable to Shareholders of Manitex International
(in thousands)
|
Three Months Ended |
Nine Months Ended ** |
|
September 30, 2018 |
September 30, 2017 |
September 30, 2018 |
September 30, 2017 |
Net Income (Loss)
from continuing operations attributable to shareholders |
$ |
122 |
|
$ |
(1,522 |
) |
$ |
(2,330 |
) |
$ |
(6,437 |
) |
Adjustments related to restatement, restructuring, discontinued
model, Inventory write down, restricted stock, foreign exchange,
change in fair value of securities and other expenses (tax
effected) |
|
2,005 |
|
|
2,696 |
|
|
7,137 |
|
|
8,842 |
|
Adjusted Net Income (Loss) from continuing operations
attributable to shareholders |
|
2,127 |
|
|
1,174 |
|
|
4,807 |
|
|
2,405 |
|
Weighted diluted shares outstanding |
|
19,694,379 |
|
|
16,573,927 |
|
|
18,003,829 |
|
|
16,532,683 |
|
Diluted earnings (loss) per share attributable to shareholders as
reported |
$ |
0.01 |
|
$ |
(0.09 |
) |
$ |
(0.13 |
) |
$ |
(0.39 |
) |
Total EPS effect |
$ |
0.10 |
|
$ |
0.16 |
|
$ |
0.40 |
|
$ |
0.53 |
|
Adjusted diluted earnings per share attributable to
shareholders |
$ |
0.11 |
|
$ |
0.07 |
|
$ |
0.27 |
|
$ |
0.15 |
|
|
Foreign Exchange, Restatement, Restructuring, Restricted
Stock and other Expenses
Details of
adjustments |
|
|
Three Months Ended |
Nine Months Ended ** |
|
Pre-tax adjustments |
September 30, 2018 |
September 30, 2017 |
September 30, 2018 |
September 30, 2017 |
|
Restatement
expenses |
$ |
183 |
|
|
- |
|
$ |
2,006 |
|
|
- |
|
|
Foreign exchange |
|
410 |
|
|
799 |
|
|
635 |
|
|
1,138 |
|
|
Discontinued model |
|
292 |
|
|
- |
|
|
480 |
|
|
- |
|
|
Inventory write down |
|
- |
|
|
1,521 |
|
|
|
1,521 |
|
|
Restructuring |
|
141 |
|
|
130 |
|
|
795 |
|
|
704 |
|
|
Restricted stock |
|
140 |
|
|
160 |
|
|
530 |
|
|
517 |
|
|
Normalized plant absorption levels |
|
- |
|
|
- |
|
|
- |
|
|
3,770 |
|
|
Trade show expenses (tri-annual only) |
|
- |
|
|
- |
|
|
- |
|
|
589 |
|
|
change in fair market value of securities, and other expenses |
|
936 |
|
|
145 |
|
|
3,182 |
|
|
662 |
|
|
Total |
$ |
2,102 |
|
$ |
2,755 |
|
$ |
7,628 |
|
$ |
8,901 |
|
|
|
Backlog from Continuing Operations
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.
|
Sep 30, 2018 |
Jun 30, 2018 |
Mar 31, 2018 |
Dec 31, 2017 |
Sep 30, 2017 |
Backlog |
$ |
60,477 |
$ |
75,601 |
|
$ |
87,860 |
|
$ |
61,530 |
|
$ |
50,281 |
|
Change Versus Current Period |
|
|
-20.0 |
% |
|
-31.2 |
% |
|
-1.7 |
% |
|
20.3 |
% |
|
Note: As of October 31, 2018 backlog was
$79,200
Net 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
minus cash.
|
September 30, 2018 |
December 31, 2017 |
Cash &
marketable equity securities |
$ |
25,917 |
|
$ |
5,366 |
|
|
|
|
Notes payable - short term |
$ |
21,464 |
|
$ |
29,131 |
|
Current portion of capital leases |
|
409 |
|
|
378 |
|
Revolving term credit facilities |
|
- |
|
|
12,893 |
|
Notes payable - long term |
|
26,651 |
|
|
26,656 |
|
Capital lease obligations |
|
5,173 |
|
|
5,483 |
|
Convertible notes |
|
21,594 |
|
|
21,315 |
|
Total debt |
$ |
75,291 |
|
$ |
95,856 |
|
Net Debt |
$ |
49,374 |
|
$ |
90,490 |
|
** All references in this release to financial results of
periods ending prior to the third quarter of 2017 reflect such
results as restated pursuant to the recently completed restatement
of such periods.
Manitex (NASDAQ:MNTX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Manitex (NASDAQ:MNTX)
Historical Stock Chart
From Sep 2023 to Sep 2024