Manitex International, Inc. Announces $17 Million in New Orders for Cranes and Preliminary Backlog of $102 Million for Third Quarter 2014

BRIDGEVIEW, Ill., Nov. 3, 2014 /PRNewswire/ -- Manitex International, Inc. (Nasdaq: MNTX), a leading international provider of cranes and specialized material and container handling equipment, today announced that it has received new orders from several customers for specialized cranes with an initial value of $17 million, with potential for follow-on orders. Further, the company also announced that it expects to report a backlog of approximately $102 million, up 32% from December 31, 2013 and unchanged from June 30, 2014 for the period ending September 30, 2014.

Bruce Peterson, SVP of Sales and Marketing for Manitex International commented, "We continue to see reasonably good order flow despite a very challenging business environment, thanks in large part to the diversification of our customer base and niche market strategy. The orders we're announcing here are for several different Manitex models, with more than half of them being for our larger, higher tonnage/higher margin products with production expected to commence in our fourth quarter."

David J. Langevin, Chairman and CEO of Manitex International commented, "Orders in the third quarter were as expected, and we anticipate reporting a book to bill of approximately 1.0 in our third quarter report. Also as expected, production in the third quarter was primarily in the low margin smaller tonnage equipment which pressured overall margins for the third quarter.  However, with orders received in the third quarter and these orders announced today, our backlog has returned to a more favorable product mix for the fourth quarter and start of next year, which will result in stronger margins in the fourth quarter and beyond. The backlog that we'll be reporting with our Q3 earnings report does not include these units."

"We have consistently identified, acquired and invested in niches that we believe provide growth opportunities for our investors, and remain confident that we are executing well and will be able to continue doing so, subject to market forces, some which are out of our control. We look forward to updating investors in more detail on our third quarter earnings report and conference call, which we will announce on November 6, 2014."

About Manitex International, Inc.

Manitex International, Inc. designs, manufactures and markets a portfolio of highly engineered and customizable lifting, material and container handling equipment, spanning boom truck, telescopic, rough terrain and industrial cranes, reach stackers and associated container handling equipment, rough terrain forklifts, mobile liquid and solid containment solutions, and specialized trailers and  mission oriented vehicles, including parts support. We have accumulated nearly a dozen brands since going public in 2006 and operate internationally through eight subsidiaries with design and manufacturing facilities in the USA, Canada and Italy.

Manitex, Inc., in Georgetown, TX, manufactures a  comprehensive line of boom truck and telescopic cranes and sign cranes, primarily used in industrial projects, energy exploration and infrastructure development, including roads, bridges, and commercial construction. Badger Equipment Company, in Winona, MN, manufactures specialized rough terrain and industrial cranes and 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.  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 as well as specialized carriers, heavy material handling transporters and steel mill equipment. Manitex Liftking's rough terrain forklifts are used in commercial applications and by the world's largest military and peace keeping organizations. 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. Manitex Sabre based in Knox, Indiana, builds mobile specialized tanks for liquid storage and containment solutions for a variety of end markets such as petrochemical, waste management and oil and gas drilling. Manitex Valla located in Piacenza, Italy, manufactures a full range of mobile precision pick and carry cranes from 2 to 90 tons, using electric, diesel, and hybrid power options with configurable special applications designed specifically to meet the needs of its customers.

Our Crane and Machinery division is a Chicago based distributor of cranes including Terex truck and rough terrain cranes, PM knuckle boom cranes and our own Manitex International brands. Crane and Machinery provides aftermarket 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 and refurbished lifting and construction equipment of various ages and conditions as well as operating a rental fleet of equipment to the Tri-state area.

Company Contact:

SOURCE Manitex International, Inc.

Related Links

http://www.manitexinternational.com

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