Manitex International, Inc. Announces New International Orders and a Three Year Contract for Supply of Specialized Forklifts Totaling $12.6 million
Orders Received Expected to Contribute Approximately $6 million to Fourth Quarter 2009 Revenues
BRIDGEVIEW, Ill., July 27 -- Manitex International, Inc. , a leading provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts and special mission oriented vehicles, today announced that the Company's Manitex Liftking material handling operation had received orders for specialized forklifts for the US and international armed forces, and an international agency. The total value of the contract together with the recent orders is approximately $12.6 million. The company also announced that shipments of specialized forklifts in the fourth quarter of 2009, from these and earlier orders it has received and announced, are expected to be approximately $6 million and that these sales will be a strong contributor to Manitex's fourth quarter financial results.
Bob Litchev, President of Material Handling operations for Manitex International commented, "Manitex Liftking has a strong franchise in military and specialized forklifts which although cyclical, historically have accounted for as much as 8 - 10% of group sales under normal trading conditions. Orders from the military have been an important component of the Liftking business and we continue to strive to maximize our share of this market segment. We are particularly pleased to have been able to extend our forklift product offering to other new international customers and secure our first long term contract with an international agency. Under this three year contract, that has a two year extension option, we will supply completed units and spare parts."
Mark Aldrovandi, responsible for military, government and international agency sales for Manitex Liftking commented, "Our long standing relationship with the Canadian and US military, with over 1500 units in service, provides the foundation for demonstrating the rugged capability and performance of our specialized forklifts. We have been able to leverage this experience with new international customers in Europe and with a key international agency and secure these new orders after a period of rigorous product validation. We expect that this contract will be a platform from which we can continue to grow our presence in these markets."
About Manitex International, Inc.
Manitex International, Inc. is a leading provider of engineered lifting solutions including cranes, 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. 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. Our Manitex Liftking subsidiary is 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. In July 2009, we acquired through a stock purchase, Badger Equipment Company, a Winona, Minnesota-based manufacturer of specialized rough terrain cranes and material handling products.
Forward-Looking Statement
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 or Brett Maas Chairman and Chief Executive Officer Investor Relations (708) 237-2060 212-946-2849 djlangevin@manitexinternational.com peter@haydenir.com