In its second quarter results, Manitex recorded a 55% decline in its net revenue from USD26.4m in 2008 to USD11.8m this year, and net income from continuing operations fell from USD721,000 to a loss of USD117,000.
However, it said the announcement of numerous large orders from international and military customers, totalling USD14.4m, for boom truck cranes and specialised forklifts has helped its order book climb by more than half and will help it achieve more favourable results as 2009 progresses.
It also said the acquisition of Badger Equipment has had a positive affect on its operations by exposing Manitex to the rough terrain crane market for the first time.
“While our second quarter results were affected by the timing and shipment of several units which we expect to make up in the third quarter, we are heartened by the strength and growth of our backlog, especially in the large equipment material handling operations,” said chairman and CEO David Langevin.
“With this strengthening backlog, we expect to see continuing improvement in our financial results in the second half of the year over the first half year, particularly in the fourth quarter of this year, which we expect to produce positive results.”
Andrew Rooke, president and COO, said: “During the quarter, several customers postponed previously confirmed product orders due to unavailability of credit, which adversely impacted our anticipated revenues and working capital reduction initiatives.
“We are pleased to have announced new order intakes such that our current backlog is 52% higher than at 31 December, 2008 levels. Initiatives that we implemented in international development and the success of our initial shipments into these markets has been rewarded with orders and a long-term contract for over USD14m with deliveries commencing in the third quarter.”
