Net revenues for the quarter were $22m, up 56% year-on-year. EBITDA earnings were up 75% to $1.8m. This was equal to 8.3% sales, compared to $1m, or 7.4% of sales. As a percentage of sales, earnings were the highest they have been since the third quarter of 2007.
The company said that around half of its net revenue growth had come from the acquisition of Badger rough terrain cranes and Load King trailers, in the third and fourth quarters of 2009. The remainder of the increase came from strong demand for material handling products from military and international customers.
The company said gross profits were $5.3m, up $2.2m from the first quarter of 2009. Margins were up 210bp over the same period, at 23.7%. The company said the improvement was related to have a better mix of higher margins products, including from the two acquisitions. Restructuring and cost control measures had also helped.
Andrew Rooke, president and COO, said, “Our top line growth of 28%, excluding the contributions from the Badger and Load King acquisitions that were completed later in 2009, was powered by our material handling operations that benefited from strong military and international agency sales. Sales of Manitex cranes were down compared to the first quarter of 2009, which benefited from a backlog built up before the economic crisis, but were up 12% from the fourth quarter of 2009, reflecting some improved economic conditions, the continued success of the recently launched 50155 crane and a further increase in market share during the quarter.”
