The company’s gross margin was up five percentage points to 18.8%, from 13.8% last year. EBITDA doubled to $2.4m year-on-year.
The company has worked over the year to reduce its total indebtedness: this was down $12.1m on September 30 at $26.2m, from 38.3m on June 30, and from $37m at the end of 2006. The company expects to save $1m in interest charges this year as a result of its reduced borrowing.
Business was boosted by the successful launch of Manitex’s 50t boom truck, the 5096S, which sold more than 50 units this quarter. The success of Manitex, and the acquisition of Noble forklift, marks a further stage into the former testing company’s transformation into a specialist manufacturer of industrial lifting equipment: this quarter, the company completed the sale of closure of its testing and assembly equipment business.
