Manitex International, Inc. (Nasdaq: MNTX), a leading provider of engineered lifting solutions including boom truck and rough terrain cranes, rough terrain forklifts, special mission oriented vehicles, container handling equipment and specialized engineered trailers, today announced third quarter 2013 results.
Third Quarter 2013 Financial Highlights:
-- Net revenues of $57.5 million rose 8% compared to $53.4 million in the prior year's quarter and declined 8% compared to the record second quarter 2013 revenues of $62.6 million. -- Net income of $2.6 million or $0.21 per share, increased 4.7% compared to $2.5 million and $0.21 per share for the prior year's quarter. Excluding costs associated with the acquisition and financing of Sabre that was completed in the quarter, net income was $2.8 million or $0.23 per share. -- EBITDA(1) for the third quarter 2013 increased 5.1% to $5.6 million, equal to 9.8% of sales, compared to $5.3 million and 10.0% of sales for the same period in 2012. -- Consolidated backlog at September 30th, 2013 was largely unchanged at $96.7 from June 30, 2013.
-- Completed the acquisition of Sabre Manufacturing on August 19, 2013 for total consideration of $14 million. -- Completed new multi-lender North American $64 million revolving credit facilities, including Comerica Bank, Fifth Third Bank and HSBC. -- Completed a registered direct equity offering for 1.4 million shares with net proceeds of $14 million, which was used to repay debt. -- Subsequent to the quarter's end, reached agreement in principle to acquire Valla SpA of Piacenza, Italy. Valla recorded $7.5 million in revenues in 2012.