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Manitex International Announces Backlog of $150 Million
New Record-High Represents 79 Percent Year-to-date Increase and Ninth Consecutive Quarterly Increase
Manitex International, Inc.
Manitex International, Inc. is a leading provider of engineered lifting solutions including cranes, reach stackers and associated container handling equipment, rough terrain forklifts, indoor electric forklifts and special mission oriented vehicles, including parts support.
, a leading provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts, container handling equipment and special mission oriented vehicles, today announced a consolidated order backlog of $149.6 million as of June 30, 2012. This increase of 78.7 percent from Dec. 31, 2011, a 195 percent year-over-year increase, represents the ninth successive quarterly increase, and is another all-time high for the company.
Sustained demand for Manitex boom truck cranes, particularly in the North American energy markets, continues to lead the backlog higher, and the company has also seen strengthening demand for several of its other specialized product lines. As previously announced and demonstrated in the first quarter results, in response to the underlying strength in orders and other positive fundamentals, management initiated an output expansion program at Manitex beginning in late 2011, that calls for incremental increases expected throughout 2012, and consequently, higher sales each quarter.
David Langevin, chairman and CEO for Manitex International commented, "The order intake for the quarter remained strong and continues to be driven by demand for specialized products for the energy sector. While Manitex boom trucks represent the major part of this backlog, we have seen a pickup in orders in other parts of our portfolio as well. In particular, Manitex Liftking and CVS Ferrari have each received some high value international orders for specialized units while Load King is also benefiting from the high levels of demand from the energy sector. We remain focused on achieving higher production particularly of Manitex cranes to ensure that our product deliveries keep up with the pace of customer demand as we look to achieve steady improvements in our quarterly results throughout the year."
The company expects to report its second quarter results in mid-August.
About Manitex International, Inc.
The Manitex subsidiary manufactures and markets a comprehensive line of boom trucks and sign cranes through a national and international dealership network. Boom trucks and crane products are primarily used in industrial projects, energy exploration and infrastructure development, including roads, bridges, and commercial construction. Additionally, Badger Equipment Company, a subsidiary located in Winona, Minnesota, manufactures specialized rough terrain cranes and material handling products. Badger primarily serves the needs of the construction, municipality, and railroad industries. The Italian subsidiary, CVS Ferrari, srl, designs and manufactures a range of reach stackers and associated lifting equipment for the global container handling market, which is sold through a broad dealer network. Our Manitex Liftking subsidiary is a 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. Our subsidiary, Manitex Load King located in Elk Point, S.D. is a manufacturer of specialized engineered trailers and hauling systems, typically used for transporting heavy equipment.
The Crane and Machinery division is a Chicago-based distributor of cranes including Terex trucks and rough terrain cranes, Fuchs material handlers and the Manitex product line. Crane and Machinery provides aftermarket 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. The division also provides a wide range of used lifting and construction equipment of various ages and conditions, and has the capability to refurbish the equipment to the customer's specifications.
Article Date: 2012-07-09
Source: Manitex International
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