Company Quick10K Filing
Manitex
Price6.48 EPS-0
Shares20 P/E-17
MCap128 P/FCF-18
Net Debt2 EBIT-2
TEV129 TEV/EBIT-70
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-05
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-10
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-04-11
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-03-10
10-Q 2016-12-31 Filed 2018-04-03
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-03-10
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-16
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-11
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-14
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-10
10-Q 2012-03-31 Filed 2012-05-11
10-K 2011-12-31 Filed 2012-03-23
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-15
10-Q 2011-03-31 Filed 2011-05-13
10-K 2010-12-31 Filed 2011-03-30
10-Q 2010-09-30 Filed 2010-11-12
10-Q 2010-06-30 Filed 2010-08-13
10-Q 2010-03-31 Filed 2010-05-13
10-K 2009-12-31 Filed 2010-03-30
8-K 2020-11-05 Earnings, Exhibits
8-K 2020-10-01 Officers, Regulation FD, Exhibits
8-K 2020-09-16 Officers
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-06-03
8-K 2020-05-07
8-K 2020-03-09
8-K 2020-03-05
8-K 2019-11-13
8-K 2019-11-07
8-K 2019-10-01
8-K 2019-09-30
8-K 2019-08-28
8-K 2019-08-19
8-K 2019-08-08
8-K 2019-06-13
8-K 2019-06-12
8-K 2019-05-07
8-K 2019-05-06
8-K 2019-03-18
8-K 2019-03-14
8-K 2018-12-04
8-K 2018-11-01
8-K 2018-10-10
8-K 2018-09-28
8-K 2018-08-09
8-K 2018-08-07
8-K 2018-07-23
8-K 2018-06-05
8-K 2018-05-31
8-K 2018-05-24
8-K 2018-05-15
8-K 2018-05-10
8-K 2018-05-09
8-K 2018-03-30
8-K 2018-03-28
8-K 2018-03-23
8-K 2018-03-12
8-K 2018-03-09
8-K 2018-03-06
8-K 2018-02-26
8-K 2018-02-21
8-K 2018-02-06
8-K 2018-01-29

MNTX 10Q Quarterly Report

Part 1 - Financial Information
Item 1 - Financial Statements
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3 - Defaults Upon Senior Securities
Item 4 - Mine Safety Disclosures
Item 5 - Other Information
Item 6 - Exhibits
EX-31.1 mntx-ex311_8.htm
EX-31.2 mntx-ex312_7.htm
EX-32.1 mntx-ex321_6.htm

Manitex Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
4503602701809002012201420172020
Assets, Equity
1108356292-252012201420172020
Rev, G Profit, Net Income
402612-2-16-302012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  

For the quarterly period ended September 30, 2020    

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to               

Commission File Number: 001-32401

 

MANITEX INTERNATIONAL, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Michigan

 

42-1628978

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification Number)

 

 

 

9725 Industrial Drive, Bridgeview, Illinois

 

60455

(Address of Principal Executive Offices)

 

(Zip Code)

(708) 430-7500

(Registrant’s Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, no par value

MNTX

The NASDAQ Stock Market LLC

Preferred Share Purchase Rights

N/A

The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

 

Accelerated filer

 

 

 

 

 

 

 

 

 

Non-accelerated filer

 

  

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The number of shares of the registrant’s common stock, no par, outstanding at November 2, 2020 was 19,791,614.

 

 


 

MANITEX INTERNATIONAL, INC. AND SUBSIDIARIES

 

GENERAL

 

This Quarterly Report on Form 10-Q filed by Manitex International, Inc. speaks as of September 30, 2020 unless specifically noted otherwise.  Unless otherwise indicated, Manitex International, Inc., together with its consolidated subsidiaries, is hereinafter referred to as “Manitex,” the “Registrant,” “us,” “we,” “our” or the “Company.”

 

Forward-Looking Information

 

Certain information in this Quarterly Report includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995).  These statements relate to, among other things, the Company’s expectations, beliefs, intentions, future strategies, future events or future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. In addition, when included in this Quarterly Report or in documents incorporated herein by reference the words “may,” “expects,” “should,” “intends,” “anticipates,” “believes,” “plans,” “projects,” “estimates” and the negatives thereof and analogous or similar expressions are intended to identify forward-looking statements.  However, the absence of these words does not mean that the statement is not forward-looking.  We have based these forward-looking statements on current expectations and projections about future events.  These statements are not guarantees of future performance.  Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those reflected in such forward-looking statements.  Such risks and uncertainties, many of which are beyond our control, include, without limitation, those described below and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, in the section entitled “Item 1A. Risk Factors”:

 

 

a substantial deterioration in economic conditions, especially in the United States and/or Europe;

 

the continuing impact of COVID-19 and related economic conditions, including the Company’s assessment of the vulnerability of our customers and vendors in relation to the economic disruptions associated with COVID-19;

 

government spending, fluctuations in the construction industry, and capital expenditures in the oil and gas industry;

 

our level of indebtedness and our ability to meet financial covenants required by our debt agreements;

 

our ability to negotiate extensions of our credit agreements and to obtain additional debt or equity financing when needed;

 

the impact that the restatement of our previously issued financial statements could have on our business reputation and relations with our customers and suppliers;

 

the cyclical nature of the markets we operate in;

 

an increase in interest rates;

 

our increasingly international operations expose us to additional risks and challenges associated with conducting business internationally;

 

difficulties in implementing new systems, integrating acquired businesses, managing anticipated growth, and responding to technological change;

 

our customers’ diminished liquidity and credit availability;

 

the performance of our competitors;

 

shortages in supplies and raw materials or the increase in costs of materials;

 

potential losses under residual value guarantees;

 

product liability claims, intellectual property claims, and other liabilities;

 

the volatility of our stock price;

 

future sales of our common stock;

1


 

 

the willingness of our shareholders and directors to approve mergers, acquisitions, and other business transactions;

 

currency transaction (foreign exchange) risks and the risk related to forward currency contracts;

 

compliance with changing laws and regulations;

 

certain provisions of the Michigan Business Corporation Act and the Company’s Articles of Incorporation, as amended, Amended and Restated Bylaws, and the Company’s Preferred Stock Purchase Rights may discourage or prevent a change in control of the Company;

 

a substantial portion of our revenues are attributed to limited number of customers which may decrease or cease purchasing any time;

 

a disruption or breach in our information technology systems;

 

our reliance on the management and leadership skills of our senior executives;

 

the cost of compliance with Section 404 of the Sarbanes-Oxley Act of 2002;

 

impairment in the carrying value of goodwill could negatively affect our operating results;

 

potential negative effects related to the SEC investigation into our Company; and

 

other factors.

The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in this Quarterly Report Form 10-Q are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or operating results. If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what we projected. We do not undertake, and expressly disclaim, any obligation to update this forward-looking information, except as required under applicable law.

2


 

MANITEX INTERNATIONAL, INC.

FORM 10-Q INDEX

TABLE OF CONTENTS

 

PART I:

 

FINANCIAL INFORMATION

 

4

 

 

 

 

 

ITEM 1:    Financial Statements (Unaudited)

 

4

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and 2019

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2020 and 2019

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statement of Shareholders’ Equity for the Three and Nine Months Ended September 30, 2020 and 2019

 

7

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019

 

8

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

9

 

 

 

ITEM 2:    Management’s Discussion And Analysis Of Financial Condition And Results Of Operations

 

34

 

 

 

ITEM 3:    Quantitative And Qualitative Disclosures About Market Risk

 

41

 

 

 

ITEM 4:     Controls And Procedures

 

41

 

 

 

 

 

PART II:

 

OTHER INFORMATION

 

43

 

 

 

ITEM 1:    Legal Proceedings

 

43

 

 

 

ITEM 1A: Risk Factors

 

43

 

 

 

ITEM 2:    Unregistered Sales Of Equity Securities And Use Of Proceeds

 

44

 

 

 

ITEM 3:    Defaults Upon Senior Securities

 

45

 

 

 

ITEM 4:    Mine Safety Disclosures

 

45

 

 

 

ITEM 5:    Other Information

 

45

 

 

 

ITEM 6:    Exhibits

 

45

 

3


 

PART 1—FINANCIAL INFORMATION

Item 1—Financial Statements

MANITEX INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

(Unaudited)

 

 

 

September 30,

2020

 

 

December 31,

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash

 

$

23,331

 

 

$

23,327

 

Cash – restricted

 

 

231

 

 

 

217

 

Trade receivables (net)

 

 

29,916

 

 

 

34,725

 

Other receivables

 

 

997

 

 

 

1,033

 

Inventory (net)

 

 

58,641

 

 

 

57,818

 

Prepaid expense and other current assets

 

 

4,392

 

 

 

4,706

 

Current assets of discontinued operations

 

 

180

 

 

 

1,591

 

Total current assets

 

 

117,688

 

 

 

123,417

 

Total fixed assets, net of accumulated depreciation of $18,551 and $16,818

   at September 30, 2020 and December 31, 2019, respectively

 

 

18,531

 

 

 

19,035

 

Operating lease assets

 

 

2,160

 

 

 

2,174

 

Intangible assets (net)

 

 

15,752

 

 

 

17,032

 

Goodwill

 

 

26,699

 

 

 

32,635

 

Other long-term assets

 

 

168

 

 

 

281

 

Deferred tax asset

 

 

415

 

 

 

441

 

Long-term assets of discontinued operations

 

 

 

 

 

413

 

Total assets

 

$

181,413

 

 

$

195,428

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Notes payable

 

$

17,832

 

 

$

18,212

 

Convertible note - related party (net)

 

 

7,455

 

 

 

7,323

 

Convertible note (net)

 

 

7,976

 

 

 

 

Current portion of finance lease obligations

 

 

352

 

 

 

476

 

Current portion of operating lease liabilities

 

 

761

 

 

 

813

 

Accounts payable

 

 

29,337

 

 

 

29,593

 

Accounts payable related parties

 

 

33

 

 

 

228

 

Accrued expenses

 

 

9,265

 

 

 

9,138

 

Customer deposits

 

 

1,669

 

 

 

1,493

 

Deferred income liability

 

 

3,747

 

 

 

 

Current liabilities of discontinued operations

 

 

215

 

 

 

800

 

Total current liabilities

 

 

78,642

 

 

 

68,076

 

Long-term liabilities

 

 

 

 

 

 

 

 

Revolving term credit facilities

 

 

5,000

 

 

 

 

Notes payable (net)

 

 

15,368

 

 

 

19,446

 

Finance lease obligations (net of current portion)

 

 

4,311

 

 

 

4,584

 

Non-current operating lease liabilities

 

 

1,398

 

 

 

1,361

 

Convertible note (net)

 

 

 

 

 

14,760

 

Deferred gain on sale of property

 

 

607

 

 

 

667

 

Deferred tax liability

 

 

959

 

 

 

721

 

Other long-term liabilities

 

 

5,795

 

 

 

5,913

 

Long-term liabilities of discontinued operations

 

 

 

 

 

350

 

Total long-term liabilities

 

 

33,438

 

 

 

47,802

 

Total liabilities

 

 

112,080

 

 

 

115,878

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Preferred Stock—Authorized 150,000 shares, no shares issued or outstanding at

   September 30, 2020 and December 31, 2019

 

 

 

 

 

 

Common Stock—no par value 25,000,000 shares authorized, 19,794,316 and 19,713,185

   shares issued and outstanding at September 30, 2020, and December 31, 2019, respectively

 

 

131,276

 

 

 

130,710

 

Paid in capital

 

 

2,870

 

 

 

2,793

 

Retained deficit

 

 

(61,977

)

 

 

(50,253

)

Accumulated other comprehensive loss

 

 

(2,836

)

 

 

(3,700

)

Total equity

 

 

69,333

 

 

 

79,550

 

Total liabilities and equity

 

$

181,413

 

 

$

195,428

 

 

The accompanying notes are an integral part of these financial statements

4


 

MANITEX INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except for share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net revenues

 

$

36,466

 

 

$

50,599

 

 

$

122,314

 

 

$

162,403

 

Cost of sales

 

 

29,807

 

 

 

42,164

 

 

 

99,877

 

 

 

131,478

 

Gross profit

 

 

6,659

 

 

 

8,435

 

 

 

22,437

 

 

 

30,925

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development costs

 

 

788

 

 

 

497

 

 

 

2,246

 

 

 

1,890

 

Selling, general and administrative expenses

 

 

6,462

 

 

 

7,808

 

 

 

21,226

 

 

 

26,485

 

Impairment of intangibles

 

 

 

 

 

1,539

 

 

 

6,722

 

 

 

1,539

 

Total operating expenses

 

 

7,250

 

 

 

9,844

 

 

 

30,194

 

 

 

29,914

 

Operating (loss) income

 

 

(591

)

 

 

(1,409

)

 

 

(7,757

)

 

 

1,011

 

Other (expense) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(825

)

 

 

(1,121

)

 

 

(2,833

)

 

 

(3,298

)

Interest income

 

 

6

 

 

 

41

 

 

 

80

 

 

 

161

 

Gain on extinguishment of debt

 

 

595

 

 

 

 

 

 

595

 

 

 

 

Change in fair value of securities held

 

 

 

 

 

216

 

 

 

 

 

 

5,454

 

Foreign currency transaction loss

 

 

(229

)

 

 

(307

)

 

 

(671

)

 

 

(718

)

Other expense

 

 

(341

)

 

 

(11

)

 

 

(497

)

 

 

(22

)

Total other (expense) income

 

 

(794

)

 

 

(1,182

)

 

 

(3,326

)

 

 

1,577

 

(Loss) income before income taxes from continuing operations

 

 

(1,385

)

 

 

(2,591

)

 

 

(11,083

)

 

 

2,588

 

Income tax expense (benefit) from continuing operations

 

 

62

 

 

 

1,874

 

 

 

(191

)

 

 

2,449

 

Net (loss) income from continuing operations

 

 

(1,447

)

 

 

(4,465

)

 

 

(10,892

)

 

 

139

 

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations of discontinued operations

 

 

(120

)

 

 

(7,302

)

 

 

(831

)

 

 

(7,805

)

Income tax  expense

 

 

4

 

 

 

84

 

 

 

1

 

 

 

39

 

Loss from discontinued operations

 

 

(124

)

 

 

(7,386

)

 

 

(832

)

 

 

(7,844

)

Net loss

 

 

(1,571

)

 

 

(11,851

)

 

 

(11,724

)

 

 

(7,705

)

(Loss) earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) earnings from continuing operations

 

$

(0.07

)

 

$

(0.23

)

 

$