Manitex International, Inc.

CIK:0001302028|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net revenues	$ 66,544	$ 71,331	$ 216,122	$ 212,736
Cost of sales	50,519	54,746	166,053	166,806
Gross profit	16,025	16,585	50,069	45,930
Operating expenses
Research and development costs	711	861	2,494	2,512
Selling, general and administrative expenses	9,894	10,545	32,138	32,342
Transaction costs	985		985
Total operating expenses	11,590	11,406	35,617	34,854
Operating income	4,435	5,179	14,452	11,076
Other income (expense)
Interest expense, net	(2,082)	(1,856)	(5,715)	(5,517)
Foreign currency transaction loss	(761)	(883)	(1,590)	(1,656)
Other income (expense)	35	196	52	(541)
Total other expense	(2,808)	(2,543)	(7,253)	(7,714)
Income before income taxes	1,627	2,636	7,199	3,362
Income tax expense	874	742	2,296	962
Net income	753	1,894	4,903	2,400
Net income attributable to noncontrolling interest	326	194	703	243
Net income attributable to shareholders of Manitex International, Inc.	$ 427	$ 1,700	$ 4,200	$ 2,157
Income per share
Basic	$ 0.02	$ 0.08	$ 0.21	$ 0.11
Diluted	$ 0.02	$ 0.08	$ 0.21	$ 0.11
Weighted average common shares outstanding
Basic	20,397,358	20,252,114	20,350,315	20,193,696
Diluted	20,397,358	20,254,830	20,384,585	20,196,255

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 4,903	$ 2,400
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	8,213	8,658
Changes in allowances for credit losses	31	79
Changes in inventory reserves	321	(207)
Deferred income taxes	1,593	(493)
Amortization of deferred debt issuance costs	17	34
Amortization of debt discount	39	57
Loss on forward currency contract		321
Loss (gain) on sale of assets	(548)	15
Share-based compensation	1,262	1,811
Adjustment to deferred gain on sales and lease back	(60)	(60)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	2,128	(3,350)
(Increase) decrease in other receivables	(807)	688
(Increase) decrease in inventory	(1,561)	(15,718)
(Increase) decrease in prepaid expenses and other assets	403	813
Increase (decrease) in accounts payables and related party payables	(4,343)	5,284
Increase (decrease) in accrued expenses	(566)	1,513
Increase (decrease) increase in other current liabilities	(255)	(1,192)
Increase (decrease) in other long-term liabilities	(1,583)	(481)
Net cash provided by (used in) operating activities	9,187	172
Cash flows from investing activities:
Purchase of property and equipment	(8,238)	(4,637)
Investment in intangible assets		(62)
Proceeds from sale of assets	989	422
Net cash used in investing activities	(7,249)	(4,277)
Cash flows from financing activities:
Net borrowings (payments) on revolving credit facilities	(1,533)	6,744
Net borrowings (payments) on working capital facilities	(1,621)	(2,859)
Note payments	(3,453)	(2,384)
Shares repurchased for income tax withholding on share-based compensation	(86)	(58)
Payments on finance lease obligations	(439)	(371)
Net cash provided by (used in) provided by financing activities	(7,132)	1,072
Net decrease in cash and cash equivalents	(5,194)	(3,033)
Effect of exchange rate changes on cash	174	(281)
Cash, cash equivalents and restricted cash at the beginning of the year	9,481	8,190
Cash, cash equivalents and restricted cash at end of period	$ 4,461	$ 4,876

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash	$ 4,246	$ 9,269
Cash - restricted	215	212
Trade receivables (net)	47,275	49,118
Other receivables	1,394	553
Inventory (net)	84,180	82,337
Prepaid expenses and other current assets	3,725	4,084
Total current assets	141,035	145,573
Total fixed assets net of accumulated depreciation of $35,000 and $29,751 at September 30, 2024 and December 31, 2023, respectively	51,696	49,560
Operating lease assets	7,344	7,416
Intangible assets (net)	9,897	12,225
Goodwill	37,551	37,354
Deferred tax assets	3,358	3,603
Total assets	250,881	255,731
Current liabilities
Accounts payable	44,012	47,644
Accrued expenses	13,935	14,503
Related party payables		27
Revolving term credit facilities	1,820	2,185
Notes payable (net)	21,087	23,343
Current portion of finance lease obligations	670	605
Current portion of operating lease obligations	2,166	2,100
Customer deposits	2,155	2,384
Total current liabilities	85,845	92,791
Long-term liabilities
Revolving term credit facilities (net)	48,625	49,781
Notes payable (net)	13,727	16,249
Finance lease obligations (net of current portion)	2,272	2,777
Operating lease obligations (net of current portion)	5,177	5,315
Deferred tax liability	5,505	4,145
Other long-term liabilities	3,473	4,989
Total long-term liabilities	78,779	83,256
Total liabilities	164,624	176,047
Commitments and contingencies
Equity
Preferred stock--Authorized 150,000 shares, no shares issued or outstanding at September 30, 2024 and December 31, 2023
Common stock--no par value 25,000,000 shares authorized 20,397,358 and 20,258,194 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	135,274	134,328
Additional paid in capital	5,670	5,440
Retained deficit	(61,782)	(65,982)
Accumulated other comprehensive loss	(3,675)	(4,169)
Equity attributable to shareholders of Manitex International, Inc.	75,487	69,617
Equity attributed to noncontrolling interest	10,770	10,067
Total equity	86,257	79,684
Total liabilities and equity	$ 250,881	$ 255,731