Manitex International, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net revenues rose 39% to a record $59.6 million, compared to the prior year's quarter of $42.8 million and 5.4% compared to the fourth quarter 2012 revenues of $56.5 million. The revenues increased $16.7 million in first quarter of 2013 from the first quarter of 2012 resulting from production increases at several facilities implemented in response to the higher levels of demand experienced over the past twelve months. Approximately 60% of the increase was driven by Manitex boom truck product with much of the balance from the material handling operations of Liftking and CVS. Operating income was $3.26 million compared to $2.52 million last year. Income before income taxes was $2.60 million compared to $1.90 million last year. Net income was $1.91 million, or $0.16 per basic and diluted share compared $1.25 million and $0.11 per basic and diluted share last year. EBITDA for the first quarter 2013 increased 22% to $4.1 million, equal to 6.9% of sales, compared to $3.4 million and 7.9% of sales for the same period in 2012. Net cash used for operating activities was $2.50 million compared to $2.26 million last year. Purchase of property and equipment was $0.42 million compared to $0.22 million last year.

Manitex International, Inc. announced the launch of the company's highest-capacity crane to date, the Manitex TC700. This innovative new product marks the company's entry into the higher capacity global truck crane market with a lower cost product on a standard truck chassis. The launch is being held at the Manitex 25th Anniversary Dealer Appreciation Event at the company's headquarters in Georgetown, Texas. Initial orders from several dealers have been received and deliveries are expected to commence in the second half of 2013. The CE-compliant TC700 was designed for global markets, and can be configured to mount on trucks manufactured around the globe with 12 or 24 volt electrical systems. The sub frame of the machine is designed to be compatible with varying truck chassis rails and widths, enabling the crane to be shipped internationally and installed on locally manufactured 8x4 chassis. Five- and six-axle factory installed configurations will be available to the North American market. Additional features of the new TC700 include: 70-ton capacity at 8 ft. radius; 115 ft. (38.1m) main boom length; 185 ft. (56.4m) maximum tip height with optional 2-piece jib; 15,000 lbs. (6804 kg) bare drum line pull rating; optional lattice jib base with offsets of 0deg /20deg /40deg and CE Compliant.

Manitex International, Inc., Q1 2013 Earnings Call, May 08, 2013