BRIDGEVIEW, Ill., Oct. 26, 2011 /PRNewswire/ -- Manitex International, Inc. (Nasdaq: MNTX), a leading provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts, container handling equipment and special mission oriented vehicles, today announced that it expects to report a consolidated order backlog of $63.1 million as of September 30, 2011, which represents an increase of 25% from June 30 2011, and 58% year to date. The total of $63.1 million is at an all-time high and will provide a solid basis for 2012 performance. The company expects to report its full consolidated quarterly results on November 9, 2011.
Commenting on the order backlog, Andrew Rooke, President & Chief Operating Officer of Manitex International commented, "During the third quarter we experienced not only an increase in demand for our specialized boom truck cranes, but also a broad-based increase in demand for our specialized niche products, both domestically and internationally. While non-US demand remained strong during the period, particularly in Canada, it was encouraging additionally to see an upturn in orders from our domestic, US customers. Responding to the steady increase in demand we are experiencing in 2011, we have selectively increased our output, and we are working with our supply chain to position ourselves for further expansion next year."
Paul Gibson, General Manager of the Company's subsidiary, Manitex Inc., commented, "The accelerating order intake in the third quarter for our Manitex boom truck cranes was driven by key US and Canadian dealers in our network who are focused on the expanding oil and gas and power line construction sectors, providing cranes for extraction and field services as well as specific infrastructure expansion. We are pleased to see this positive response to our investments in targeted product development projects during the past twelve months. Further product development is ongoing, notably with the recent launch of our new cab and crane operating system, and the certification of our high reach fifty-ton crane for New York City, and from initial customer responses we have received, we anticipate these will help maintain Manitex's competitive position."
About 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.
Our Manitex subsidiary manufactures and markets a comprehensive line of boom trucks and sign cranes through a national and international dealership network. Our 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. Our 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, South Dakota is a manufacturer of specialized engineered trailers and hauling systems, typically used for transporting heavy equipment.
Our Crane and Machinery division is a Chicago based distributor of cranes including Terex truck and rough terrain cranes, Fuchs material handlers and our own Manitex product line. Crane and Machinery provides after market 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.
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release contains statements that are forward-looking in nature which express the beliefs and expectations of management including statements regarding the Company's expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic performance; and statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "we believe," "we intend," "may," "will," "should," "could," and similar expressions. Such statements are based on current plans, estimates and expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Company's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These factors and additional information are discussed in the Company's filings with the Securities and Exchange Commission and statements in this release should be evaluated in light of these important factors. Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
SOURCE Manitex International, Inc.