BRIDGEVIEW, Ill., April 11, 2012 /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 a consolidated order backlog of $133 million as of March 31, 2012. This is an increase of 59% from December 31, 2011, a 179% year over year increase, and represents another all-time high for the company and the eighth successive quarterly increase.
Robust demand for the Company's Manitex boom truck cranes continues to lead the backlog higher, and the company is also seeing continued strength in the demand for its other specialized products. As previously reported, in the fourth quarter of 2011 the Company began activity to increase output at its key facilities in conjunction with its supply chain for further expansion in 2012 to support the growing customer demand. The current backlog calls for products to ship throughout 2012 and into early 2013.
Andrew Rooke, President and Chief Operating Officer for Manitex International commented, "The order intake for the quarter was exceptionally strong and is being driven by demand for specialized products for the energy sector. While Manitex boom trucks represent the major part of this backlog, we have also been successful in securing increased orders in other parts of our portfolio. In particular, Load King is also benefiting from the high levels of demand from the energy sector for both standard and specialized trailers, while CVS Ferrari has just secured a $4 million international order for terminal tractors. We remain focused on ramping up production, particularly at Manitex, to ensure that our product deliveries keep up with the pace of customer demand and to drive steady increases in our quarterly revenues throughout the year."
Paul Gibson, General Manager of the Company's subsidiary, Manitex Inc., commented, "Demand for Manitex equipment, particularly our higher tonnage cranes, is being driven by continued activity in the North American energy sector. Our recent product development initiatives have been targeted to several specific areas of operation for the energy sector and have led directly to new orders. Additionally, the expansion of our dealer and sales network, as previously reported, has provided improved geographical dealer coverage and support for our products in North America. We are seeing progress in our efforts to increase production and anticipate this leading to higher sales throughout the year."
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.