Manitex International, Inc. Announces $17M In New Orders For Cranes And Preliminary Backlog Of $102M For Third Quarter 2014

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Manitex International, Inc.
MNTX
, a leading international provider of cranes and specialized material and container handling equipment, today announced that it has received new orders from several customers for specialized cranes with an initial value of $17 million, with potential for follow-on orders. Further, the company also announced that it expects to report a backlog of approximately $102 million, up 32% from December 31, 2013 and unchanged from June 30, 2014 for the period ending September 30, 2014. Bruce Peterson, SVP of Sales and Marketing for Manitex International commented, "We continue to see reasonably good order flow despite a very challenging business environment, thanks in large part to the diversification of our customer base and niche market strategy. The orders we're announcing here are for several different Manitex models, with more than half of them being for our larger, higher tonnage/higher margin products with production expected to commence in our fourth quarter." David J. Langevin, Chairman and CEO of Manitex International commented, "Orders in the third quarter were as expected, and we anticipate reporting a book to bill of approximately 1.0 in our third quarter report. Also as expected, production in the third quarter was primarily in the low margin smaller tonnage equipment which pressured overall margins for the third quarter. However, with orders received in the third quarter and these orders announced today, our backlog has returned to a more favorable product mix for the fourth quarter and start of next year, which will result in stronger margins in the fourth quarter and beyond. The backlog that we'll be reporting with our Q3 earnings report does not include these units." "We have consistently identified, acquired and invested in niches that we believe provide growth opportunities for our investors, and remain confident that we are executing well and will be able to continue doing so, subject to market forces, some which are out of our control. We look forward to updating investors in more detail on our third quarter earnings report and conference call, which we will announce on November 6, 2014."
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