Manitex International, Inc. Reports Second Quarter 2010 Results

Manitex International, Inc. MNTX today announced second quarter 2010 revenues of $19.5 million, a 65% year-over-year increase, and net income for the second quarter of 2010 of $0.2 million or $0.02 per share, compared to a net loss of ($0.1 million) or ($0.01) per share for the second quarter of 2009. Net revenues for the quarter ended June 30, 2010 were $19.5 million, representing a 65% increase from the second quarter of 2009. Excluding the impact of acquisitions, net revenues increased 29.5% from the comparable prior year period. EBITDA for the second quarter of 2010 increased by 192% to $1.7 million equal to 8.9% of sales, compared to $0.6 million or 5.0% of sales for the second quarter of 2009. Gross profit margin of 23.6% in the second quarter of 2010 was an improvement of 270 basis points compared to the second quarter of 2009. Net income for the second quarter of 2010 of $0.2 million or $0.02 per share (2), compared to a net loss of ($0.1) million or ($0.01) per share for the second quarter of 2009.