BRIDGEVIEW, IL / ACCESSWIRE / August 6, 2020 / Manitex International, Inc. (NASDAQ:MNTX), a leading international provider of cranes and specialized industrial equipment, today announced second quarter 2020 results. Net revenues from continuing operations for the second quarter were $37.1 million, compared to $57.4 million in the prior year's period, and net loss from continuing operations was $(2.4) million, or $(0.12) per share, compared to net income of $3.3 million or $0.17 per share, in the second quarter of 2019. Adjusted net loss* from continuing operations in the second quarter 2020 was $(1.7) million, or $(0.08) per share, compared to adjusted net income of $1.2 million, or $0.06 per share, for the second quarter of 2019.
Financial Highlights:
- Net revenues of $37.1 million, declined 35.3% compared to Q2 2019
- Loss per share of $(0.12) or $(0.08) as adjusted*
- Adjusted EBITDA* $(0.3) million
- Generated $4.6 million in cash in the quarter from operations
- Achieved $1.2 million cost savings in SG&A in Q2 compared to prior year driven by cost reduction initiatives implemented in 2019 and 2020
- Net debt of $34.4 million, a reduction of $7.6 million in Q2 2020
- Available liquidity through cash and credit lines of approximately $46 million as of June 30, 2020
Note: Results shown are from Continuing Operations
* Adjusted Numbers are discussed in greater detail and reconciled under "Non-GAAP Financial Measures and Other Items" at the end of this release.
Operating Highlights:
- Backlog which was $44 million as of June 30, 2020, declined 18% year over year
- Continued softness in our North American straight-mast and industrial crane products
- North American MAC knuckle boom sales have increased approximately 150% compared to last year's same quarter
- PM backlog increased 15% year over year and now 50% of total backlog
- 7 new dealers for PM, MAC and/or Oil &Steel: France, Israel, New York, Pennsylvania, Florida, Italy, Singapore
- Expansion of our Valla zero-emission industrial crane distribution network in Europe and North America
Subsequent to quarter end
- On July 20, 2020, the Company announced that it had paid down approximately $5.5 million European bank debt at a 15% discount to its face value
- Initiated restructuring plan for North American operations estimated to generate $5.4 million in annualized cost savings
Steve Filipov, CEO of Manitex commented, "We continue to implement safety protocols globally to protect our employees and their families during the current COVID-19 pandemic, including increased frequency of cleaning and disinfecting, social distancing practices, and other measures consistent with specific regulatory requirements."
"Performance for the second quarter was negatively impacted by lower production and increasing uncertainty, as a result of the continuing pandemic, of the future demand picture in certain geographic markets. COVID-19 forced closures at PM and also impacted our dealers and customers, globally. Notwithstanding this disruption in the marketplace, we have seen consistent improvement in our results in international markets for articulating "knuckle boom" cranes and truck-mounted aerials, particularly in Western Europe and Asia where we are pleased to be establishing PM, PM-Tadano, as developing brands in the global marketplace that we estimate at over $2.3 billion annually. Sales and orders at PM, combined with declines at Manitex straight-mast cranes, have resulted in a higher backlog composition of PM over Manitex for the first time ever, a trend that we anticipate to continue, consistent with our strategy to focus our resources there and grow the business to a much higher level over time."
"While we have reported a loss for the second quarter, on a level of sales that reflect the temporary economics of a global pandemic, we generated $4.6 million in cash from operations, and we continue to take aggressive steps to reduce costs and improve our balance sheet. In this regard, we also paid down a portion of our European debt at a 15% discount of its face value, subsequent to the quarter's close."
"Going forward, our focus will be on right-sizing our business to meet market demand, margin preservation, and generating cash from operations. To that end, we implemented headcount reductions and restricted production schedules in North America during the first half of 2020, and we continued this process further in the third quarter. We expect to generate an additional annualized savings of approximately $5.4 million from these actions. We are preparing for lower demand, exacerbated by the COVID-19 pandemic, which may persist throughout the year, particularly in the Manitex straight-mast crane side of the business. We anticipate continued modest growth at PM, and hope to close out the year with COVID-19 behind us, with PM on pace to reach sales levels not seen since the last uptick in global equipment sales, continued joint sales with our partner, Tadano, and a stabilization of demand in North American crane markets," concluded Mr. Filipov.
Other Matters:
The Company continues to comply with the SEC investigation regarding the Company's restatement of prior financial statements.
Conference Call:
Management will host a conference call at 4:30 PM Eastern Time today to discuss the results with the investment community. Anyone interested in participating in the call should dial 866-269-4262 if calling within the United States or 323-289-6576 if calling internationally. A replay will be available until August 13, 2020, which can be accessed by dialing 844-512-2921 if calling within the United States, or 412-317-6671 if calling internationally. Please use passcode 3902647 to access the replay. The call will additionally be broadcast live and archived for 90 days over the internet with accompanying slides, accessible at the investor relations portion of the Company's corporate website, www.manitexinternational.com/eventspresentations.aspx.
Non-GAAP Financial Measures and Other Items
Results of operations reflect continuing operations. All per share amounts are on a fully diluted basis. In this press release, Manitex refers to various non-GAAP (U.S. generally accepted accounting principles) financial measures which management uses to evaluate operating performance, to establish internal budgets and targets, and to compare the Company's financial performance against such budgets and targets. These non-GAAP measures, as defined by the Company, may not be comparable to similarly titled measures being disclosed by other companies. While adjusted financial measures are not intended to replace any presentation included in our consolidated financial statements under generally accepted accounting principles (GAAP) and should not be considered an alternative to operating performance or an alternative to cash flow as a measure of liquidity, we believe these measures are useful to investors in assessing our operating results, capital expenditure and working capital requirements and the ongoing performance of its underlying businesses. The amounts described below are unaudited, are reported in thousands of U.S. dollars, and are as of, or for the three and six month periods ended June 30, 2020 and 2019, unless otherwise indicated. A reconciliation of Adjusted GAAP financial measures for the three and six month periods ended June 30, 2020 and 2019 is included with this press release below and with the Company's related Form 8-K.
About Manitex International, Inc.
Manitex International, Inc. is a leading worldwide provider of highly engineered mobile cranes (truck mounted straight-mast and knuckle boom cranes, industrial cranes, rough terrain cranes and railroad cranes), truck mounted aerial work platforms and specialized industrial equipment. Our products, which are manufactured in facilities located in the USA and Europe, are targeted to selected niche markets where their unique designs and engineering excellence fill the needs of our customers and provide a competitive advantage. We have consistently added to our portfolio of branded products and equipment both through internal development and focused acquisitions to diversify and expand our sales and profit base while remaining committed to our niche market strategy. Our brands include Manitex, PM, MAC, PM-Tadano, Oil & Steel, Badger, Sabre, and Valla.
Forward-Looking Statements
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.
Company Contact
Manitex International, Inc.
Steve Filipov
Chief Executive Officer
(708) 237-2054
[email protected]
Darrow Associates Inc.
Peter Seltzberg, Managing Director
Investor Relations
(516) 419-9915
[email protected]
MANITEX INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
|
|
As of June 30, |
As of December 31, |
||||||
|
|
2020 | 2019 | ||||||
|
|
Unaudited | Unaudited | ||||||
|
ASSETS
|
||||||||
|
Current assets
|
||||||||
|
Cash
|
$ | 26,214 | $ | 23,327 | ||||
|
Cash - restricted
|
5,098 | 217 | ||||||
|
Trade receivables (net)
|
28,285 | 34,725 | ||||||
|
Other receivables
|
1,692 | 1,033 | ||||||
|
Inventory (net)
|
59,060 | 57,818 | ||||||
|
Prepaid expense and other
|
4,950 | 4,706 | ||||||
|
Current assets of discountinued operations
|
1,601 | 1,591 | ||||||
|
Total current assets
|
126,900 | 123,417 | ||||||
|
Total fixed assets, net of accumulated depreciation of $17,688 and $16,818
at June 30, 2020 and December 31, 2019, respectively |
18,461 | 19,035 | ||||||
|
Operating lease assets
|
2,104 | 2,174 | ||||||
|
Intangible assets (net)
|
15,807 | 17,032 | ||||||
|
Goodwill
|
25,958 | 32,635 | ||||||
|
Other long-term assets
|
204 | 281 | ||||||
|
Deferred tax asset
|
415 | 441 | ||||||
|
Long-term assets of discountinued operations
|
294 | 413 | ||||||
|
Total assets
|
$ | 190,143 | $ | 195,428 | ||||
|
LIABILITIES AND EQUITY
|
||||||||
|
Current liabilities
|
||||||||
|
Notes payable
|
$ | 17,593 | $ | 18,212 | ||||
|
Covertible note-related party (net)
|
7,410 | 7,323 | ||||||
|
Convertible note (net)
|
7,951 | - | ||||||
|
Current portion of finance lease obligations
|
436 | 476 | ||||||
|
Current portion of operating lease liabilities
|
742 | 813 | ||||||
|
Accounts payable
|
29,667 | 29,593 | ||||||
|
Accounts payable related parties
|
228 | 228 | ||||||
|
Accrued expenses
|
9,610 | 9,138 | ||||||
|
Customer deposits
|
1,374 | 1,493 | ||||||
|
Deferred income
|
3,747 | |||||||
|
Current liabilities of discountinued operations
|
826 | 800 | ||||||
|
Total current liabilities
|
79,584 | 68,076 | ||||||
|
Long-term liabilities
|
||||||||
|
Revolving term credit facilities
|
8,500 | - | ||||||
|
Notes payable (net)
|
19,444 | 19,446 | ||||||
|
Finance lease obligation (net of current portion)
|
4,395 | 4,584 | ||||||
|
Non-current operating lease liabilities
|
1,362 | 1,361 | ||||||
|
Convertible note (net)
|
- | 14,760 | ||||||
|
Deferred gain on sale of property
|
627 | 667 | ||||||
|
Deferred tax liability
|
627 | 721 | ||||||
|
Other long-term liabilities
|
5,634 | 5,913 | ||||||
|
Long-term liabilities of discountinued operations
|
350 | 350 | ||||||
|
Total long-term liabilities
|
40,939 | 47,802 | ||||||
|
Total liabilities
|
120,523 | 115,878 | ||||||
|
Commitments and contingencies
|
||||||||
|
Equity
|
||||||||
|
Preferred Stock-Authorized 150,000 shares, no shares issued or outstanding at
June 30, 2020 and December 31, 2019 |
- | - | ||||||
|
Common Stock-no par value 25,000,000 shares authorized, 19,760,480 and 19,713,185
shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively |
131,135 | 130,710 | ||||||
|
Paid in capital
|
2,780 | 2,793 | ||||||
|
Retained deficit
|
(60,406 | ) | (50,253 | ) | ||||
|
Accumulated other comprehensive loss
|
(3,889 | ) | (3,700 | ) | ||||
|
Total equity
|
69,620 | 79,550 | ||||||
|
Total liabilities and equity
|
$ | 190,143 | $ | 195,428 | ||||
MANITEX INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share and per share amounts)
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
|
|
2020 | 2019 | 2020 | 2019 | ||||||||||||
|
|
Unaudited | Unaudited | ||||||||||||||
|
Net revenues
|
$ | 37,115 | $ | 57,379 | $ | 85,848 | $ | 111,804 | ||||||||
|
Cost of sales
|
31,584 | 46,881 | 70,070 | 89,314 | ||||||||||||
|
Gross profit
|
5,531 | 10,498 | 15,778 | 22,490 | ||||||||||||
|
Operating expenses
|
||||||||||||||||
|
Research and development costs
|
771 | 706 | 1,458 | 1,393 | ||||||||||||
|
Selling, general and administrative expenses
|
6,725 | 9,561 | 14,764 | 18,677 | ||||||||||||
|
Impairment of intangibles
|
- | - | 6,722 | - | ||||||||||||
|
Total operating expenses
|
7,496 | 10,267 | 22,944 | 20,070 | ||||||||||||
|
Operating (loss) income
|
(1,965 | ) | 231 | (7,166 | ) | 2,420 | ||||||||||
|
Other expense
|
||||||||||||||||
|
Interest expense
|
(924 | ) | (1,069 | ) | (2,008 | ) | (2,177 | ) | ||||||||
|
Interest income
|
14 | 51 | 74 | 120 | ||||||||||||
|
Change in fair value of securities held
|
- | 4,428 | - | 5,238 | ||||||||||||
|
Foreign currency transaction loss
|
(24 | ) | 22 | (442 | ) | (411 | ) | |||||||||
|
Other income (expense)
|
(159 | ) | 10 | (156 | ) | (11 | ) | |||||||||
|
Total other expense
|
(1,093 | ) | 3,442 | (2,532 | ) | 2,759 | ||||||||||
|
(Loss) Income before income taxes from continuing operations
|
(3,058 | ) | 3,673 | (9,698 | ) | 5,179 | ||||||||||
|
Income tax expense from continuing operations
|
(657 | ) | 378 | (253 | ) | 575 | ||||||||||
|
Net (loss) income from continuing operations
|
$ | (2,401 | ) | $ | 3,295 | $ | (9,445 | ) | $ | 4,604 | ||||||
|
Discontinued operations
|
||||||||||||||||
|
Loss from operations of discontinued operations
|
(323 | ) | (57 | ) | (711 | ) | (503 | ) | ||||||||
|
Income tax expense (benefit)
|
(47 | ) | 2 | (3 | ) | (45 | ) | |||||||||
|
Loss from discontinued operations
|
(276 | ) | (59 | ) | (708 | ) | (458 | ) | ||||||||
|
Net (loss) income
|
(2,677 | ) | 3,236 | (10,153 | ) | 4,146 | ||||||||||
|
(Loss) earnings per share
|
||||||||||||||||
|
Basic
|
||||||||||||||||
|
(Loss) earnings from continuing operations
|
$ | (0.12 | ) | $ | 0.17 | $ | (0.48 | ) | $ | 0.23 | ||||||
|
Loss from discontinued operations
|
$ | (0.01 | ) | $ | - | $ | (0.04 | ) | $ | (0.02 | ) | |||||
|
Net (loss) earnings
|
$ | (0.14 | ) | $ | 0.16 | $ | (0.51 | ) | $ | 0.21 | ||||||
|
Diluted
|
||||||||||||||||
|
(Loss) earnings from continuing operations
|
$ | (0.12 | ) | $ | 0.17 | $ | (0.48 | ) | $ | 0.23 | ||||||
|
Loss from discontinued operations
|
$ | (0.01 | ) | $ | - | $ | (0.04 | ) | $ | (0.02 | ) | |||||
|
Net (loss) earnings
|
$ | (0.14 | ) | $ | 0.16 | $ | (0.51 | ) | $ | 0.21 | ||||||
|
Weighted average common shares outstanding
|
||||||||||||||||
|
Basic
|
19,762,726 | 19,685,251 | 19,748,249 | 19,681,666 | ||||||||||||
|
Diluted
|
19,762,726 | 19,734,195 | 19,748,249 | 19,714,584 | ||||||||||||
Note: Results shown are from Continuing Operations
Net Sales and Gross Margin % (in thousands)
|
|
Three Months Ended | |||||||||||||||||||||||
|
|
June 30, 2020 | March 31, 2020 | June 30, 2019 | |||||||||||||||||||||
|
|
As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||||||||
|
Net sales
|
$ | 37,115 | $ | 37,115 | $ | 48,733 | $ | 48,733 | $ | 57,379 | $ | 57,379 | ||||||||||||
|
% change Vs Q1 2020
|
-23.8 | % | -23.8 | % | ||||||||||||||||||||
|
% change Vs Q2 2019
|
-35.3 | % | -35.3 | % | ||||||||||||||||||||
|
% change Vs Q2 2019 without FX impact
|
-34.8 | % | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Gross margin % of net sales
|
14.9 | % | 15.6 | % | 21.0 | % | 21.2 | % | 18.3 | % | 19.1 | % | ||||||||||||
|
Gross margin % of net sales (value-add)
|
16.3 | % | 22.7 | % | 20.7 | % | ||||||||||||||||||
|
|
Six Months Ended | |||||||||||||||
|
|
June 30, 2020 | June 30, 2019 | ||||||||||||||
|
|
As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||
|
Net sales
|
$ | 85,848 | $ | 85,848 | $ | 111,804 | $ | 111,804 | ||||||||
|
% change Vs prior year
|
-23.2 | % | -23.2 | % | ||||||||||||
|
% change Vs prior year without FX impact
|
-22.3 | % | ||||||||||||||
|
|
||||||||||||||||
|
Gross margin % of net sales
|
18.4 | % | 18.7 | % | 20.1 | % | 21.0 | % | ||||||||
|
Gross margin % of net sales (value-add)
|
19.8 | % | 22.5 | % | ||||||||||||
Reconciliation of GAAP Operating Income (Loss) to Adjusted EBITDA (in thousands)
|
|
Three Months Ended | Six Months Ended | ||||||||||||||||||
|
|
June 30, 2020 |
March 31, 2020 |
June 30, 2019 |
June 30, 2020 |
June 30, 2019 |
|||||||||||||||
|
Operating (loss) income
|
$ | (1,965 | ) | $ | (5,201 | ) | $ | 231 | $ | (7,166 | ) | $ | 2,420 | |||||||
|
Adjustments related to trade show, customer declared bankruptcy, discontinued model, goodwill and intangible asset impairment, plant closing, restatement, restricted stock, restructuring and other expenses
|
574 | 7,668 | 2,356 | 8,242 | 3,175 | |||||||||||||||
|
Adjusted operating (loss) income
|
(1,391 | ) | 2,467 | 2,587 | 1,076 | 5,595 | ||||||||||||||
|
Depreciation and amortization
|
1,055 | 1,038 | 1,098 | 2,093 | 2,164 | |||||||||||||||
|
Adjusted EBITDA
|
(336) | $ | 3,505 | $ | 3,685 | $ | 3,169 | $ | 7,759 | |||||||||||
|
Adjusted EBITDA % to sales
|
-0.9 | % | 7.2 | % | 6.4 | % | 3.7 | % | 6.9 | % | ||||||||||
Reconciliation of GAAP Net Income (Loss) to Adjusted Net Income (Loss) (in thousands)
|
|
Three Months Ended | Six Months Ended | ||||||||||||||||||
|
|
June 30, 2020 |
March 31, 2020 |
June 30, 2019 |
June 30, 2020 |
June 30, 2019 |
|||||||||||||||
|
Net (loss) income
|
$ | (2,401 | ) | $ | (7,044 | ) | $ | 3,295 | $ | (9,445 | ) | $ | 4,604 | |||||||
|
Adjustments related to change in fair value of securities, trade show, discontinued model, customer declared bankruptcy, foreign exchange, goodwill and intangible asset impairment, plant closing, restatement, restricted stock, restructuring, and other expenses (including net tax impact)
|
736 | 8,623 | (2,128 | ) | 9,383 | (1,870 | ) | |||||||||||||
|
Adjusted net (loss) income
|
$ | (1,665 | ) | $ | 1,579 | $ | 1,167 | $ | (62 | ) | $ | 2,734 | ||||||||
|
Weighted diluted shares outstanding
|
19,762,726 | 19,733,772 | 19,734,195 | 19,748,249 | 19,714,584 | |||||||||||||||
|
Diluted (loss) earnings per shares as reported
|
$ | (0.12 | ) | $ | (0.36 | ) | $ | 0.17 | $ | (0.48 | ) | $ | 0.23 | |||||||
|
Total EPS effect
|
$ | 0.04 | $ | 0.44 | $ | (0.11 | ) | $ | 0.48 | $ | (0.09 | ) | ||||||||
|
Adjusted diluted (loss) earnings per share
|
$ | (0.08 | ) | $ | 0.08 | $ | 0.06 | $ | (0.00 | ) | $ | 0.14 | ||||||||
Change in Fair Market Value of Securities, Discontinued Model, Foreign Exchange, Goodwill and Intangible Asset Impairment, Restatement, Restricted Stock, Restructuring, Plant Closing, Trade Show and other Expenses
|
|
Three Months Ended | Six Months Ended | ||||||||||||||||||
|
Adjustments
|
June 30, 2020 |
March 31, 2020 |
June 30, 2019 |
June 30, 2020 |
June 30, 2019 |
|||||||||||||||
|
Covid-19 related expense
|
$ | 111 | $ | 0 | $ | 0 | $ | 111 | $ | 0 | ||||||||||
|
Customer declared bankruptcy - bad debt
|
- | - | 284 | - | 284 | |||||||||||||||
|
Discontinued model
|
124 | 69 | 305 | 193 | 305 | |||||||||||||||
|
Goodwill and intangible asset impairment
|
- | 6,722 | - | 6,722 | - | |||||||||||||||
|
Legal settlement
|
- | - | 67 | - | 67 | |||||||||||||||
|
Plant closing
|
- | - | - | - | 44 | |||||||||||||||
|
Restatement expenses
|
- | - | 98 | - | 147 | |||||||||||||||
|
Restricted stock
|
203 | 222 | 141 | 425 | 300 | |||||||||||||||
|
Restructuring
|
35 | 1 | 751 | 36 | 1,105 | |||||||||||||||
|
Trade show
|
58 | 546 | 281 | 604 | 281 | |||||||||||||||
|
Other expenses
|
43 | 108 | 429 | 151 | 642 | |||||||||||||||
|
Total adjustments to operating income (loss)
|
$ | 574 | $ | 7,668 | $ | 2,356 | $ | 8,242 | 3,175 | |||||||||||
|
Change in fair market value of securities
|
- | - | (4,428 | ) | - | (5,238 | ) | |||||||||||||
|
Foreign exchange
|
24 | 418 | (22 | ) | 442 | 411 | ||||||||||||||
|
Other expenses
|
162 | - | - | 162 | - | |||||||||||||||
|
Total pre-tax adjustments
|
$ | 760 | $ | 8,086 | $ | (2,094) | $ | 8,846 | $ | (1,652) | ||||||||||
|
Net tax impact (including discrete items)
|
(24 | ) | 537 | (34 | ) | 537 | (218 | ) | ||||||||||||
|
Total adjustments
|
$ | 736 | $ | 8,623 | $ | (2,128) | $ | 9,383 | (1,870) | |||||||||||
Backlog
Backlog is defined as purchase orders that have been received by the Company. The disclosure of backlog aids in the analysis the Company's customers' demand for product, as well as the ability of the Company to meet that demand. Backlog is not necessarily indicative of sales to be recognized in a specified future period.
|
|
Jun 30, 2020 |
Mar 31, 2020 |
Dec 31, 2019 |
Sep 30, 2019 |
Jun 30, 2019 |
|||||||||||||||
|
Backlog from continuing operations
|
$ | 44,272 | $ | 57,045 | $ | 65,263 | $ | 56,207 | $ | 53,695 | ||||||||||
|
Change Versus Current Period
|
-22.4 | % | -32.2 | % | -21.2 | % | -17.5 | % | ||||||||||||
Note: Backlog was $48,414 as of July 24, 2020
Net Debt
Net debt is calculated using the Condensed Consolidated Balance Sheet amounts for current and long term portion of long term debt, capital lease obligations, notes payable, convertible notes and revolving credit facilities minus cash.
|
|
June 30, 2020 |
December 31, 2019 |
||||||
|
Total cash & cash equivalents
|
$ | 31,312 | $ | 23,544 | ||||
|
|
||||||||
|
Notes payable - short term
|
$ | 17,593 | $ | 18,212 | ||||
|
Current portion of finance leases
|
436 | 476 | ||||||
|
Convertible notes
|
15,361 | 22,083 | ||||||
|
Notes payable - long term
|
19,444 | 19,446 | ||||||
|
Finance lease obligations
|
4,395 | 4,584 | ||||||
|
Revolver
|
8,500 | - | ||||||
|
Total debt
|
$ | 65,729 | $ | 64,801 | ||||
|
|
||||||||
|
Net debt
|
$ | 34,417 | $ | 41,257 | ||||
SOURCE: Manitex International, Inc.