Dec 5 2009
Manitex International, Inc. (Nasdaq: MNTX), a leading provider of engineered lifting solutions including boom truck and rough terrain cranes, rough terrain forklifts and special mission oriented vehicles, today announced receipt of orders valued at $7.6 million for shipment during the first half of 2010.
Approximately $3.7 million of the total is for Manitex cranes, which are expected to ship by the end of the first quarter 2010, $1.9 million is for the Company's specialized forklift products, which are expected to be shipped to international customers by the end of the first half 2010 and $2.0 million is for the Company's new Badger rough terrain crane.
Scott Rolston, Senior Vice President, Sales And Marketing, Manitex International, commented, "Our strategy of targeting niche markets and specific customer needs has resulted in the consistent flow of orders for our products during the second half of this year. These fourth quarter bookings are for boom truck cranes and we're particularly pleased to see a continuation of orders within the railroad sector at Badger, our most recent acquisition, with its new rough terrain crane. Substantially all of these crane orders are scheduled to be delivered in the first quarter of 2010. The response to the recent introduction of the Manitex 50155S crane has been strong and these new boom truck crane orders include approximately 25% for this new crane model. These are being generated from increased activity in the power line construction segment where our equipment is designed to provide superior value to contractors and high performance to the end-users in this arena. Also included are the first new orders associated with our recently announced distribution agreement for the United Arab Emirates and The Kingdom of Saudi Arabia. We are confident these regional markets will continue to grow and represent a larger part of the Manitex portfolio of customers going forward." Mr. Rolston added, "The response to our new Badger rough terrain crane from railroad customers has also been very encouraging and these new orders provide further validation to our niche market strategy and the potential for this crane."
Mark Aldrovandi, who is responsible for Manitex Liftking's international and military forklift sector, commented, "The majority of the $1.9 million in new orders for specialized forklifts has been received under a long term supply agreement we signed and announced in July 2009 and these forklifts, fourth quarter bookings, are due for shipment at the end of the second quarter of 2010. Initial shipments to our international customer were made under this contract in third quarter 2009 and the quick receipt of additional orders reflects customer satisfaction with this specialized product. We continue to pursue additional opportunities in these international markets as our product receives even greater visibility and exposure."
Source: http://www.manitexinternational.com/indexm.aspx