Manitex International reported an 84.22 percent plunge in profit for the quarter ended December 31, 2014. The company has earned $0.47 million, or $0.03 a share in the quarter.
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This compares with $2.99 million, or $0.22 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $2.18 million, or $0.16 a share compared with $2.99 million or $0.22 a share, a year ago.
Revenue during the quarter went up marginally by 2.26 percent to $66.91 million from $65.43 million in the previous year period. Gross margin for the quarter contracted 70 basis points over the previous year period to 18.83 percent.
Total expenses were 97.41 percent of quarterly revenues, up from 92.33 percent for the same period last year. That has resulted in a contraction of 508 basis points in operating margin to 2.59 percent.
Operating income for the quarter was $1.74 million, compared with $5.02 million in the previous year period. Adjusted EBITDA for the quarter stood at $5.33 million compared with $6.22 million in the prior year period. At the same time, adjusted EBITDA margin contracted 155 basis points in the quarter to 7.97 percent from 9.51 percent in the last year period.
Manitex International has spent $1.50 million cash to meet operating activities during the year as against cash inflow of $2.08 million in the last year. The company has spent $25.92 million cash to meet investing activities during the year as against cash outgo of $14.08 million in the last year.
Cash flow from financing activities was $26.65 million for the year, up 65.50 percent or $10.55 million, when compared with the last year. It has made net debt repayment of $0.24 million.
Cash and cash equivalents stood at $4.37 million as on December 31, 2014, down 28.25 percent or $1.72 million from $6.09 million on December 31, 2013.
Manitex International has recorded an increase in the working capital over the last year. It stood at $89.47 million as at December 31, 2014, up 20.87 percent or $15.45 million from $74.02 million on December 31, 2013. Current ratio was at 2.06 as on December 31, 2014, down from 2.54 on December 31, 2013.
Manitex International has witnessed an increase in total debt over the last one year. It stood at $112.29 million as on December 31, 2014, up 107.18 percent or $58.09 million from $54.20 million on December 31, 2013.
Total debt was 35.39 percent of total assets as on December 31, 2014, compared with 29.66 percent on December 31, 2013. Debt to equity ratio was at 0.86 as on December 31, 2014, up from 0.64 as on December 31, 2013. Interest coverage ratio decreased to 1.81 for the quarter from 6.56 for the same period last year. ■