Manitex International, Inc. announced second quarter 2011 revenues of US$37.1 million, representing a 90 percent year-over-year increase. Net income for the second quarter of 2011 was $1.0 million or $0.09 per share compared to $0.2 million or $0.02 per share for the second quarter of 2010.
Consolidated backlog at June 30, 2011 rose to $51 million representing an increase of 27 percent or $11 million from December 31, 2010. Gross profit of $7.5 million was an improvement of $2.9 million compared to $4.6 million in the second quarter of 2010.
"We continued to show progress as demonstrated throughout our second quarter results," said David Langevin, chairman and CEO. "New bookings across our business units resulted in healthy backlog growth, and strong year-over-year increases in sales, EBITDA, and earnings per share. Other equally important measures of our success in the quarter included the finalization of the CVS Ferrari acquisition, and the expansion and extension of our credit facility, which we believe will be key strategic drivers of our future growth. We're excited about the progress we continue to make and we believe we are well-positioned for a strong second half. Nevertheless, we are very aware that in these uncertain economic times we must be very cognizant of controlling our costs and remain vigilant in this regard, as we have done in the past."
Second quarter 2011 net revenues of $37.1 million, including approximately $8 million of sales from the Italian CVS Ferrari operations, increased $17.6 million. Excluding the impact of new operations, organic revenue growth was 39 percent.
Revenue increases were obtained in both of operating segments, with Lifting Equipment increasing 81 percent and the Equipment Distribution increasing 254 percent. Within the lifting equipment segment, boom truck crane sales increased approximately 80 percent and continue to reflect strong demand for larger tonnage product from the specialty energy and utility markets, in both the US and internationally.
"Operational results, as reflected in EPS of $0.09 per share for the quarter, were driven by the strength of our boom truck crane operations which continue to benefit from demand in the energy and utility sectors in the US and internationally," said Andrew Rooke, president and CEO of Manitex International. "Our other products benefited from the improved market conditions, although the economic recovery, particularly in the US, remains limited to certain sectors."