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Small-Cap Announces Multiple Orders Totaling $3.1 Million
By: AllPennyStocks.com News
August 9, 2009
As the recession continues – with word the economic slowdown may indeed be, well, slowing down – any word that companies on these shores are making inroads ought to provide some cheer. One such firm is Manitex International Inc. (NASDAQ:MNTX), from Illinois, the land of Lincoln and Obama, an up-and-comer in the field of big things that lift other big things.
The early days of August are proving no “dog days” for the company headquartered in the town of Bridgeview, for it has just announced exciting, lucrative new contracts with Middle Eastern and African customers, respectively, for delivery of boom truck cranes and specialized forklifts. A third order involves a contract with an unspecified international agency. Together, the deals will place $3.1 million in MNTX’s ledger and the goods should start moving by the end of the year.
Manitex International, Inc. is a leading North American manufacturer of engineered lifting equipment that operates in the $110-billion U.S. industrial machinery industry. The company’s Manitex division is a major player in the $400-million North American Boom Truck Industry. The Manitex family includes: Manitex Boom Trucks, SkyCrane Aerial Platforms / Sign Cranes, and USTC Trolley Boom Products.
The Manitex Liftking division manufactures a complete line of rough terrain forklifts and special-mission oriented vehicles, as well as other specialized carriers, heavy material handling transporters and steel mill equipment which are utilized in the commercial and military markets.
Last October, Manitex International announced the asset acquisition of Crane & Machinery, Inc. and Schaeff, Inc. product line from GT Distribution, Inc.
Earlier in the week, the company announced a similar $1.1-million contract for its 50155S crane equipped with a power boom and single-piece jib. MNTX expects initial shipments to Rush Crane and Truck Utilities – both North American Manitex dealerships - to commence before the present July-September quarter is out.
In late July, the company announced its Manitex Liftking material handling operations had received orders for specialized forklifts from armed forces in both this and other countries, as well as an unspecified international agency. Total value of the contracts is around $12.6 million, which should put some muscle into the MNTX’s fourth-quarter financial results.
While the company has aspirations to higher things - and has gone the acquisition route, among others, to achieve them – MNTX is still defined under SEC rules as a penny stock, even when the price peaked for the last 12 months at $4.46 last August. This is particularly advantageous for bargain hunters seeking a company making as much noise as this one has. The 52-week bottom for the stock was 39 cents on St. Patrick’s Day, when equity markets the world over were still feeling around for the bruises. While it is no longer that cheap, the stock’s current price of $1.75 should still make it attractive to investors.
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