Potain News

The Manitowoc Company, Inc. reported record revenue and cash flow for the full year ended December 31, 2001. Net sales for the year increased 27.9 percent to $1.1 billion from $873.3 million for 2000. Earnings, excluding a one-time charge, were $48.9 million, or $1.99 per diluted share, compared with $60.3 million, or $2.40 per diluted share, for the comparable period in 2000. Including the one-time, after-tax charge of $3.3 million for prepayment of the company’s credit facilities related to the Potain acquisition, net earnings for 2001 were $45.5 million, or $1.86 per diluted share. EVA totaled $19.0 million for the full year 2001, compared with $35.4 million for the same period one year ago.

The Manitowac Company, Inc. named senior vice president and chief financial officer Glen E. Tellock as president and general manager of Manitowac’s Crane Group, effective immediately. “With the pending Grove acquisition, we assessed the organizational needs required to run a billion-dollar crane segment. Glen’s solid financial experience will be a tremendous asset in managing our crane business, which has tripled in size in the last 14 months,” said Terry D. Growcock, Manitowac’s president and CEO. “As senior vice president and CFO, Glen was intimately involved in setting the strategic direction for the company, and played an instrumental role in the successful acquisition of Potain and our pending acquisition of Grove Worldwide.

The Manitowoc Company, Inc. has reached an agreement with Valcovna profilov a.s. for the development of a crane manufacturing facility in Saris, Slovakia. The facility, which will be refurbished and re-equipped, will serve as the final manufacturing and assembly site for Grove, Potain, and Manitowoc cranes being delivered to customers in East European markets, particularly in Russia and the CIS. The company expects to begin production from the Saris facility in late 2007. Financial terms of the transaction were not disclosed, but Manitowoc is revising its 2007 capital expenditures guidance from $70 million to $85 million for the full year as a result of this acquisition and other capacity initiatives in its Crane Group.

The Manitowoc Company, Inc. reported increased revenues and strong cash flow for the fourth quarter and full year ended December 31, 2002. Net sales for the fourth quarter were $400.4 million, increasing 47 percent from $271.8 million in the fourth quarter last year. Including special items, the company reported a net loss for the quarter of $25.1 million, or a loss of $0.94 per diluted share. Excluding special items, earnings were $5.3 million, or $0.20 per diluted share, compared with $8.6 million, or $0.35 per diluted share, in the fourth quarter of 2001. Full-year net sales increased 34 percent to $1.41 billion from $1.05 billion in 2001, primarily as a result of the Grove and Potain acquisitions.

The Manitowoc Company, Inc. announced its results for the third quarter ended September 30, 2002, posting a 36 percent increase in revenue to $409.9 million compared to $301.0 million for the same period last year. Earnings rose 18 percent to $14.7 million or $0.57 per diluted share. This compares to $12.4 million or $0.51 per diluted share for the third quarter of 2001. The company also reported strong cash flow of $51.8 million for the quarter. “While lower crane sales dampened our earnings during the quarter, our Foodservice and Marine segments posted results in-line with our expectations,” said Terry D. Growcock, Manitowoc’s chairman and chief executive officer.