Manitowoc Reports Fourth-Quarter and Full-Year Results

The Manitowoc Company, Inc. has reported record sales, cash from operations, and net debt reduction for the full year 2003. For the fourth quarter, the company reported net sales of $395.9 million, increasing from $386.0 million during the same period last year. Including special charges, the company reported a net loss of $5.5 million, or $0.21 per diluted share for the quarter, compared with a net loss of $25.1 million, or $0.94 per diluted share, in the year-ago period. Excluding special items totaling $0.32 per share in the fourth quarter of 2003, earnings were $0.11 per diluted share. Cash from operations for the fourth quarter totaled $57.1 million, up 40 percent from the same period last year. A reconciliation of GAAP earnings per share to earnings per share excluding special items is included later in this release. Fourth-quarter sales increased 3 percent despite continued weak demand for crawler cranes in U.S. markets and the impact of delays affecting the company's ship-construction business. The special charges primarily relate to the company's decision to rationalize its aerial work platform (AWP) business, restructuring costs, and costs associated with early debt retirement. These charges were partially offset by gains in curtailment of certain post-retirement benefits. For the full year, net sales were $1.6 billion, increasing 17 percent from $1.4 billion last year. Including special items, the company reported net earnings of $3.5 million, or $0.13 per diluted share, compared with a loss of $20.5 million, or $0.80 per diluted share, last year. Excluding special items, earnings for 2003 were $20.7 million, or $0.77 per diluted share, modestly above the company's previous guidance range.