Manitowoc Reports Record Results For 1999

The Manitowoc Company, Inc. reported record financial results for both the fourth quarter and full year ended December 31, 1999. This was the company's fifth year of record financial results and its 17th consecutive quarter of improved year-over-year earnings growth. Net earnings for 1999 increased 30 percent to $66.8 million, or $2.55 per diluted share, from $51.4 million, or $1.97 per diluted share, in 1998. Net sales increased by 16 percent to $805.5 million in 1999 from $694.8 in 1998. Each of the company's three business segments - foodservice equipment, cranes and marine services - reported strong year-over-year net sales and earnings gains. Net earnings for the fourth quarter of 1999 increased over 22 percent to $14.0 million, or $0.53 per diluted share, from $11.4 million, or $0.44 per diluted share, for the fourth quarter of 1998. All share and per share amounts have been restated to reflect the three-for-two stock split effective April 1, 1999. Net sales increased 8 percent to $181.1 million in the fourth quarter of 1999 from $167.8 million for the same period in 1998. The weighted average shares outstanding used to calculate the year-to-date and quarterly diluted earnings per share for 1999 and 1998 were 26.2 million and 26.1 million, respectively. "Each of our segments contributed to our fifth consecutive year of record financial results,'' said Terry D. Growcock, Manitowoc president and chief executive officer. "During 1999, we made impressive strides in strengthening our operations; further positioning us for another solid year in 2000," he added. "Our marine segment had another strong year with sales up 22 percent, compared with its already strong performance in 1998," Growcock said. Highlights of the year included completion of the New York dipper dredge and delivery of the 140,000-barrel, double-hull tank barge Seneca to ExxonMobil this quarter, about four months ahead of schedule. "Also during the fourth quarter," he said, "we signed a contract with Great Lakes Dredge & Dock to build a 5,000-cubic-meter hopper dredge at our Bay Shipbuilding facility in Sturgeon Bay, Wisconsin. Construction of this 315-foot, highly automated ship will keep our yards busy until 2001. Our yards are now booked to capacity for the 1999/2000 winter lay-up season and quoting activity remains high throughout our marine operations." Manitowoc' s marine services division specializes in ship repair, conversion, and new-construction services for the Great Lakes maritime industry.