Revenue during the quarter dropped 12.25 percent to $74.13 million from $84.48 million in the previous year period. Gross margin for the quarter contracted 300 basis points over the previous year period to 15.72 percent. Operating margin for the quarter stood at negative 1.30 percent as compared to a positive 2.32 percent for the previous year period.

Operating loss for the quarter was $0.96 million, compared with an operating income of $1.96 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $2.83 million compared with $5.22 million in the prior year period. At the same time, adjusted EBITDA margin contracted 236 basis points in the quarter to 3.82 percent from 6.18 percent in the last year period.

David Langevin, chairman and chief executive officer commented, "Despite facing extremely challenging conditions in the bulk of our markets, we are managing our business portfolio prudently and taking all the necessary actions to position Manitex for future growth, with our variable cost operational model continuing to provide the ability for us to flex and generate cash. On a non-GAAP basis, we are pleased to say that we’ve turned a profit for the quarter compared to a loss in last year’s period with the bulk of our GAAP loss coming from restructuring and asset impairment charges. As planned and as we’ve communicated, we have implemented cost reductions that are once again ahead of plan for the year, we have brought down our debt, rationalized our production schedules to match our order rate, and we’ve divested one of our non-core, product lines."

Cash flow from investing activities was $14.84 million for the nine month period as against cash outgo of $15.66 million in the last year period.

The company has spent $3.52 million cash to carry out financing activities during the nine month period as against cash inflow of $22.03 million in the last year period.

Cash and cash equivalents stood at $6.02 million as on Sep. 30, 2016, up 35.38 percent or $1.57 million from $4.45 million on Sep. 30, 2015.

Working capital drops significantly
Manitex International, Inc. has witnessed a decline in the working capital over the last year. It stood at $69.51 million as at Sep. 30, 2016, down 27.36 percent or $26.18 million from $95.70 million on Sep. 30, 2015. Current ratio was at 1.56 as on Sep. 30, 2016, down from 1.82 on Sep. 30, 2015.

Cash conversion cycle (CCC) has decreased to 94 days for the quarter from 180 days for the last year period. Days sales outstanding went up to 97 days for the quarter compared with 88 days for the same period last year.

Days inventory outstanding has decreased to 79 days for the quarter compared with 166 days for the previous year period. At the same time, days payable outstanding went up to 82 days for the quarter from 74 for the same period last year.