Manitowoc Reports 4Q Results

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. Including special items, the company reported a net loss of $20.5 million, or $0.80 per diluted share, compared with earnings of $45.5 million, or $1.86 per diluted share, in 2001. Excluding the special items, full-year 2002 earnings were $49.2 million, or $1.91 per diluted share, compared with $1.99 in 2001 before extraordinary items. Special items in the fourth quarter included a $25.5-million provision for discontinued operations, net of tax, principally for loss on the sale of Manitowoc Boom Trucks, Inc., and a $7.7-million provision for restructuring the Crane operations pursuant to the company's integration plan ($4.9 million, net of tax). Full-year special items include the above along with a $36.8-million charge, net of tax, related to a change in accounting for goodwill and a $3.9-million provision for Multiplex closure and consolidation costs ($2.5 million, net of tax).