Mobile Mini, Inc. (NASDAQ GS: MINI) today reported GAAP and non-GAAP financial results for the third quarter and nine months ended September 30, 2011.
Third Quarter 2011 Compared to Third Quarter 2010
- Total revenues rose 12.4% to $95.1 million from $84.6 million;
- Leasing revenues rose 9.3% to $82.6 million from $75.6 million;
- Lease revenues comprised 86.9% of total revenues compared to 89.3% of total revenues;
- Sales revenues rose 41.3% to $11.7 million from $8.3 million;
- Sales margins were 34.8% compared to 35.1%;
- Non-GAAP EBITDA was $35.0 million, up 6.1% compared to $33.0 million;
- Non-GAAP net income rose 55.9% to $9.5 million from $6.1 million; and
- Non-GAAP diluted earnings per share increased 50% to $0.21 from $0.14.
Other Third Quarter 2011 Highlights
- Free cash flow was $30.1 million;
- Net debt was paid down by $32.1 million;
- Yield (total lease revenues per unit on rent) increased 6.1% compared to the third quarter of 2010 and 2.9% compared to the second quarter of 2011 primarily due to an increase in trucking revenues;
- Average utilization rate was 57.7% in the third quarter, up from 55.8% in the second quarter of 2011, and 53.3% in the third quarter of 2010; and
- Excess availability under our revolver at September 30, 2011 increased to $445.3 million.
First Nine Months 2011 Compared to First Nine Months 2010
- Total revenues increased 10.3% to $268.5 million from $243.3 million;
- Leasing revenues rose 6.9% to $233.7 million and comprised 87.0% of total revenues compared to $218.7 million and 89.9% of total revenues;
- Sales revenues rose 41.2% to $32.7 million with margins of 36.5% compared to $23.1 million with margins of 34.0%;
- Non-GAAP EBITDA rose 4.1% to $98.9 million from $95.0 million; as a percent of total revenues, EBITDA was 36.8% compared to 39.0%;
- Non-GAAP net income increased 48.9% to $22.9 million compared to $15.4 million;
- Non-GAAP diluted earnings per share increased 45.7% to $0.51 from $0.35;
- Free cash flow was $63.6 million compared to $47.6 million; and
- Net debt was paid down by $63.3 million, after payment of a $1.1 million call premium related to the redemption of $22.3 million of MSG Senior Notes, compared to $48.8 million.
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