This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Mobile Mini Reports 2011 Third Quarter Results

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.

Non-GAAP results for the third quarter ended September 30, 2011 exclude $1.1 million of start-up expenses and asset relocation costs associated with the opening of our new locations and $0.3 million related to the restructuring of our operations. Non-GAAP results for the nine months ended September 30, 2011 exclude $1.4 million of start-up expenses and asset relocation costs associated with the opening of our new locations, $1.3 million of debt restructuring expense representing the tender premiums and the remaining unamortized acquisition date discount on the redemption of $22.3 million of 9.75% Notes and $0.8 million relating to the restructuring of our operations. In July 2011, the United Kingdom’s government finalized a reduction of the corporate income tax rate from the statutory rate of 27% to 26% for the remainder of 2011, and 25% beginning April 2012. This change reduced our deferred tax liability by approximately $1.0 million and is adjusted in the non-GAAP results for both the third quarter and nine months ended September 30, 2011. Non-GAAP results for third quarter and nine months ended September 30, 2010 exclude approximately $0.5 million and $3.7 million, respectively, of expenses relating to the restructuring of our operations and $0.5 million from the write-off of a portion of deferred financing costs relating to our decision to reduce our line of credit by $50.0 million. Non-GAAP reconciliation tables are on page 7, and show the effects of these expenses to comparable GAAP figures.

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,622.75 +182.16 1.04%
S&P 500 2,093.00 +25.36 1.23%
NASDAQ 5,085.9690 +46.1930 0.92%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs