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Mobile Mini Reports 2011 Fourth Quarter Results

Mobile Mini, Inc. (NASDAQ GS: MINI) today reported GAAP and non-GAAP financial results for the fourth quarter and year ended December 31, 2011.

Fourth Quarter 2011 Compared to Fourth Quarter 2010
  • Total revenues rose 9.7% to $95.9 million from $87.4 million;
  • Leasing revenues rose 11.5% to $85.1 million from $76.3 million;
  • Lease revenues comprised 88.8% of total revenues compared to 87.3% of total revenues;
  • Sales revenues rose 1.5% to $10.2 million from $10.0 million;
  • Sales margins were 37.9% compared to 32.9%;
  • Non-GAAP EBITDA was $37.2 million, up 6.6% compared to $34.9 million;
  • Non-GAAP net income rose 38.2% to $10.8 million from $7.8 million; and
  • Non-GAAP diluted earnings per share increased 33.3% to $0.24 from $0.18.

Other Fourth Quarter 2011 Highlights
  • Free cash flow was $16.4 million;
  • Net debt was paid down by $12.0 million;
  • Yield (total lease revenues per unit on rent) increased 5.7% compared to the fourth quarter of 2010 primarily due to an increase in trucking revenues and a year-over-year average rental rate increase of 2.2%;
  • Average utilization rate was 61.0% in the fourth quarter, up from 57.7% in the third quarter of 2011, and 55.5% in the fourth quarter of 2010; and
  • Excess availability under our revolver at year-end increased to $454.9 million.

2011 Compared to 2010
  • Total revenues increased 10.2% to $364.4 million from $330.8 million;
  • Leasing revenues rose 8.1% to $318.9 million and comprised 87.5% of total revenues compared to $295.0 million and 89.2% of total revenues;
  • Sales revenues rose 29.2% to $42.8 million with margins of 36.8% compared to $33.2 million with margins of 33.7%;
  • Non-GAAP EBITDA rose 4.8% to $136.1 million from $129.9 million;
  • Non-GAAP net income increased 45.3% to $33.8 million compared to $23.3 million;
  • Non-GAAP diluted earnings per share increased 43.4% to $0.76 from $0.53;
  • Free cash flow was $80.0 million compared to $66.2 million; and
  • Net debt was paid down by $75.3 million, after payment of a $1.1 million call premium related to the redemption of $22.3 million of MSG Senior Notes, compared to 2010’s $55.7 million after payment of the $8.9 million call premium relating to a senior note refinancing.

Non-GAAP reconciliation tables are on page 7, and show the nearest comparable GAAP results to the Non-GAAP results.

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