Business OverviewMobile Mini’s Chairman, President & CEO, Steven Bunger stated, “Building upon the favorable performance of the first nine months, 2011 ended on an especially strong note. The top line growth in the final quarter was almost entirely due to an 11.5% increase in comparable quarter lease revenues, furthering the momentum generated when 2011 first, second and third quarter lease revenues rose 3.6%, 7.6% and 9.3% over the respective 2010 quarters. Improvements in utilization and yield drove the comparable quarter increase in lease revenues. Average utilization rose to 61.0% from 55.5% in the final quarter of 2010, as units on rent continued to increase in both North America and Europe. Beyond an improving economic environment, the gains in utilization reflect the opening of new locations in North America, the repositioning of lease assets to these and other high demand locations, and very strong holiday season rentals in 2011 versus 2010. The improvement in lease revenues, as noted, was also due to yield, which was 5.7% ahead of the fourth quarter of 2010 due to increased trucking revenues and a year-over-year average rental rate increase of 2.2%.”
Mobile Mini Reports 2011 Fourth Quarter Results
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