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TheStreet Open House

Mobile Mini Reports 2011 Fourth Quarter Results

He continued, “We appreciate the continued support of Deutsche Bank AG, Bank of America, JP Morgan and our other lenders for their confidence in our growth strategy.”

Outlook

Mr. Bunger went on to say, “We plan to add at least eight new markets this year, following our entry into 12 new markets in 2011, and three in 2010. The first of this year was opened in Rochester, NY and with this new operational yard, our reach extends to another major New York market. During 2012, we are expanding our focus on the consumer market. At present, we offer storage to consumers at five of our existing locations. This year we plan to add to our product offering including providing warehouse storage in seven of our current markets.”

Mr. Bunger concluded, “As we continue to build on our current momentum, we expect that Mobile Mini will achieve gains in revenues, lease revenues, EBITDA and net income in 2012. We are likewise confident that the actions undertaken to strengthen, grow and expand our operations, supported by a strong and flexible financial framework, will continue to have enduring and cumulative benefits.”

EBITDA, EBITDA margin, non-GAAP SG&A and free cash flow are non-GAAP financial measures as defined by Securities and Exchange Commission (“SEC”) rules. Reconciliations of EBITDA, EBITDA margin, and free cash flow to the most directly comparable GAAP financial measures can be found later in this release.

Conference Call

Mobile Mini will host a conference call today, Friday, February 24, 2012 at 12 noon ET to review these results. To listen to the call live, dial (201) 493-6739 and ask for the Mobile Mini Conference Call or go to www.mobilemini.com and click on the Investors section. Additionally, a slide presentation that will accompany the call will be posted at www.mobilemini.com on the Investors section and will be available in advance and after the call. We will also post the reconciliation of non-GAAP financial measures used in the slide show to the most directly comparable GAAP financial measures. Please go to the website 15 minutes early to download and install any necessary audio software. If you are unable to listen live, a replay of the conference call can be accessed for approximately 14 days after the call at Mobile Mini’s website.

Mobile Mini, Inc. is the world’s leading provider of portable storage solutions through its total lease fleet of approximately 237,600 portable storage containers and office units with 134 locations in the U.S., United Kingdom, Canada and The Netherlands. Mobile Mini is included on the Russell 2000 ® and 3000 ® Indexes and the S&P Small Cap Index.

This news release contains forward-looking statements, particularly regarding growth, free cash flow, ability to enter new markets, increase in utilization, the ability to strengthen, grow and expand our operations, and increasing debt pay down, which involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Risks and uncertainties that may affect future results include those that are described from time to time in the Company’s SEC filings. These forward-looking statements represent the judgment of the Company, as of the date of this release, and Mobile Mini disclaims any intent or obligation to update forward-looking statements.

 
 

Mobile Mini, Inc. Condensed Consolidated Statements of Income(Unaudited)/(in 000’s except per share data)/(includes effects of rounding)

       

Three Months EndedDecember 31,

Three Months EndedDecember 31,

2011   2011 2010   2010
Revenues: Actual   Non-GAAP (1) Actual   Non-GAAP (1)
Leasing $ 85,127 $ 85,127 $ 76,345 $ 76,345
Sales 10,181 10,181 10,030 10,030
Other   597       597     1,044       1,044  
Total revenues   95,905       95,905     87,419       87,419  
Costs and expenses:
Cost of sales 6,325 6,325 6,731 6,731
Leasing, selling and general expenses (2) 52,969 52,354 45,761 45,756

Integration, merger and restructuring expenses (3)

599 - 342 -
Depreciation and amortization   8,963       8,963     8,758       8,758  
Total costs and expenses   68,856       67,642     61,592       61,245  
Income from operations 27,049 28,263 25,827 26,174
 
Other income (expense):
Interest expense (10,883 ) (10,883 ) (13,295 ) (13,295 )
Debt restructuring expense (4) - - (11,024 ) -
Foreign currency exchange   (5 )     (5 )   -       -  
Income before provision for income taxes 16,161 17,375 1,508 12,879
Provision for income taxes   6,121       6,531     657       5,033  
Net income 10,040 10,844 851 7,846

Earnings allocable to preferred stockholders

  -       -     (159 )     (1,477 )
Net income available to common stockholders

$

10,040

    $ 10,844   $ 692     $ 6,369  
 
Earnings per share:
Basic $ 0.23     $ 0.25   $ 0.02     $ 0.18  
Diluted $ 0.23     $ 0.24   $ 0.02     $ 0.18  
 

Weighted average number of common and common share equivalents outstanding:

Basic   44,038       44,038     35,332       35,332  
Diluted   44,611       44,611     44,131       43,131  
EBITDA $ 36,007     $ 37,221   $ 34,585     $ 34,932  
(1) This column represents a non-GAAP presentation even though some individual line items presented, such as revenues, are identical under both GAAP and non-GAAP presentations.
(2)

In 2011, the difference primarily relates to acquisition activity costs that are excluded in the non-GAAP presentation.In 2010, the difference represents one-time costs that are excluded in the non-GAAP presentation.

(3) Integration, merger and restructuring expenses represent costs relating primarily to the restructuring of our operations that are excluded in the non-GAAP presentation.
(4) Represents the tender premiums and the remaining unamortized acquisition date discount on the redemption of $176.6 million in 2010 of 9.75% Notes and is excluded in the non-GAAP presentation.
       
 

Mobile Mini, Inc. Condensed Consolidated Statements of Income(Unaudited)/(in 000’s except per share data)/(includes effects of rounding)

 
Twelve Months EndedDecember 31, Twelve Months EndedDecember 31,
Revenues: 2011Actual   2011Non-GAAP (1) 2010Actual   2010Non-GAAP (1)
Leasing $ 318,863   $ 318,863 $ 295,034   $ 295,034
Sales 42,842 42,842 33,156 33,156
Other   2,723       2,723     2,567       2,567  
Total revenues   364,428       364,428     330,757       330,757  
Costs and expenses:
Cost of sales 27,070 27,070 21,997 21,997
Leasing, selling and general expenses (2) 203,236 201,220 179,121 178,846
Integration, merger and restructuring expenses (3) 1,361 - 4,014 -
Depreciation and amortization   35,665       35,665     35,686       35,686  
Total costs and expenses   267,332       263,955     240,818       236,529  
Income from operations 97,096 100,473 89,939 94,228
Other income (expense):
Interest income - - 1 1
Interest expense (46,342 ) (46,342 ) (56,430 ) (56,430 )
Debt restructuring expense (4) (1,334 ) - (11,024 ) -
Deferred financing costs write-off (5) - - (525 ) -
Foreign currency exchange   (7 )     (7 )   (9 )     (9 )
Income before provision for income taxes 49,413 54,124 21,952 37,790
Provision for income taxes (6)   17,549       20,345     8,443       14,538  
Net income 31,864 33,779 13,509 23,252
Earnings allocable to preferred stockholders   (970 )     (1,160 )   (2,550 )     (4,367 )
Net income available to common stockholders $ 30,894     $ 32,619   $ 10,959     $ 18,885  
Earnings per share:
Basic $ 0.74     $ 0.78   $ 0.31     $ 0.54  
Diluted $ 0.71     $ 0.76   $ 0.31     $ 0.53  
 
Weighted average number of common and common share equivalents outstanding:
Basic   41,566       41,566     35,196       35,196  
Diluted   44,569       44,569     43,829       43,829  
EBITDA $ 132,754     $ 136,131   $ 125,617     $ 129,906  
(1) This column represents a non-GAAP presentation even though some individual line items presented, such as revenues, are identical under both GAAP and non-GAAP presentations.
(2) In 2011, the difference primarily relates to start-up expenses associated with the opening of our new locations, asset repositioning expenses and acquisition activity costs that are excluded in the non-GAAP presentation. In 2010, the difference represents one-time events that are excluded in the non-GAAP presentation.
(3) Integration, merger and restructuring expenses represent costs relating primarily to the restructuring of our operations that are excluded in the non-GAAP presentation.
(4) Represents the tender premiums and the remaining unamortized acquisition date discount on the redemption of $22.3 million in 2011 and $176.6 million in 2010 of 9.75% Notes that is excluded in the non-GAAP presentation.
(5) Represents that portion of deferred financing costs associated with the $50 million reduction in the ABL Credit Agreement in 2010 that is excluded in the non-GAAP presentation.
(6) Provision for income taxes in 2011 includes approximately $1.0 million tax benefit related to a statutory tax rate reduction in the United Kingdom that is excluded in the non-GAAP presentation.
 
   

Non-GAAP Reconciliation to Nearest Comparable GAAP MeasureThree Months Ended December 31, 2011(in thousands except per share data)(includes effects of rounding)

     

Non-GAAP Reconciliation to Nearest Comparable GAAP MeasureThree Months Ended December 31, 2010(in thousands except per share data)(includes effects of rounding)

Non-GAAP (1)

 

Leasing,selling andgeneralexpenses (2)

 

AcquisitionExpenses (3)

 

Integration,merger andrestructuringexpenses (4)

 

GAAP

Non-GAAP (1)

 

Leasing,selling

andgeneralexpenses (2)

 

Integration,merger andrestructuringexpenses (4)

 

DebtRestructuringexpense (5)

 

GAAP

Revenues $ 95,905   $ -   $ -   $ -   $ 95,905 $ 87,419 $ -   $ -   $ -   $ 87,419
EBITDA $ 37,221 $ (5 ) $ (610 ) $ (599 ) $ 36,007 $ 34,932 $ (5 ) $ (342 ) $ - $ 34,585
EBITDA margin 38.8 % (0.0 )% (0.6 )% (0.6 )% 37.5 % 40.0 % (0.0 )% (0.4 )% - 39.6 %
Operating income $ 28,263 $ (5 ) $ (610 ) $ (599 ) $ 27,049 $ 26,174 $ (5 ) $ (342 ) $ - $ 25,827
Operating income margin 29.5 % (0.0 )% (0.6 )% (0.6 )% 28.2 % 29.9 % 0.0 % (0.4 )% - 29.5 %
Pre tax income $ 17,375 $ (5 ) $ (610 ) $ (599 ) $ 16,161 $ 12,879 $ (5 ) $ (342 ) $ (11,024 ) $ 1,508
Net income $ 10,844 $ (3 ) $ (375 ) $ (426 ) $ 10,040 $ 7,846 $ (3 ) $ (212 ) $ (6,780 ) $ 851
Diluted earnings per share

$

0.24

$

(0.00

)

$

(0.00

)

$

(0.01

)

$

0.23

$

0.18

$

(0.00

)

$

(0.01

)

$

(0.15

)

$

0.02

 

 

Non-GAAP Reconciliation to Nearest Comparable GAAP MeasureTwelve Months Ended December 31, 2011(in thousands except per share data)(includes effects of rounding)

 

Non-GAAP (1)

 

Leasing,selling andgeneralexpenses (2)

 

AcquisitionExpenses (3)

 

Integration,merger andrestructuringexpenses (4)

 

Debtrestructuringexpense (5)

 

Income TaxBenefit (6)

 

GAAP

Revenues $ 364,428   $ -   $ -   $ -   $ -   $ -   $ 364,428
EBITDA $ 136,131 $ (1,406 ) $ (610 ) $ (1,361 ) $ - $ - $ 132,754
EBITDA margin 37.4 % (0.4 )% (0.1 )% (0.4 )% - - 36.4 %
Operating income $ 100,473 $ (1,406 ) $ (610 ) $ (1,361 ) $ - $ - $ 97,096
Operating income margin 27.6 % (0.4 )% (0.1 )% (0.4 )% - - 26.6 %
Pre tax income $ 54,124 $ (1,406 ) $ (610 ) $ (1,361 ) $ (1,334 ) $ - $ 49,413
Net income $ 33,779 $ (865 ) $ (375 ) $ (893 ) $ (820 ) $ 1,038 $ 31,864
Diluted earnings per share $ 0.76 $ (0.02 ) $ (0.01 ) $ (0.02 ) $ (0.02 ) $ 0.02 $ 0.71

 

 

Non-GAAP Reconciliation to Nearest Comparable GAAP MeasureTwelve Months Ended December 31, 2010(in thousands except per share data)(includes effects of rounding)

Non-GAAP (1)

 

Leasing,selling andgeneralexpenses (2)

 

Integration,merger andrestructuringexpenses (4)

 

Debtrestructuringexpense (5)

 

Deferredfinancing costswrite-off (7)

 

GAAP

Revenues $ 330,757   $ -   $ -   $ -   $ -   $ 330,757
EBITDA $ 129,906 $ (275 ) $ (4,014 ) $ - $ - $ 125,617
EBITDA margin 39.3 % (0.1 )% (1.2 )% - - 38.0 %
Operating income $ 94,228 $ (275 ) $ (4,014 ) $ - $ - $ 89,939
Operating income margin 28.5 % (0.1 )% (1.2 )% - - 27.2 %
Pre tax income $ 37,790 $ (275 ) $ (4,014 ) $ (11,024 ) $ (525 ) $ 21,952
Net income $ 23,252 $ (169 ) $ (2,471 ) $ (6,780 ) $ (323 ) $ 13,509
Diluted earnings per share $ 0.53 $ (0.00 ) $ (0.06 ) $ (0.15 ) $ (0.01 ) $ 0.31
(1) This column represents a non-GAAP presentation even though some individual line items presented, such as revenues, are identical under both GAAP and non-GAAP presentations.
(2) In 2011, the difference primarily relates to start-up expenses associated with the opening of our new locations and asset repositioning expenses that are excluded in the non-GAAP presentation. In 2010, the difference represents one-time events that are excluded in the non-GAAP presentation.
(3) Represents acquisition activity costs that are excluded in the non-GAAP presentation.
(4) Integration, merger and restructuring expenses represent costs relating primarily to the restructuring of our operations that are excluded in the non-GAAP presentation.
(5) Represents the tender premiums and the remaining unamortized acquisition date discount on the redemption of $22.3 million in 2011 and $176.6 million in 2010 of 9.75% Notes that is excluded in the non-GAAP presentation.
(6) Represents a statutory tax rate reduction in the United Kingdom that is excluded in the non-GAAP presentation.
(7) Represents that portion of deferred financing costs associated with the $50 million reduction in the ABL Credit Agreement that is excluded in the non-GAAP presentation.
 

This press release includes the financial measures “EBITDA”, “EBITDA margin”, “non-GAAP SG&A” and “free cash flow”. These measurements are deemed “non-GAAP financial measures” under rules of the SEC, including Regulation G. This non-GAAP financial information may be determined or calculated differently by other companies.

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