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Mobile Mini Reports 2011 Fourth Quarter Results

Non-GAAP SG&A permits a comparative assessment of our SG&A expenses by excluding certain one-time expenses to make a more meaningful comparison of our operating performance.

A reconciliation of EBITDA to net cash provided by operating activities and net income to EBITDA and non-GAAP EBITDA, as well as a reconciliation of net cash provided by operating activities to free cash flow, follows. These reconciliations are in thousands and include effects of rounding.
     

Three Months Ended December 31,

Twelve Months Ended December 31,
2011   2010 2011   2010
(In thousands) (In thousands)

Reconciliation of EBITDA to net cash provided by operating activities:
   
EBITDA $ 36,007 $ 34,585 $ 132,754 $ 125,617
Interest paid (9,603 ) (15,582 ) (42,683 ) (56,582 )
Income and franchise taxes paid (97 ) (87 ) (816 ) (823 )
Share-based compensation expense 1,895 1,387 6,456 6,292
Gain on sale of lease fleet units (3,134 ) (2,884 ) (13,800 ) (10,045 )
Loss on disposal of property, plant and equipment 106 113 91 34

Changes in certain assets and liabilities, net of effect of businesses acquired:
Receivables 1,994 894 (4,148 ) (2,077 )
Inventories (1,666 ) 913 (1,242 ) 2,506
Deposits and prepaid expenses 154 (1,336 ) 1,067 1,486
Other assets and intangibles 63 172 (33 ) (200 )
Accounts payable and accrued liabilities   (4,554 )     457     7,323       (5,403 )
Net cash provided by operating activities $ 21,165     $ 18,632   $ 84,969     $ 60,805  
 
 

Reconciliation of net income to EBITDA and non-GAAP EBITDA:
Net income $ 10,040 $ 851 $ 31,864 $ 13,509
Interest expense 10,883 13,295 46,342 56,430
Provision for income taxes 6,121 657 17,549 8,443
Depreciation and amortization 8,963 8,758 35,665 35,686
Debt restructuring expense - 11,024 1,334 11,024
Deferred financing costs write-off   -       -     -       525  
EBITDA 36,007 34,585 132,754 125,617
Leasing, selling and general expenses 5 5 1,406 275
Acquisition costs   610       -     610       -  
Integration, merger and restructuring expenses   599       342     1,361       4,014  
Non-GAAP EBITDA $ 37,221     $ 34,932   $ 136,131     $ 129,906  
 
 

Reconciliation of net cash provided by operating activities to free cash flow:
Net cash provided by operating activities $ 21,165 $ 18,632 $ 84,969 $ 60,805
 
Additions to lease fleet (10,268 ) (3,871 ) (29,824 ) (15,103 )
Proceeds from sale of lease fleet units 8,363 8,594 36,201 28,860
Additions to property, plant and equipment (2,905 ) (4,784 ) (11,498 ) (8,555 )
Proceeds from sale of property, plant and equipment   25       29     117       149  
Net capital (expenditures) proceeds excluding acquisitions   (4,785 )     (32 )   (5,004 )     5,351  
 
Free cash flow $ 16,380     $ 18,600   $ 79,965     $ 66,156  
 
           

Mobile Mini, Inc.Condensed Consolidated Balance Sheets(in 000’s except par value data)(includes effects of rounding)
 

December 31, 2011

December 31, 2010
(unaudited) (audited)
ASSETS
Cash $ 2,860 $ 1,634
Receivables, net 47,102 42,678
Inventories 20,803 19,569
Lease fleet, net 1,018,742 1,028,403
Property, plant and equipment, net 79,875 80,731
Deposits and prepaid expenses 7,338 8,405
Other assets and intangibles, net 16,862 23,478
Goodwill   514,469     511,419  
Total assets $ 1,708,051   $ 1,716,317  
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable $ 20,849 $ 13,607
Accrued liabilities 46,369 49,276
Lines of credit 345,149 396,882
Notes payable 316 289
Obligations under capital leases 1,289 2,576
Senior Notes, net 349,718 371,655
Deferred income taxes   183,550     165,567  
Total liabilities   947,240     999,852  
 
Commitments and contingencies
 

Convertible preferred stock; $.01 par value, 20,000 shares authorized, 8,556 issued and 8,191 outstanding at December 31, 2010, stated at liquidation preference value
147,427
 
Stockholders' equity:

Common stock; $.01 par value, 95,000 shares authorized, 47,787 issued and 45,612 outstanding at December 31, 2011 and 38,962 issued and 36,787 outstanding at December 31, 2010
478 390
Additional paid-in capital 508,936 349,693
Retained earnings 316,106 284,242
Accumulated other comprehensive loss (25,409 ) (25,987 )
Treasury stock, at cost, 2,175 shares   (39,300 )   (39,300 )
Total stockholders' equity   760,811     569,038  
Total liabilities and stockholders' equity $ 1,708,051   $ 1,716,317  

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