Mobile Mini, Inc. (NASDAQ GS: MINI) today reported actual and adjusted financial results for the third quarter and nine months ended September 30, 2012.
Third Quarter 2012 Compared to Third Quarter 2011
Other Third Quarter 2012 Highlights
- Total revenues rose 6.0% to $100.9 million from $95.1 million;
- Leasing revenues rose 9.7% to $90.7 million from $82.6 million;
- Leasing revenues comprised 89.9% of total revenues compared to 86.9% of total revenues;
- Sales revenues declined to $9.7 million from $11.7 million;
- Sales margins increased to 37.8% from 34.8%;
- Adjusted EBITDA was $38.1 million, up 8.8% compared to $35.0 million; the adjusted EBITDA margin improved to 37.8% from 36.8%;
- Adjusted net income rose 35.4% to $12.9 million from $9.5 million; and
- Adjusted diluted earnings per share increased 38.1% to $0.29 from $0.21.
- Free cash flow was $17.1 million, after $7.7 million of net capex;
- Net debt was paid down by $14.6 million after payment of $3.1 million in financing costs relating primarily to the redemption premiums on the 2015 Senior Notes;
- Yield (total lease revenues per unit on rent) increased 6.1% compared to the third quarter of 2011 and 4.8% compared to the second quarter of 2012 primarily due to an increase in trucking and ancillary revenues and a year-over-year average rental rate increase of 1.7%;
- Average utilization rate was 60.6%, up from 57.7% in both the second quarter of 2012 and the third quarter of 2011; and
- Excess availability under our revolver at September 30, 2012 was $422.8 million.
Non-GAAP reconciliation tables are on page 7 of this news release, and show the nearest comparable GAAP results to the adjusted results.