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
- 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.
Other Third Quarter 2012 Highlights
- 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.
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