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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV