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Mobile Mini Reports 2012 Fourth Quarter Results

Mobile Mini, Inc. (NASDAQ GS: MINI) today reported actual and adjusted financial results for the fourth quarter and twelve months ended December 31, 2012.

Fourth Quarter 2012 Compared to Fourth Quarter 2011
  • Total revenues rose 5.1% to $100.3 million from $95.5 million;
  • Leasing revenues rose 8.2% to $91.6 million from $84.7 million;
  • Leasing revenues comprised 91.4% of total revenues compared to 88.7% of total revenues;
  • Sales revenues declined to $8.0 million from $10.2 million;
  • Sales margins were 36.7% compared to 37.9%;
  • Adjusted EBITDA was $40.6 million, up 10.5% compared to $36.8 million; the adjusted EBITDA margin improved to 40.5% from 38.5%;
  • Adjusted net income rose 35.8% to $14.8 million from $10.9 million; and
  • Adjusted diluted earnings per share increased 37.5% to $0.33 from $0.24.

Other Fourth Quarter 2012 Highlights
  • Free cash flow was $25.9 million, after $6.7 million of net capex;
  • Net debt was paid down by $26.7 million;
  • Yield (total leasing revenues per unit on rent) increased 2.1% compared to the fourth quarter of 2011; excluding holiday rentals, yield on our core rental units increased 4.2% compared to the fourth quarter of 2011;
  • Average utilization rate was 65.1%, up from 60.6% in the third quarter of 2012 and 61.0% in the fourth quarter of 2011; and
  • Excess availability under our revolver at December 31, 2012 was $449.2 million.

2012 Compared to 2011
  • Total revenues increased 5.5% to $381.3 million from $361.3 million;
  • Leasing revenues rose 7.9% to $340.8 million and comprised 89.4% of total revenues compared to $315.7 million and 87.4% of total revenues;
  • Sales revenues declined 10.6% to $38.3 million with margins of 38.4% compared to $42.8 million with margins of 36.8%;
  • Adjusted EBITDA rose 3.5% to $138.3 million from $133.6 million;
  • Adjusted net income increased 24.7% to $40.5 million compared to $32.5 million;
  • Adjusted diluted earnings per share increased 23.3% to $0.90 from $0.73;
  • Free cash flow was $65.1 million compared to $80.0 million reflecting investments in our U.K. lease fleet; and
  • Net debt was reduced by $53.7 million after payment of $10.6 million of financing costs relating primarily to our new Credit Agreement and redemption premiums on the 2015 Senior Notes.

During 2012, we changed our recognition methodology for pickup revenue. Historically, the pickup revenues and the accrued estimated costs to pick up a unit were recognized at the time of delivery. We are now recognizing this revenue and the related costs when the unit is pickedup.

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