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.
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