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TheStreet Open House

Mobile Mini Reports 2012 Fourth Quarter Results

Stocks in this article: MINI

   
 

Mobile Mini, Inc. Condensed Consolidated Statements of Income(Unaudited)/(in 000’s except per share data)/(includes effects of rounding)

 
Three Months EndedDecember 31, Three Months EndedDecember 31,
Revenues: 2012Actual   2012Adjusted (1) 2011Actual   2011Adjusted (1)
Leasing $ 91,640   $ 91,640 $ 84,673   $ 84,673
Sales 8,040 8,040 10,181 10,181
Other   607       607     597       597  
Total revenues   100,287       100,287     95,451       95,451  
Costs and expenses:
Cost of sales 5,088 5,088 6,325 6,325
Leasing, selling and general expenses (2) 54,716 54,565 52,952 52,337
Integration, merger and restructuring expenses (3) 5,533 - 599 -
Depreciation and amortization   9,091       9,091     8,964       8,964  
Total costs and expenses   74,428       68,744     68,840       67,626  
Income from operations 25,859 31,543 26,611 27,825
 
Other income (expense):
Interest expense (7,735 ) (7,735 ) (10,740 ) (10,740 )
Foreign currency exchange   -       -     (6 )     (6 )
Income before provision for income taxes 18,124 23,808 15,865 17,079
Provision for income taxes   6,866       9,054     5,802       6,214  
Net income $ 11,258     $ 14,754   $ 10,063     $ 10,865  
Earnings per share:
Basic $ 0.25     $ 0.33   $ 0.23     $ 0.25  
Diluted $ 0.25     $ 0.33   $ 0.23     $ 0.24  
 

Weighted average number of common and common share equivalents outstanding:

Basic   44,822       44,822     44,038       44,038  
Diluted   45,349       45,349     44,611       44,611  
 
EBITDA $ 34,950     $ 40,634   $ 35,569     $ 36,783  
(1) This column represents a non-GAAP presentation even though certain individual line items presented, such as revenues, are identical under both GAAP and the adjusted presentations.
(2) In 2012, the difference represents estimated damages, net of estimated insurance recoveries, to our assets caused by natural disasters that are excluded in the adjusted presentation.
In 2011, the difference represents one-time costs that are excluded in the adjusted presentation.
(3) Integration, merger and restructuring expenses represent costs relating primarily to the restructuring of our operations that are excluded in the adjusted presentation.
   
 
 

Mobile Mini, Inc. Condensed Consolidated Statements of Income(Unaudited)/(in 000’s except per share data)/(includes effects of rounding)

 
Twelve Months EndedDecember 31, Twelve Months EndedDecember 31,
Revenues: 2012Actual   2012Adjusted (1) 2011Actual   2011Adjusted (1)
Leasing $ 340,797   $ 340,797 $ 315,749   $ 315,749
Sales 38,281 38,281 42,842 42,842
Other   2,181       2,181     2,723       2,723  
Total revenues   381,259       381,259     361,314       361,314  
Costs and expenses:
Cost of sales 23,592 23,592 27,070 27,070
Leasing, selling and general expenses (2) 219,658 219,368 202,621 200,605
Integration, merger and restructuring expenses (3) 7,133 - 1,361 -
Depreciation and amortization   36,187       36,187     35,665       35,665  
Total costs and expenses   286,570       279,147     266,717       263,340  
Income from operations 94,689 102,112 94,597 97,974
 
Other income (expense):
Interest income 1 1 - -
Interest expense (37,339 ) (37,339 ) (46,200 ) (46,200 )
Debt restructuring expense (4) (2,812 ) - (1,334 ) -
Deferred financing costs write-off (5) (1,889 ) - - -
Foreign currency exchange   (5 )     (5 )   (7 )     (7 )
Income before provision for income taxes 52,645 64,769 47,056 51,767
Provision for income taxes (6)   18,467       24,238     16,460       19,256  
Net income 34,178 40,531 30,596 32,511
Earnings allocable to preferred stockholders   -       -     (966 )     (1,160 )
Net income available to common stockholders $ 34,178     $ 40,531   $ 29,630     $ 31,351  
 
Earnings per share:
Basic $ 0.77     $ 0.91   $ 0.71     $ 0.75  
Diluted $ 0.76     $ 0.90   $ 0.69     $ 0.73  
 

Weighted average number of common and common share equivalents outstanding:

Basic   44,657       44,657     41,566       41,566  
Diluted   45,102       45,102     44,569       44,569  
 
EBITDA $ 130,872     $ 138,295   $ 130,255     $ 133,632  
(1) This column represents a non-GAAP presentation even certain individual line items presented, such as revenues, are identical under both GAAP and the adjusted presentations.
(2) In 2012, the difference relates to estimated damages, net of estimated insurance recoveries, to our assets caused by natural disasters and acquisition activity costs that are excluded in the adjusted presentation.
In 2011, the difference represents one-time costs that are excluded in the adjusted presentation.
(3) Integration, merger and restructuring expenses represent costs relating primarily to the restructuring of our operations that are excluded in the adjusted presentation.
(4) In 2012, this represents the redemption premiums and the unamortized original issuance discount on the redemption of $150.0 million of 6.875% Notes originally due in 2015. In 2011, this represents the redemption premiums and the unamortized acquisition date discount on the redemption of $22.3 million of 9.75% Notes. Debt restructuring expense is excluded in the adjusted presentation.
(5) Represents the unamortized deferred financing costs associated with the $150.0 million of 6.875% Notes redeemed in August 2012 and a portion of deferred financing costs associated with our prior $850.0 million credit agreement, which was replaced with our new $900.0 million Credit Agreement in February 2012. Deferred financing costs write-off is excluded in the adjusted presentation.
(6) Provision for income taxes includes approximately $1.2 million and $1.0 million in 2012 and 2011, respectively, in income tax benefits related to statutory corporate income tax rate reductions in the United Kingdom that are excluded in the adjusted presentation.
   
 

Mobile Mini, Inc.Condensed Consolidated Balance Sheets(in 000’s except par value data)(includes effects of rounding)

 

December 31,2012

December 31,2011

(unaudited)  
ASSETS
Cash $ 1,937 $ 2,860
Receivables, net 50,644 47,102
Inventories 19,534 20,803
Lease fleet, net 1,031,589 1,018,742
Property, plant and equipment, net 80,822 79,875
Deposits and prepaid expenses 6,858 7,338
Other assets and intangibles, net 17,868 16,862
Goodwill   518,308     513,918  
Total assets $ 1,727,560   $ 1,707,500  
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable $ 19,898 $ 20,849
Accrued liabilities 56,874 57,036
Lines of credit 442,391 345,149
Notes payable 310 316
Obligations under capital leases 642 1,289
Senior Notes, net 200,000 349,718
Deferred income taxes   197,926     179,229  
Total liabilities   918,041     953,586  
 
Commitments and contingencies
 
Stockholders' equity:

Common stock; $.01 par value, 95,000 shares authorized, 47,880 issued and 45,705

outstanding at December 31, 2012 and 47,787 issued and 45,612 outstanding at

December 31, 2011 482 478
Additional paid-in capital 522,372 508,936
Retained earnings 343,782 309,604
Accumulated other comprehensive loss (17,817 ) (25,804 )
Treasury stock, at cost, 2,175 shares   (39,300 )   (39,300 )
Total stockholders' equity   809,519     753,914  
Total liabilities and stockholders' equity $ 1,727,560   $ 1,707,500  
 

Three Months EndedDecember 31,

 

Twelve Months EndedDecember 31,

  2012       2011     2012       2011  
(In thousands) (In thousands)

Reconciliation of EBITDA to net cash provided by operating activities:

   
EBITDA $ 34,950 $ 35,569 $ 130,872 $ 130,255
Interest paid (10,814 ) (9,603 ) (35,145 ) (42,683 )
Income and franchise taxes paid (109 ) (97 ) (831 ) (816 )
Share-based compensation expense 3,899 1,895 9,575 6,456
Gain on sale of lease fleet units (2,330 ) (3,134 ) (11,781 ) (13,800 )
Loss (gain) on disposal of property, plant and equipment 133 106 (130 ) 91

Changes in certain assets and liabilities, net of effect of businesses acquired:

Receivables 3,827 1,994 (2,899 ) (4,148 )
Inventories 2,315 (1,666 ) 1,352 (1,242 )
Deposits and prepaid expenses (387 ) 154 537 1,067
Other assets and intangibles 103 63 (161 ) (33 )
Accounts payable and accrued liabilities   998       (4,116 )   (440 )     9,822  
Net cash provided by operating activities $ 32,585     $ 21,165   $ 90,949     $ 84,969  
 

Reconciliation of net income to EBITDA and adjusted EBITDA:

Net income $ 11,258 $ 10,063 $ 34,178 $ 30,596
Interest expense 7,735 10,740 37,339 46,200
Provision for income taxes 6,866 5,802 18,467 16,460
Depreciation and amortization 9,091 8,964 36,187 35,665
Debt restructuring expense - - 2,812 1,334
Deferred financing costs write-off   -       -     1,889       -  
EBITDA 34,950 35,569 130,872 130,255
Leasing, selling and general expenses 151 5 151 1,406
Integration, merger, restructuring and other 5,533 599 7,133 1,361
Acquisition expenses   -       610     139       610  
Adjusted EBITDA $ 40,634     $ 36,783   $ 138,295     $ 133,632  
 

Reconciliation of net cash provided by operating activities to free cash flow:

Net cash provided by operating activities $ 32,585 $ 21,165 $ 90,949 $ 84,969
 
Additions to lease fleet (11,151 ) (10,268 ) (43,934 ) (29,824 )
Proceeds from sale of lease fleet units 5,959 8,363 29,358 36,201
Additions to property, plant and equipment (1,570 ) (2,905 ) (12,741 ) (11,498 )
Proceeds from sale of property, plant and equipment   69       25     1,497       117  
Net capital expenditures, excluding acquisitions   (6,693 )     (4,785 )   (25,820 )     (5,004 )
           
Free cash flow $ 25,892     $ 16,380   $ 65,129     $ 79,965  
  Reconciliation of Adjusted Measurements to ActualsThree Months Ended December 31, 2012(in thousands except per share data)(includes effects of rounding)   Reconciliation of Adjusted Measurements to ActualsThree Months Ended December 31, 2011(in thousands except per share data)(includes effects of rounding)
As Adjusted (1)   Leasing, sellingand generalexpenses (2)   Integration, mergerand restructuringexpenses (4)   Actual As Adjusted (1)   Leasing, sellingand generalexpenses (2)   AcquisitionExpenses (3)   Integration, mergerand restructuringexpenses (4)   Actual
Revenues $ 100,287   $ -   $ -   $ 100,287 $ 95,451   $ -     $ -   $ 95,451
EBITDA $ 40,634 $ (151 ) $ (5,533 ) $ 34,950 $ 36,783 $ (5 ) (610 ) $ (599 ) $ 35,569
EBITDA margin 40.5 % (0.2 )% (5.5 )% 34.8 % 38.5 % - (0.6 )% (0.6 )% 37.3 %
Operating income $ 31,543 $ (151 ) $ (5,533 ) $ 25,859 $ 27,825 $ (5 ) $ (610 ) $ (599 ) $ 26,611
Operating income margin 31.5 % (0.2 )% (5.5 )% 25.8 % 29.2 % - (0.6 )% (0.6 )% 27.9 %
Pre tax income $ 23,808 $ (151 ) $ (5,533 ) $ 18,124 $ 17,079 $ (5 ) $ (610 ) $ (599 ) $ 15,865
Net income $ 14,754 $ (93 ) $ (3,403 ) $ 11,258 $ 10,865 $ (3 ) $ (375 ) $ (424 ) $ 10,063
Diluted earnings per share $ 0.33 $ - $ (0.08 ) $ 0.25 $ 0.24 $ - $ (0.01 ) $ - $ 0.23

 

 

Reconciliation of Adjusted Measurements to Actuals

Twelve Months Ended December 31, 2012

(in thousands except per share data)

(includes effects of rounding)

 

 

 

As Adjusted (1)

 

Leasing,selling and generalexpenses (2)

 

AcquisitionExpenses (3)

 

Integration,merger andrestructuringexpenses (4)

 

Debtrestructuringexpense (5)

 

DeferredfinancingcostsWrite-off (6)

 

Income TaxBenefit (7)

 

 

 

 

Actual

Revenues $ 381,259   $ -   $ -   $ -   $ -   $ -   $ -   $ 381,259
EBITDA $ 138,295 $ (151 ) $ (139 ) $ (7,133 ) $ - $ - $ - $ 130,872
EBITDA margin 36.3 % - - (1.9 )% - - - 34.3 %
Operating income $ 102,112 $ (151 ) $ (139 ) $ (7,133 ) $ - $ - $ - $ 94,689
Operating income margin 26.8 % - - (1.9 )% - - - 24.8 %
Pre tax income $ 64,769 $ (151 ) $ (139 ) $ (7,133 ) $ (2,812 ) $ (1,889 ) $ - $ 52,645
Net income $ 40,531 $ (93 ) $ (85 ) $ (4,447 ) $ (1,729 ) $ (1,162 ) $ 1,163 $ 34,178
Diluted earnings per share $ 0.90 $ - $ - $ (0.10 ) $ (0.04 ) $ (0.03 ) $

0.03

 

$ 0.76

 

 

Reconciliation of Adjusted Measurements to Actuals

Twelve Months Ended December 31, 2011

(in thousands except per share data)

(includes effects of rounding)

 

 

 

As Adjusted (1)

 

Leasing,selling andgeneralexpenses (2)

 

 

 

AcquisitionExpenses (3)

 

Integration,merger andrestructuringexpenses (4)

 

Debtrestructuringexpense (5)

 

Income TaxBenefit (7)

 

 

 

 

Actual

Revenues $ 361,314   $ -   $ -   $ -   $ -   $ -   $ 361,314
EBITDA $ 133,632 $ (1,406 ) $ (610 ) $ (1,361 ) $ - $ - $ 130,255
EBITDA margin 37.0 % (0.4 )% (0.2 )% (0.4 )% - - 36.1 %
Operating income $ 97,974 $ (1,406 ) $ (610 ) $ (1,361 ) $ - $ - $ 94,597
Operating income margin 27.1 % (0.4 )% (0.2 )% (0.4 )% - - 26.2 %
Pre tax income $ 51,767 $ (1,406 ) $ (610 ) $ (1,361 ) $ (1,334 ) $ - $ 47,056
Net income $ 32,511 $ (865 ) $ (375 ) $ (893 ) $ (820 ) $ 1,038 $ 30,596
Diluted earnings per share $ 0.73 $ (0.01 ) $ (0.01 ) $ (0.02 ) $ (0.02 ) $

0.02

 

$ 0.69
(1) This column represents a non-GAAP presentation even though certain individual line items presented, such as revenues, are identical under both GAAP and the adjusted presentations.
(2) In 2012, this represents estimated damages, net of estimated insurance recoveries, to our assets caused by natural disasters that are excluded in the adjusted presentation. In 2011, this represents one-time costs that are excluded in the adjusted presentation.
(3) Represents acquisition activity costs that are excluded in the adjusted presentation.
(4) Integration, merger and restructuring expenses represent costs relating primarily to the restructuring of our operations that are excluded in the adjusted presentation.
(5) In 2012, this represents the redemption premiums and the unamortized original issuance discount on the redemption of $150.0 million of 6.875% Notes originally due in 2015. In 2011, this represents the redemption premiums and the unamortized acquisition date discount on the redemption of $22.3 million of 9.75% Notes. Debt restructuring expense is excluded in the adjusted presentation.
(6) Represents the unamortized deferred financing costs associated with the $150.0 million of 6.875% Notes redeemed in August 2012 and a portion of deferred financing costs associated with our prior $850.0 million credit agreement which was replaced with our new $900.0 million Credit Agreement in February 2012. Deferred financing costs write-off is excluded in the adjusted presentation.
(7) Represents the statutory corporate income tax rate reductions in the United Kingdom that are excluded in the adjusted presentation.
The effects of the adjustments made on the prior quarters are provided in summarized format below and include the effects of rounding and certain other immaterial adjustments.
           
Revised consolidated statements of operations amounts
For the Three Months ended March 31, 2012 For the Three Months ended June 30, 2012

As Previously Reported

  Adjustment   As Revised

As Previously Reported

  Adjustment   As Revised
(In Thousands except per share data) (In Thousands except per share data)
Leasing $ 77,617 $ 827 $ 78,444 $ 82,854 $ (930 ) $ 81,924
Total revenues 87,923 827 88,750 94,150 (930 ) 93,220
Leasing, selling and general expenses 53,714 (127 ) 53,587 55,574 (197 ) 55,377
Total costs and expenses 69,122 (127 ) 68,995 71,552 (197 ) 71,355
Income from operations 18,801 954 19,755 22,598 (733 ) 21,865
Income before provision for income taxes 7,491 954 8,445 12,415 (733 ) 11,682
Provision for income taxes 2,860 375 3,235 4,645 (275 ) 4,370
Net income 4,631 579 5,210 7,770 (458 ) 7,312
Earnings per share:
Basic $ 0.10 $ 0.02 $ 0.12 $ 0.17 $ (0.01 ) $ 0.16
Diluted $ 0.10 $ 0.02 $ 0.12 $ 0.17 $ (0.01 ) $ 0.16
 
EBITDA $ 27,814 $ 954 $ 28,768 $ 31,728 $ (733 ) $ 30,995
Adjusted EBITDA $ 28,404 $ 954 $ 29,358 $ 32,040 $ (733 ) $ 31,307
 
 
For the Three Months ended September 30, 2012

As Previously Reported

  Adjustment   As Revised

(In Thousands except per share data)

Leasing $ 90,666 $ (1,877 ) $ 88,789
Total revenues 100,879 (1,877 ) 99,002
Leasing, selling and general expenses 56,753 (775 ) 55,978
Total costs and expenses 72,567 (775 ) 71,792
Income from operations 28,312 (1,102 ) 27,210
Income before provision for income taxes 15,496 (1,102 ) 14,394
Provision for income taxes 4,413 (417 ) 3,996
Net income 11,083 (685 ) 10,398
Earnings per share:
Basic $ 0.25 $ (0.02 ) $ 0.23
Diluted $ 0.25 $ (0.02 ) $ 0.23
 
EBITDA $ 37,261 $ (1,102 ) $ 36,159
Adjusted EBITDA $ 38,098 $ (1,102 ) $ 36,996
         

 

 
For the Three Months ended March 31, 2011 For the Three Months ended June 30, 2011

As Previously Reported

  Adjustment   As Revised

As Previously Reported

  Adjustment   As Revised
(In Thousands except per share data) (In Thousands except per share data)
Leasing $ 72,679 $ (78 ) $ 72,601 $ 78,422 $ (1,451 ) $ 76,971
Total revenues 82,859 (78 ) 82,781 90,523 (1,451 ) 89,072
Leasing, selling and general expenses 47,088 (28 ) 47,060 49,628 (516 ) 49,112
Total costs and expenses 62,107 (28 ) 62,079 65,982 (516 ) 65,466
Income from operations 20,752 (50 ) 20,702 24,541 (935 ) 23,606
Income before provision for income taxes 6,718 (50 ) 6,668 12,763 (935 ) 11,828
Provision for income taxes 2,567 (13 ) 2,554 4,821 (354 ) 4,467
Net income 4,151 (37 ) 4,114 7,942 (581 ) 7,361
Earnings allocable to preferred stockholders (777 ) 7 (770 ) (193 ) $ (3 ) (196 )
Net income available to common stockholders 3,374 (30 ) 3,344 7,749 $ (584 ) 7,165
Earnings per share:
Basic $ 0.09 $ - $ 0.09 $ 0.18 $ (0.01 ) $ 0.17
Diluted $ 0.09 $ - $ 0.09 $ 0.18 $ (0.01 ) $ 0.17
 
EBITDA $ 29,546 $ (50 ) $ 29,496 $ 33,558 $ (935 ) $ 32,623
Adjusted EBITDA $ 29,791 $ (50 ) $ 29,741 $ 34,115 $ (935 ) $ 33,180
 
 
For the Three Months ended September 30, 2011 For the Three Months ended December 31, 2011

As Previously Reported

  Adjustment   As Revised

As Previously Reported

  Adjustment   As Revised
(In Thousands except per share data) (In Thousands except per share data)
Leasing $ 82,635 $ (1,132 ) $ 81,503 $ 85,127 $ (454 ) $ 84,673
Total revenues 95,141 (1,132 ) 94,009 95,905 (454 ) 95,451
Leasing, selling and general expenses 53,551 (56 ) 53,495 52,969 (16 ) 52,953
Total costs and expenses 70,387 (56 ) 70,331 68,856 (16 ) 68,840
Income from operations 24,754 (1,076 ) 23,678 27,049 (438 ) 26,611
Interest expense (10,983 ) - (10,983 ) (10,883 ) 142 (10,741 )
Income before provision for income taxes 13,771 (1,076 ) 12,695 16,161 (296 ) 15,865
Provision for income taxes 4,040 (403 ) 3,637 6,121 (319 ) 5,802
Net income 9,731 (673 ) 9,058 10,040 23 10,063
Earnings per share:
Basic $ 0.22 $ (0.01 ) $ 0.21 $ 0.23 $ - $ 0.23
Diluted $ 0.22 $ (0.02 ) $ 0.20 $ 0.23 $ - $ 0.23
 
EBITDA $ 33,643 $ (1,076 ) $ 32,567 $ 36,007 $ (438 ) $ 35,569
Adjusted EBITDA $ 35,004 $ (1,076 ) $ 33,928 $ 37,221 $ (438 ) $ 36,783

This news release includes the financial measures “EBITDA”, “adjusted EBITDA”, “EBITDA margin”, “adjusted EBITDA margin”, “adjusted SG&A”, “adjusted net income”, “adjusted diluted earnings per share” and “free cash flow.” These measurements are deemed “non-GAAP financial measures” under rules of the SEC, including Regulation G. This non-GAAP financial information may be determined or calculated differently by other companies.

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