Mobile Mini, Inc. (NASDAQ GS: MINI), the world’s leading supplier of portable storage solutions, today reported actual and adjusted financial results for the quarter ended June 30, 2013. Total revenues were $97.5 million and leasing revenues were $88.2 million, up from $93.2 million and $81.9 million, respectively, for the same period last year.
The Company recorded a second quarter net loss of $(14.4) million, or $(0.32) per share, due to a charge of $40.3 million, of which $39.7 million was non-cash, related to the impairment of certain leasing and other assets determined to be either non-core or uneconomic to repair. Excluding this charge, adjusted net income was $11.6 million, or $0.25 per adjusted diluted share, compared with $7.5 million, or $0.17 per adjusted diluted share for the second quarter of 2012.
Adjusted EBITDA was $38.1 million for the second quarter of 2013, compared with $33.0 million for the same period last year. Adjusted EBITDA margin was 39.1% for the second quarter of 2013, compared with 35.4% in the second quarter of 2012. The increase in profitability and margin reflects stronger utilization, higher yield including improved pricing, and leveraging of operating expenses.
Second Quarter 2013 Highlights
- Grew leasing revenues 7.7% year-over-year to $88.2 million, an all-time second quarter high and the tenth consecutive quarter of comparable period growth in leasing revenues.
- Improved yield by 3.2%, including an average rental rate increase of 2.1% versus the prior year, to an all-time second quarter high of $617.
- Generated a 15.4% year-over-year increase in adjusted EBITDA.
- Increased average fleet utilization to 62.0%, up 430 bps from the second quarter of 2012 on strengthening demand from both non-construction and construction end markets.
- Delivered strong free cash flow of $18.3 million, after $7.1 million of net capex, which was the 22 nd consecutive quarter of positive free cash flow.
- Reduced net debt by $22.7 million in the second quarter and $53.6 million year-to-date.