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.
Erik Olsson, Mobile Mini’s President and Chief Executive Officer, commented, “We generated further improvement in utilization during the second quarter, which resulted in solid comparable period leasing revenue growth and increased profitability. In addition, we saw increased momentum beginning in June and continuing into the third quarter. We expect these favorable trends to continue through the second half of 2013, and into 2014, particularly as we hone our sales efforts and seek to expand our geographic footprint.”