Mobile Mini, Inc. (NASDAQ GS: MINI) today reported GAAP and non-GAAP financial results for the third quarter and nine months ended September 30, 2011.

Third Quarter 2011 Compared to Third Quarter 2010
  • Total revenues rose 12.4% to $95.1 million from $84.6 million;
  • Leasing revenues rose 9.3% to $82.6 million from $75.6 million;
  • Lease revenues comprised 86.9% of total revenues compared to 89.3% of total revenues;
  • Sales revenues rose 41.3% to $11.7 million from $8.3 million;
  • Sales margins were 34.8% compared to 35.1%;
  • Non-GAAP EBITDA was $35.0 million, up 6.1% compared to $33.0 million;
  • Non-GAAP net income rose 55.9% to $9.5 million from $6.1 million; and
  • Non-GAAP diluted earnings per share increased 50% to $0.21 from $0.14.

Other Third Quarter 2011 Highlights
  • Free cash flow was $30.1 million;
  • Net debt was paid down by $32.1 million;
  • Yield (total lease revenues per unit on rent) increased 6.1% compared to the third quarter of 2010 and 2.9% compared to the second quarter of 2011 primarily due to an increase in trucking revenues;
  • Average utilization rate was 57.7% in the third quarter, up from 55.8% in the second quarter of 2011, and 53.3% in the third quarter of 2010; and
  • Excess availability under our revolver at September 30, 2011 increased to $445.3 million.

First Nine Months 2011 Compared to First Nine Months 2010
  • Total revenues increased 10.3% to $268.5 million from $243.3 million;
  • Leasing revenues rose 6.9% to $233.7 million and comprised 87.0% of total revenues compared to $218.7 million and 89.9% of total revenues;
  • Sales revenues rose 41.2% to $32.7 million with margins of 36.5% compared to $23.1 million with margins of 34.0%;
  • Non-GAAP EBITDA rose 4.1% to $98.9 million from $95.0 million; as a percent of total revenues, EBITDA was 36.8% compared to 39.0%;
  • Non-GAAP net income increased 48.9% to $22.9 million compared to $15.4 million;
  • Non-GAAP diluted earnings per share increased 45.7% to $0.51 from $0.35;
  • Free cash flow was $63.6 million compared to $47.6 million; and
  • Net debt was paid down by $63.3 million, after payment of a $1.1 million call premium related to the redemption of $22.3 million of MSG Senior Notes, compared to $48.8 million.

Non-GAAP results for the third quarter ended September 30, 2011 exclude $1.1 million of start-up expenses and asset relocation costs associated with the opening of our new locations and $0.3 million related to the restructuring of our operations. Non-GAAP results for the nine months ended September 30, 2011 exclude $1.4 million of start-up expenses and asset relocation costs associated with the opening of our new locations, $1.3 million of debt restructuring expense representing the tender premiums and the remaining unamortized acquisition date discount on the redemption of $22.3 million of 9.75% Notes and $0.8 million relating to the restructuring of our operations. In July 2011, the United Kingdom’s government finalized a reduction of the corporate income tax rate from the statutory rate of 27% to 26% for the remainder of 2011, and 25% beginning April 2012. This change reduced our deferred tax liability by approximately $1.0 million and is adjusted in the non-GAAP results for both the third quarter and nine months ended September 30, 2011. Non-GAAP results for third quarter and nine months ended September 30, 2010 exclude approximately $0.5 million and $3.7 million, respectively, of expenses relating to the restructuring of our operations and $0.5 million from the write-off of a portion of deferred financing costs relating to our decision to reduce our line of credit by $50.0 million. Non-GAAP reconciliation tables are on page 7, and show the effects of these expenses to comparable GAAP figures.

Business Overview

Mobile Mini’s Chairman, President & CEO, Steven Bunger stated, “Following a strong first half, the positive momentum continued to build in the third quarter. In addition to increased sales of fleet assets, the improvement in total revenues reflects a continuation of favorable trends in utilization and yield. This is reflected in each of the three quarters of 2011 where we achieved increasing year-over-year gains in lease revenues. Specifically, 2011 first, second and third quarter lease revenues were up 3.6%, 7.6% and 9.3% over the respective 2010 quarters. Among the key factors contributing to this increase were the opening of new locations and deployment of lease assets to these and other high demand locations, the productivity and effectiveness of our National Sales Center (“NSC”) under our hybrid sales model and the improving economic picture. These factors also led to the 5.4% improvement in lease revenues in the third quarter compared to the 2011 second quarter.”

He went on to say, “Units on rent have continued to increase in both North America and Europe. Fleet utilization trends are encouraging; while average utilization was 57.7% for the third quarter, it rose to 59.5% at September 30, 2011. Similarly, we are quite pleased that yield continues upward both for comparable and sequential quarters. Yield improved 6.1% compared to last year’s third quarter and 2.9% from the immediately preceding quarter due primarily to higher trucking revenues.”

Mr. Bunger pointed out, "The operating leverage inherent in our business model, while still in force, has been somewhat tempered by several factors including our geographic expansion, increased repair and maintenance costs related to getting idle fleet ready for the upcoming holiday season and an increase in overall utilization, as well as higher year-over-year delivery revenue which is at lower margins. In addition, the full staffing of the NSC which was not complete until the end of the third quarter last year also added to our year-over-year payroll increase. For these reasons, comparable quarter non-GAAP EBITDA margins were 36.8% versus last year’s 39.0%.”

Discussing new markets, Mr. Bunger went on to say, “Thus far this year, we have entered ten new markets through low-cost operational yards. The latest additions are in Jackson, the capital and the most populous city in the state of Mississippi and Allentown, Pennsylvania’s third most populous city. Of the eight other new markets we entered this year, all are ramping up units on lease and performing according to plan. We have plans to enter additional markets, hopefully this year but certainly in 2012, either through greenfield operational yards or through small acquisitions.”

Mark Funk, Mobile Mini’s Executive Vice President & CFO noted, “As of September 30, 2011, we had generated free cash flow for 15 consecutive quarters. Third quarter free cash flow totaled $30.1 million for a year-to-date total of $63.6 million. Cash flow from operations of $30.4 million less $0.3 million in net capital expenditures enabled us to pay down an additional $32.1 million of debt in the third quarter, bringing debt pay down to $63.3 million after payment of a $1.1 million call premium related to redeeming the remaining $22.3 million of previously outstanding MSG Senior Notes. Since the acquisition of Mobile Storage Group in mid-2008, we have generated free cash flow of $242.1 million and paid down debt by $223.3 million. As a result of our senior note refinancing in November 2010, our $70.2 million debt pay down for the trailing twelve months and lower interest rates, our interest expense has been reduced by 17.8% or close to $7.7 million through the first nine months of 2011.”

Mr. Funk stated, “We are now in the midst of our seasonally strongest quarter, when utilization peaks and the operating leverage inherent in our business model is most apparent. Beyond this year, we have confidence that the actions undertaken to strengthen, grow and expand our operations within a solid, flexible financial infrastructure, should have lasting and cumulative benefits, especially during a period of economic expansion. We therefore remain confident of comparable quarter gains in revenues, lease revenues, EBITDA and net income in the final quarter and the coming year.”

EBITDA, EBITDA margin, non-GAAP SG&A and free cash flow are non-GAAP financial measures as defined by Securities and Exchange Commission (“SEC”) rules. The method of reconciliation of EBITDA, EBITDA margin, non-GAAP SG&A and free cash flow to the most directly comparable GAAP financial measures can be found later in this release.

Conference Call

Mobile Mini will host a conference call today, Thursday, November 3, 2011 at 12 noon ET to review these results. To listen to the call live, dial (201) 493-6739 and ask for the Mobile Mini Conference Call or go to www.mobilemini.com and click on the Investors section. Additionally, a slide presentation that will accompany the call will be posted at www.mobilemini.com on the Investors section and will be available in advance and after the call. We will also post the method of reconciliation of non-GAAP financial measures used in the slide show to the most directly comparable GAAP financial measures. Please go to the website 15 minutes early to download and install any necessary audio software. If you are unable to listen live, a replay of the conference call can be accessed for approximately 14 days after the call at Mobile Mini’s website.

Mobile Mini, Inc. is the world’s leading provider of portable storage solutions through its total lease fleet of approximately 237,300 portable storage containers and office units with 131 locations in the U.S., United Kingdom, Canada and The Netherlands. Mobile Mini is included on the Russell 2000® and 3000® Indexes and the S&P Small Cap Index.

This news release contains forward-looking statements, particularly regarding growth, free cash flow, ability to enter new markets, increase in utilization, the ability to strengthen, grow and expand our operations, and increasing debt pay down, which involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Risks and uncertainties that may affect future results include those that are described from time to time in the Company’s SEC filings. These forward-looking statements represent the judgment of the Company, as of the date of this release, and Mobile Mini disclaims any intent or obligation to update forward-looking statements.

(See Accompanying Tables)

 
Mobile Mini, Inc. Condensed Consolidated Statements of Income
(Unaudited)/(in 000’s except per share data)/(includes effects of rounding)
 
Three Months Ended Three Months Ended
September 30, September 30,
2011   2011 2010   2010
Revenues: Actual   Non-GAAP (1) Actual   Non-GAAP (1)
Leasing $ 82,635 $ 82,635 $ 75,599 $ 75,599
Sales 11,741 11,741 8,307 8,307
Other   765       765     711       711  
Total revenues   95,141       95,141     84,617       84,617  
 
Cost of sales 7,656 7,656 5,388 5,388
Leasing, selling and general expenses (2) 53,551 52,481 46,238 46,238
Integration, merger and restructuring expenses (3) 291 - 518 -
Depreciation and amortization   8,889       8,889     8,748       8,748  
Total costs and expenses   70,387       69,026     60,892       60,374  
Income from operations 24,754 26,115 23,725 24,243
 
Other income (expense):
Interest expense (10,983 ) (10,983 ) (14,161 ) (14,161 )
Deferred financing costs write-off (4) - - (525 ) -
Foreign currency exchange   -       -     5       5  
Income before provision for income taxes 13,771 15,132 9,044 10,087
Provision for income taxes (5)   4,040       5,603     3,575       3,976  
Net income 9,731 9,529 5,469 6,111

Earnings allocable to preferred stockholders
  -       -    

(1,032

)
    (1,153 )
Net income available to common stockholders $ 9,731     $ 9,529   $ 4,437     $ 4,958  
 
Earnings per share:
Basic $ 0.22     $ 0.22   $ 0.13     $ 0.14  
Diluted $ 0.22     $ 0.21   $ 0.12     $ 0.14  
 
Weighted average number of common and common share equivalents outstanding:
 
Basic   43,870       43,870     35,219       35,219  
Diluted   44,480       44,480     43,877       43,877  
EBITDA $ 33,643     $ 35,004   $ 32,478     $ 32,996  
 

(1) This column represents a non-GAAP presentation even though some individual line items presented, such as revenues, are identical under both GAAP and non-GAAP presentations.

(2) In 2011, the difference primarily relates to start-up expenses and asset relocation costs associated with the opening of our new locations that are excluded in the non-GAAP presentation.

(3) Integration, merger and restructuring expenses represent costs relating primarily to the restructuring of our operations that are excluded in the non-GAAP presentation.

(4) Represents that portion of deferred financing costs associated with the $50 million reduction in the ABL Credit Agreement that is excluded in the non-GAAP presentation.

(5) Provision for income taxes in 2011 includes approximately $1.0 million tax benefit related to a statutory tax rate reduction in the United Kingdom that is excluded in the non-GAAP presentation.
   
Mobile Mini, Inc. Condensed Consolidated Statements of Income
(Unaudited)/(in 000’s except per share data)/(includes effects of rounding)
 
Nine Months Ended Nine Months Ended
September 30, September 30,
2011   2011 2010   2010
Revenues: Actual   Non-GAAP (1) Actual   Non-GAAP (1)
Leasing $ 233,736 $ 233,736 $ 218,689 $ 218,689
Sales 32,661 32,661 23,126 23,126
Other   2,126       2,126     1,523       1,523  
Total revenues   268,523       268,523     243,338       243,338  
Costs and expenses:
Cost of sales 20,745 20,745 15,266 15,266
Leasing, selling and general expenses (2) 150,267 148,866 133,360 133,090
Integration, merger and restructuring expenses (3) 762 - 3,672 -
Depreciation and amortization   26,702       26,702     26,928       26,928  
Total costs and expenses   198,476       196,313     179,226       175,284  
Income from operations 70,047 72,210 64,112 68,054
Other income (expense):
Interest income - - 1 1
Interest expense (35,459 ) (35,459 ) (43,135 ) (43,135 )
Debt restructuring expense (4) (1,334 ) - - -
Deferred financing costs write-off (5) - - (525 ) -
Foreign currency exchange   (2 )     (2 )   (9 )     (9 )
Income before provision for income taxes 33,252 36,749 20,444 24,911
Provision for income taxes (6)   11,428       13,813     7,786       9,505  
Net income 21,824 22,936 12,658 15,406
Earnings allocable to preferred stockholders   (970 )     (1,160 )   (2,391 )     (2,890 )
Net income available to common stockholders $ 20,854     $ 21,776   $ 10,267     $ 12,516  
Earnings per share:
Basic $ 0.51     $ 0.53   $ 0.29     $ 0.36  
Diluted $ 0.49     $ 0.51   $ 0.29     $ 0.35  
 
Weighted average number of common and common share equivalents outstanding:
Basic   40,732       40,732     35,150       35,150  
Diluted   44,547       44,547     43,728       43,728  
 
EBITDA $ 96,747     $ 98,910   $ 91,032     $ 94,974  
 

(1) This column represents a non-GAAP presentation even though some individual line items presented, such as revenues, are identical under both GAAP and non-GAAP presentations.

(2) In 2011, the difference primarily relates to start-up expenses and asset relocation costs associated with the opening of our new locations that are excluded in the non-GAAP presentation. In 2010, the difference represents costs related to one-time events that are excluded in the non-GAAP presentation.

(3) Integration, merger and restructuring expenses represent costs relating primarily to the restructuring of our operations that are excluded in the non-GAAP presentation.

(4) Represents the tender premiums and the remaining unamortized acquisition date discount on the redemption of $22.3 million of 9.75% Notes that is excluded in the non-GAAP presentation.

(5) Represents that portion of deferred financing costs associated with the $50 million reduction in the ABL Credit Agreement that is excluded in the non-GAAP presentation.

(6) Provision for income taxes in 2011 includes approximately $1.0 million tax benefit related to a statutory tax rate reduction in the United Kingdom that is excluded in the non-GAAP presentation.

 

 
 

 
 
 
 
Non-GAAP Reconciliation to Nearest Comparable GAAP Measure Non-GAAP Reconciliation to Nearest Comparable GAAP Measure
Three Months Ended September 30, 2011 Three Months Ended September 30, 2010
(in thousands except per share data) (in thousands except per share data)
(includes effects of rounding) (includes effects of rounding)
  Leasing,   Integration,       Integration,   Deferred  
selling and merger and Income Tax merger and financing costs
Non-GAAP ((1)) general restructuring Benefit ((6)) GAAP Non-GAAP ((1)) restructuring write-off ((5)) GAAP
    expenses ((2))   expenses ((3))             expenses ((3))        
Revenues $ 95,141 $ - $ - $ - $ 95,141 $ 84,617 $ - $ - $ 84,617
EBITDA $ 35,004 $ (1,070 ) $ (291 ) $ - $ 33,643 $ 32,996 $ (518 ) $ - $ 32,478
EBITDA margin 36.8 % (1.1 )% (0.3 )% - % 35.4 % 39.0 % (0.6 )% - % 38.4 %
Operating income $ 26,115 $ (1,070 ) $ (291 ) $ - $ 24,754 $ 24,243 $ (518 ) $ - $ 23,725
Operating income margin 27.4 % (1.1 )% (0.3 )% - % 26.0 % 28.6 % (0.6 )% - % 28.0 %
Pre tax income $ 15,132 $ (1,070 ) $ (291 ) $ - $ 13,771 $ 10,087 $ (518 ) $ (525 ) $ 9,044
Net income $ 9,529 $ (658 ) $ (178 ) $ 1,038 $ 9,731 $ 6,111 $ (319 ) $ (323 ) $ 5,469
Diluted earnings per share $ 0.21 $ (0.01 ) $ - $ 0.02 $ 0.22 $ 0.14 $ (0.01 ) $ (0.01 ) $ 0.12
 
   

 
     

 
 
 
 
Non-GAAP Reconciliation to Nearest Comparable GAAP Measure Non-GAAP Reconciliation to Nearest Comparable GAAP Measure
Nine Months Ended September 30, 2011 Nine Months Ended September 30, 2010
(in thousands except per share data) (in thousands except per share data)
(includes effects of rounding) (includes effects of rounding)
Leasing,   Integration,   Debt  

 
    Leasing,   Integration,   Deferred  

 
selling and merger and restructuring

Income

 

 
selling and merger and financing

 

Non-GAAP ((1))
general restructuring expense ((4))

Tax

GAAP

Non-GAAP ((1))
general restructuring costs

GAAP
    expenses ((2))   expenses ((3))      

Benefit ((6))
        expenses ((2))   expenses ((3))   write-off((5))    
Revenues $ 268,523 $ - $ - $ - $ - $ 268,523 $ 243,338 $ - $ - $ - $ 243,338
EBITDA $ 98,910 $ (1,401 ) $ (762 ) $ - $ - $ 96,747 $ 94,974 $ (270 ) $ (3,672 ) $ - $ 91,032
EBITDA margin 36.8 % (0.5 )% (0.3 )% - % - % 36.0 % 39.0 % (0.1 )% (1.5 )% - % 37.4 %
Operating income $ 72,210 $ (1,401 ) $ (762 ) $ - $ - $ 70,047 $ 68,054 $ (270 ) $ (3,672 ) $ - $ 64,112
Operating income margin 26.9 % (0.5 )% (0.3 )% - % - % 26.1 % 28.0 % (0.1 )% (1.6 )% - % 26.3 %
Pre tax income $ 36,749 $ (1,401 ) $ (762 ) $ (1,334 ) $ - $ 33,252 $ 24,911 $ (270 ) $ (3,672 ) $ (525 ) $ 20,444
Net income $ 22,936 $ (861 ) $ (469 ) $ (820 ) $ 1,038 $ 21,824 $ 15,406 $ (166 ) $ (2,259 ) $ (323 ) $ 12,658
Diluted earnings per share $ 0.51 $ (0.02 ) $ (0.01 ) $ (0.01 ) $ 0.02 $ 0.49 $ 0.35 $ - $ (0.05 ) $ (0.01 ) $ 0.29
 

(1) This column represents a non-GAAP presentation even though some individual line items presented, such as revenues, are identical under both GAAP and non-GAAP presentations.

(2) In 2011, these costs primarily relate to start-up expenses and asset relocation costs associated with the opening of our new locations and expenses related to one-time events in 2010 that are excluded in the non-GAAP presentation.

(3) Integration, merger and restructuring expenses represent costs relating primarily to the restructuring of our operations that are excluded in the non-GAAP presentation. Notes that is excluded in the non-GAAP presentation.

(4) Represents the tender premiums and the remaining unamortized acquisition date discount on the redemption of $22.3 million of 9.75%.

(5) Represents that portion of deferred financing costs associated with the $50 million reduction in the ABL Credit Agreement that is excluded in the non-GAAP presentation.

(6) Represents a statutory tax rate reduction from 27% to 25% in the United Kingdom that is excluded in the non-GAAP presentation.

This press release includes the financial measures “EBITDA”, “EBITDA margin”, “non-GAAP SG&A” and “free cash flow”. These measurements may be deemed a “non-GAAP financial measure” under rules of the SEC, including Regulation G. This non-GAAP financial information may be determined or calculated differently by other companies.

EBITDA is defined as net income before interest expense, income taxes, depreciation and amortization, and if applicable, debt restructuring or extinguishment costs. We typically further adjust EBITDA to ignore the effect of what we consider transactions or events not related to our core business to arrive at non-GAAP EBITDA in the reconciliation below. The GAAP financial measure that is most directly comparable to EBITDA is net cash provided by operating activities. EBITDA margin is calculated by dividing consolidated EBITDA by total revenues. The GAAP financial measure that is most directly comparable to EBITDA margin is operating margin, which represents operating income divided by revenues. We present EBITDA and EBITDA margin because we believe they provide useful information regarding our ability to meet our future debt payment requirements, capital expenditures and working capital requirements and they provide an overall evaluation of our financial condition. In addition, EBITDA is a component of certain financial covenants under our revolving credit facility and is used to determine our available borrowing ability and the interest rate. We include EBITDA in the earnings announcement to provide transparency to investors. EBITDA has certain limitations as an analytical tool and should not be used as a substitute for net income, cash flows, or other consolidated income or cash flow data prepared in accordance with GAAP or as a measure of our profitability or our liquidity. EBITDA margin is presented along with the operating margin so as not to imply that more emphasis should be placed on it than the corresponding GAAP measure.

Free cash flow is defined as net cash provided by operating activities, less net cash used in investing activities, excluding acquisitions. Free cash flow is a non-GAAP financial measure and is not intended to replace net cash provided by operating activities, the most directly comparable GAAP financial measure. We present free cash flow because we believe it provides useful information regarding our liquidity and ability to meet our short-term obligations. In particular, free cash flow indicates the amount of cash available after capital expenditures for, among other things, investments in the Company’s existing businesses, debt service obligations and strategic acquisitions.

Non-GAAP SG&A permits a comparative assessment of our SG&A expenses by excluding certain one-time expenses to make a more meaningful comparison of our operating performance.

A reconciliation of EBITDA to net cash provided by operating activities and net income to EBITDA and non-GAAP EBITDA, as well as a reconciliation of net cash provided by operating activities to free cash flow, follows. These reconciliations are in thousands and include effects of rounding:
   
Three Months Ended Nine Months Ended
September 30, September 30,
2011   2010 2011   2010
(In thousands) (In thousands)
Reconciliation of EBITDA to net cash provided by operating activities:    
 
EBITDA $ 33,643 $ 32,478 $ 96,747 $ 91,032
Interest paid (9,726 ) (15,098 ) (33,080 ) (41,000 )
Income and franchise taxes paid (129 ) (87 ) (719 ) (736 )
Share-based compensation expense 1,840 1,882 4,561 4,905
Gain on sale of lease fleet units (3,547 ) (2,684 ) (10,666 ) (7,161 )
(Gain) loss on disposal of property, plant and equipment (15 ) 3 (15 ) (79 )
Changes in certain assets and liabilities:
Receivables (3,756 ) (2,973 ) (6,142 ) (2,971 )
Inventories 791 687 424 1,593
Deposits and prepaid expenses 60 598 913 2,822
Other assets and intangibles 22 (210 ) (96 ) (372 )
Accounts payable and accrued liabilities   11,244       (558 )   11,877       (5,860 )
Net cash provided by operating activities $ 30,427     $ 14,038   $ 63,804     $ 42,173  
 
 
Reconciliation of net income to EBITDA and non-GAAP EBITDA:
 
Net income $ 9,731 $ 5,469 $ 21,824 $ 12,658
Interest expense 10,983 14,161 35,459 43,135
Provision for income taxes 4,040 3,575 11,428 7,786
Depreciation and amortization 8,889 8,748 26,702 26,928
Debt restructuring expense - - 1,334 -
Debt restructuring expense   -       525     -       525  
EBITDA   33,643       32,478     96,747       91,032  
New location start-up costs and assets relocation expenses, and other 1,070 - 1,401 270
Integration, merger and restructuring expenses   291       518     762       3,672  
Non-GAAP EBITDA $ 35,004     $ 32,996   $ 98,910     $ 94,974  
 
 
Reconciliation of net cash provided by operating activities to free cash flow:
 
Net cash provided by operating activities $ 30,427 $ 14,038 $ 63,804 $ 42,173
 
Additions to lease fleet (8,381 ) (3,985 ) (19,556 ) (11,232 )
Proceeds from sale of lease fleet units 9,810 7,443 27,838 20,266
Additions to property, plant and equipment (1,793 ) (1,513 ) (8,593 ) (3,771 )
Proceeds from sale of property, plant and equipment   51       35     92       120  
Net capital (expenditures) proceeds   (313 )     1,980     (219 )     5,383  
 
Free cash flow $ 30,114     $ 16,018   $ 63,585     $ 47,556  
 

   
Mobile Mini, Inc.
Condensed Consolidated Balance Sheets
(in 000’s except par value data)
(includes effects of rounding)
 
September 30, December 31,
2011 2010
(unaudited) (audited)
ASSETS
Cash $ 1,006 $ 1,634
Receivables, net 48,850 42,678
Inventories 19,163 19,569
Lease fleet, net 1,016,214 1,028,403
Property, plant and equipment, net 80,318 80,731
Deposits and prepaid expenses 7,493 8,405
Other assets and intangibles, net 18,320 23,478
Goodwill   511,764     511,419  
Total assets $ 1,703,128   $ 1,716,317  
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable $ 19,836 $ 13,607
Accrued liabilities 51,093 49,276
Lines of credit 357,176 396,882
Notes payable - 289
Obligations under capital leases 1,578 2,576
Senior Notes, net 349,696 371,655
Deferred income taxes   177,842     165,567  
Total liabilities   957,221     999,852  
 
Commitments and contingencies
 

Convertible preferred stock; $.01 par value, 20,000 shares authorized, 8,556 issuedand 8,191 outstanding at December 31, 2010, stated at liquidation preference value
- 147,427
 
Stockholders' equity:

Common stock; $.01 par value, 95,000 shares authorized, 47,171 issued and 44,996outstanding at September 30, 2011 and 38,962 issued and 36,787 outstanding atDecember 31, 2010
472 390
Additional paid-in capital 502,227 349,693
Retained earnings 306,066 284,242
Accumulated other comprehensive loss (23,558 ) (25,987 )
Treasury stock, at cost, 2,175 shares   (39,300 )   (39,300 )
Total stockholders' equity   745,907     569,038  
Total liabilities and stockholders' equity $ 1,703,128   $ 1,716,317  
 

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