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.

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