Mobile Mini, Inc. (NASDAQ GS:MINI), the world’s leading supplier of portable storage solutions, today announced that its Board of Directors has authorized the payment of quarterly cash dividends, the first cash dividends in the Company’s history, as well as a share repurchase program. The announcement highlights the Company’s confidence in its long-term strategy, operational excellence, expected revenue and earnings growth, and the maintenance of a strong and consistent free cash flow profile. Capital Allocation Highlights
- Initiating a regular quarterly cash dividend of $0.17 per share, or $0.68 per share annually. The initial quarterly dividend will be payable on March 20, 2014 to all common shareholders of record as of March 6, 2014.
- Authorizing a repurchase program for up to $125 million of common stock in open market and private transactions.
- The dividend initiation and share repurchase program do not diminish the Company’s ability to aggressively deploy capital for organic growth opportunities or pursue potential acquisitions.
- Strong balance sheet and stable free cash flow generation supports an ongoing shareholder payout.
- Targeting debt/adjusted EBITDA between 3.0-4.0x on a sustained basis.
About Mobile MiniMobile Mini, Inc. is the world’s leading provider of portable storage solutions. Mobile Mini is included on the Russell 2000® and 3000® Indexes and the S&P Small Cap Index. For more information visit www.mobilemini.com. This news release contains forward-looking statements, including, but not limited to, our ability to invest in and generate growth opportunities, our operating results, such as revenue and earnings growth and free cash flow generation, and enhance returns to shareholders, which involve inherent risks and uncertainties. Statements that are not historical facts, including statements about Mobile Mini, Inc.'s beliefs, plans or expectations, are forward-looking statements. These statements are based on current plans, estimates and expectations. Actual results may differ materially from those projected in such forward-looking statements and therefore you should not place undue reliance on them. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward looking statements is set forth in Mobile Mini, Inc.'s most recent report on Form 10-K and Mobile Mini’s other documents on file with the Securities and Exchange Commission. Mobile Mini, Inc. undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.