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8-K - FORM 8-K - MOBILE MINI INCd394346d8k.htm

Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE

MOBILE MINI REPORTS 2012 SECOND QUARTER RESULTS

Sixth Sequential Comparable Quarter Increase in Leasing Revenues

Tempe, AZ – August 9, 2012 -- Mobile Mini, Inc. (NASDAQ GS: MINI) today reported GAAP and non-GAAP financial results for the second quarter and six months ended June 30, 2012.

Second Quarter 2012 Compared to Second Quarter 2011

 

   

Total revenues rose 4.0% to $94.2 million from $90.5 million;

 

   

Leasing revenues rose 5.7% to $82.9 million from $78.4 million;

 

   

Leasing revenues comprised 88.0% of total revenues compared to 86.6% of total revenues;

 

   

Sales revenues declined to $10.7 million from $11.5 million;

 

   

Sales margins were 39% for both periods;

 

   

Non-GAAP EBITDA was $32.0 million, compared to $34.1 million;

 

   

Non-GAAP net income was $8.0 million compared to $8.3 million; and

 

   

Non-GAAP diluted earnings per share was $0.18 compared to $0.19.

Other Second Quarter 2012 Highlights

 

   

Free cash flow was $8.2 million, after $6.5 million of net capex including fleet expansion in the U.K.;

 

   

Net debt was paid down by $8.2 million;

 

   

Yield (total leasing revenues per unit on rent) increased 4.2% compared to the second quarter of 2011, primarily due to an increase in trucking deliveries, product mix and a year-over-year average rental rate increase of 2.1%;

 

   

Average utilization rate was 57.7% compared to 55.8%;

 

   

Utilization at June 30, 2012 was 58.9%, an increase from 57.1% the prior year; and

 

   

Excess availability under our Credit Agreement at June 30, 2012 increased to $558.5 million and after redemption of our 6.875% senior notes on August 2, 2012, excess availability still topped $400 million.

Non-GAAP reconciliation tables are on page 8 of this press release, and show the nearest comparable GAAP results to the non-GAAP results.

Business Overview

Mobile Mini’s Chairman, President & CEO, Steven Bunger stated, “This quarter is our sixth consecutive reporting period of comparable quarter leasing revenue growth and reflects improvement in both yield and utilization. We are pleased by the gains in yield which are 4.2% and 5.5% ahead of the 2011 second quarter and 2012 first quarter, respectively. In fact, average yield was at an all time quarterly high of $604 per unit. Utilization has likewise been moving in the right direction averaging 57.7% in this quarter, up from 55.8% in the same period last year and 56.8% in the 2012 first quarter. We closed this quarter with utilization at 58.9% and by July 31st, it rose further to 59.9%.”


Mobile Mini, Inc. News Release    Page 2
August 9, 2012   

 

Mr. Bunger pointed out, “While our construction-related business has been meeting expectations, we are not satisfied with the growth in units on rent in our non-construction U.S. business. However, we are making good progress with our inbound and outbound sales teams at our National Sales Center (“NSC”) which have continued to increase their productivity. In addition, our U.K. operations have been doing a superb job growing leasing revenues which were up 10.0%, compared to the second quarter of 2011.”

Mr. Bunger continued, “The decline in non-GAAP EBITDA and non-GAAP EBITDA margin was primarily due to the start-up of our consumer initiative, including advertising expenses, staffing costs and other operating expenses totaling $2.8 million. Excluding those costs, non-GAAP EBITDA would have been approximately $0.7 million ahead of the 2011 second quarter. The consumer initiative was launched in Phoenix in May and in San Diego, Denver, Austin, Atlanta, Jacksonville and Minneapolis the following month. Given that it is still early, we are currently evaluating this initiative. We are utilizing our existing fleet and branch infrastructure and are carefully monitoring and controlling costs under this consumer effort. Leasing, selling and general expenses also increased due to the continuation of additional deliveries of our offices which have higher repair and maintenance costs, greater business activity and associated freight expense, as well as operating costs related to the 16 new markets we entered since the beginning of 2011.”

On the subject of the 12 new markets for 2011, Mr. Bunger pointed out, “We’ve seen a steady ramp up of units on lease, and the number of these locations that are EBITDA positive keeps growing. We recently entered two more new markets, for a total of four this year. The new locations are in Lexington, the second largest city in Kentucky and Williston, North Dakota which is enjoying a booming energy economy. Additionally, two full service branches were converted into low-cost operational yards.”

Mark Funk, Mobile Mini’s Executive Vice President & CFO, noted, “Through the first half of 2012, we have generated free cash flow for 18 consecutive quarters. Second quarter free cash flow of $8.2 million made possible the pay down of $8.2 million of debt, after $6.5 million of net capital expenditures which included fleet expansion in the U.K. as a result of strong business conditions. That brings the year-to-date debt pay down to $12.4 million, after payment of $7.5 million of financing costs for our new Credit Agreement and $11.4 million of net capital expenditures. Since the acquisition of Mobile Storage Group in mid-2008, we have generated free cash flow of $280.6 million and paid down $247.7 million of debt.”

He continued, “As a result of our reduced borrowings and better rates under our new Credit Agreement, interest expense through the first half of 2012 was reduced by approximately 15% or nearly $3.7 million, compared to the same period of 2011. In addition, with the redemption of the $150.0 million of 6.875% senior notes on August 2, 2012, we estimate approximately $6.6 million in annualized interest savings based upon our Credit Agreement borrowing rate and debt level, exclusive of the redemption premium of approximately $2.6 million. We continue to have a great deal of financial flexibility with over $400.0 million available under our Credit Agreement after the senior note redemption.”

Mr. Bunger concluded, “As noted earlier, we are not satisfied with the year-to-date performance of our U.S. business. As a senior management team, we are focused on growing our units on rent while at the same time, reducing costs. We expect continued revenue growth as the year progresses.”


Mobile Mini, Inc. News Release    Page 3
August 9, 2012   

 

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. Reconciliations of EBITDA, EBITDA margin, 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, August 9, 2012 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 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 235,000 portable storage containers and office units with 136 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, increasing debt pay down, and manage our consumer initiative, 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.

 

CONTACT:   -OR-    INVESTOR RELATIONS COUNSEL:

Mark Funk, Executive VP &

Chief Financial Officer

Mobile Mini, Inc.

(480) 477-0241

www.mobilemini.com

    

The Equity Group Inc.

Linda Latman (212) 836-9609

Lena Cati (212) 836-9611

(See Accompanying Tables)


Mobile Mini, Inc. News Release    Page 4
August 9, 2012   

 

Mobile Mini, Inc.

Condensed Consolidated Statements of Income

(Unaudited)

(in thousands except per share data)/(includes effects of rounding)

 

     Three Months Ended
June 30,
    Three Months Ended
June 30,
 
     2012
Actual
    2012
Non-GAAP (1)
    2011
Actual
    2011
Non-GAAP (1)
 

Revenues:

        

Leasing

   $ 82,854      $ 82,854      $ 78,422      $ 78,422   

Sales

     10,749        10,749        11,508        11,508   

Other

     547        547        593        593   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     94,150        94,150        90,523        90,523   
  

 

 

   

 

 

   

 

 

   

 

 

 

Costs and expenses:

        

Cost of sales

     6,580        6,580        7,070        7,070   

Leasing, selling and general expenses (2)

     55,574        55,529        49,628        49,337   

Integration, merger and restructuring expenses (3)

     267        —          266        —     

Depreciation and amortization

     9,131        9,131        9,018        9,018   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total costs and expenses

     71,552        71,240        65,982        65,425   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     22,598        22,910        24,541        25,098   

Other income (expense):

        

Interest income

     1        1        —          —     

Interest expense

     (10,182     (10,182     (11,777     (11,777

Foreign currency exchange

     (2     (2     (1     (1
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before provision for income taxes

     12,415        12,727        12,763        13,320   

Provision for income taxes

     4,645        4,738        4,821        5,035   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     7,770        7,989        7,942        8,285   

Earnings allocable to preferred stockholders

     —          —          (193     (202
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income available to common stockholders

   $ 7,770      $ 7,989      $ 7,749      $ 8,083   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share:

        

Basic

   $ 0.17      $ 0.18      $ 0.18      $ 0.19   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.17      $ 0.18      $ 0.18      $ 0.19   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of common and common share equivalents outstanding:

        

Basic

     44,627        44,627        42,656        42,656   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     44,952        44,952        44,594        44,594   
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

   $ 31,728      $ 32,040      $ 33,558      $ 34,115   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(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 2012, the difference relates to acquisition activity costs that are excluded in the non-GAAP presentation.

In 2011, the difference represents one-time costs 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.


Mobile Mini, Inc. News Release    Page 5
August 9, 2012   

 

Mobile Mini, Inc.

Condensed Consolidated Statements of Income

(Unaudited)

(in thousands except per share data)/(includes effects of rounding)

 

     Six Months Ended
June 30,
    Six Months Ended
June 30,
 
     2012     2012     2011     2011  
     Actual     Non-GAAP (1)     Actual     Non-GAAP (1)  

Revenues:

        

Leasing

   $ 160,471      $ 160,471      $ 151,101      $ 151,101   

Sales

     20,554        20,554        20,920        20,920   

Other

     1,048        1,048        1,361        1,361   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     182,073        182,073        173,382        173,382   
  

 

 

   

 

 

   

 

 

   

 

 

 

Costs and expenses:

        

Cost of sales

     12,478        12,478        13,089        13,089   

Leasing, selling and general expenses (2)

     109,288        109,149        96,716        96,385   

Integration, merger and restructuring expenses (3)

     763        —          471        —     

Depreciation and amortization

     18,145        18,145        17,813        17,813   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total costs and expenses

     140,674        139,772        128,089        127,287   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     41,399        42,301        45,293        46,095   

Other income (expense):

        

Interest income

     1        1        —          —     

Interest expense

     (20,799     (20,799     (24,476     (24,476

Debt restructuring expense (4)

     —          —          (1,334     —     

Deferred financing costs write-off (5)

     (692     —          —          —     

Foreign currency exchange

     (3     (3     (2     (2
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before provision for income taxes

     19,906        21,500        19,481        21,617   

Provision for income taxes

     7,505        8,066        7,388        8,211   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     12,401        13,434        12,093        13,406   

Earnings allocable to preferred stockholders

     —          —          (970     (1,160
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income available to common stockholders

   $ 12,401      $ 13,434      $ 11,123      $ 12,246   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share:

        

Basic

   $ 0.28      $ 0.30      $ 0.28      $ 0.31   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.28      $ 0.30      $ 0.27      $ 0.30   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of common and common share equivalents outstanding:

        

Basic

     44,558        44,558        39,138        39,138   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     45,006        45,006        44,554        44,554   
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

   $ 59,542      $ 60,444      $ 63,104      $ 63,906   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(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 2012, the difference relates to acquisition activity costs that are excluded in the non-GAAP presentation.

In 2011, the difference represents one-time costs 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 in 2011 of 9.75% Notes and is excluded in the non-GAAP presentation.
(5) Represents a portion of deferred financing costs associated with our prior $850.0 million credit agreement which was replaced with our new $900.0 million Credit Agreement in February 2012 and is excluded in the non-GAAP presentation.


Mobile Mini, Inc. News Release    Page 6
August 9, 2012   

 

     Non-GAAP Reconciliation to Nearest Comparable
GAAP Measure
Three Months Ended June 30, 2012
(in thousands except per share data)
(includes effects of rounding)
    Non-GAAP Reconciliation to Nearest Comparable
GAAP Measure Three Months Ended June 30, 2011
(in thousands except per share data)
(includes effects of rounding)
 
     Non-GAAP (1)     Acquisition
Expenses (2)
    Integration, merger
and restructuring
expenses (3)
    GAAP     Non-GAAP (1)     Leasing, selling
and general
expenses (5)
    Integration, merger
and restructuring
expenses (3)
    GAAP  

Revenues

   $ 94,150      $ —        $ —        $ 94,150      $ 90,523      $ —        $ —        $ 90,523   

EBITDA

   $ 32,040      $ (45   $ (267   $ 31,728      $ 34,115      $ (291   $ (266   $ 33,558   

EBITDA margin

     34.0     —          (0.3 )%      33.7     37.7     (0.3 )%      (0.3 )%      37.1

Operating income

   $ 22,910      $ (45   $ (267   $ 22,598      $ 25,098      $ (291   $ (266   $ 24,541   

Operating income margin

     24.3     —          (0.3 )%      24.0     27.7     (0.3 )%      (0.3 )%      27.1

Pre tax income

   $ 12,727      $ (45   $ (267   $ 12,415      $ 13,320      $ (291   $ (266   $ 12,763   

Net income

   $ 7,989      $ (27   $ (192   $ 7,770      $ 8,285      $ (179   $ (164   $ 7,942   

Diluted earnings per share

   $ 0.18      $ —        $ (0.01   $ 0.17      $ 0.19      $ (0.01   $ —        $ 0.18   

 

    Non-GAAP Reconciliation to Nearest Comparable
GAAP Measure
Six Months Ended June 30, 2012
(in thousands except per share data)
(includes effects of rounding)
    Non-GAAP Reconciliation to Nearest Comparable
GAAP Measure
Six Months Ended June 30, 2011
(in thousands except per share data)
(includes effects of rounding)
 
    Non-GAAP (1)     Acquisition
Expenses (2)
    Integration, merger
and restructuring
expenses (3)
    Deferred
financing costs
write-off (4)
    GAAP     Non-GAAP (1)     Leasing, selling
and general
expenses (5)
    Integration,
merger and
restructuring
expenses (3)
    Debt
restructuring
expense (6)
    GAAP  

Revenues

  $ 182,073      $ —        $ —        $ —        $ 182,073      $ 173,382      $ —        $ —        $ —        $ 173,382   

EBITDA

  $ 60,444      $ (139   $ (763   $ —        $ 59,542      $ 63,906      $ (331   $ (471   $ —        $ 63,104   

EBITDA margin

    33.2     (0.1 )%      (0.4 )%      —          32.7     36.9     (0.2 )%      (0.3 )%      —          36.4

Operating income

  $ 42,301      $ (139   $ (763   $ —        $ 41,399      $ 46,095      $ (331   $ (471   $ —        $ 45,293   

Operating income margin

    23.2     (0.1 )%      (0.4 )%      —          22.7     26.6     (0.2 )%      (0.3 )%      —          26.1

Pre tax income

  $ 21,500      $ (139   $ (763   $ (692   $ 19,906      $ 21,617      $ (331   $ (471   $ (1,334   $ 19,481   

Net income

  $ 13,434      $ (85   $ (522   $ (426   $ 12,401      $ 13,406      $ (203   $ (290   $ (820   $ 12,093   

Diluted earnings per share

  $ 0.30      $ —        $ (0.01   $ (0.01   $ 0.28      $ 0.30      $ —        $ (0.01   $ (0.02   $ 0.27   

 

(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) Represents acquisition activity costs 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 a portion of deferred financing costs associated with our prior $850.0 million credit agreement which was replaced by our new $900.0 million credit agreement in February 2012 and is excluded in the non-GAAP presentation.
(5) Represents one-time costs that are excluded in the non-GAAP presentation.
(6) Represents the tender premiums and the remaining unamortized acquisition date discount on the redemption of $22.3 million of 9.75% Notes in 2011 and is excluded in the non-GAAP presentation.


Mobile Mini, Inc. News Release    Page 7
August 9, 2012   

 

This press release includes the financial measures “EBITDA”, “EBITDA margin”, “non-GAAP SG&A”, “non-GAAP net income”, “non-GAAP diluted earnings per share” and “free cash flow.” These measurements are deemed “non-GAAP financial measures” 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, non-GAAP net income and non-GAAP diluted earnings per share permit a comparative assessment of our SG&A expenses, net income and diluted earnings per share by excluding certain one-time expenses and integration, merger and restructuring 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.


Mobile Mini, Inc. News Release    Page 8
August 9, 2012   

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2012     2011     2012     2011  
     (In thousands)     (In thousands)  

Reconciliation of EBITDA to net cash provided by operating activities:

        

EBITDA

   $ 31,728      $ 33,558      $ 59,542      $ 63,104   

Interest paid

     (24,663     (17,971     (27,710     (23,354

Income and franchise taxes paid

     (548     (524     (589     (590

Share-based compensation expense

     1,730        1,396        3,586        2,721   

Gain on sale of lease fleet units

     (3,442     (4,026     (6,556     (7,119

Gain on disposal of property, plant and equipment

     (31     (21     (44     —     

Changes in certain assets and liabilities, net of effect of business acquired:

        

Receivables

     (2,568     (4,144     395        (2,386

Inventories

     365        527        (937     (367

Deposits and prepaid expenses

     (303     1,158        (109     853   

Other assets and intangibles

     132        (44     (105     (118

Accounts payable and accrued liabilities

     12,326        2,694        6,100        633   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

   $ 14,726      $ 12,603      $ 33,573      $ 33,377   
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of net income to EBITDA and non-GAAP EBITDA:

        

Net income

   $ 7,770      $ 7,942      $ 12,401      $ 12,093   

Interest expense

     10,182        11,777        20,799        24,476   

Provision for income taxes

     4,645        4,821        7,505        7,388   

Depreciation and amortization

     9,131        9,018        18,145        17,813   

Debt restructuring expense

     —          —          —          1,334   

Deferred financing costs write-off

     —          —          692        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

     31,728        33,558        59,542        63,104   

Integration, merger and restructuring expenses & other

     267        557        763        802   

Acquisition expenses

     45        —          139        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP EBITDA

   $ 32,040      $ 34,115      $ 60,444      $ 63,906   
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of net cash provided by operating activities to free cash flow:

        

Net cash provided by operating activities

   $ 14,726      $ 12,603      $ 33,573      $ 33,377   

Additions to lease fleet

     (9,506     (7,658     (19,326     (11,175

Proceeds from sale of lease fleet units

     8,464        9,825        16,117        18,028   

Additions to property, plant and equipment

     (5,596     (3,609     (8,555     (6,800

Proceeds from sale of property, plant and equipment

     151        15        315        41   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net capital (expenditures) proceeds, excluding acquisitions

     (6,487     (1,427     (11,449     94   
  

 

 

   

 

 

   

 

 

   

 

 

 

Free cash flow

   $ 8,239      $ 11,176      $ 22,124      $ 33,471   
  

 

 

   

 

 

   

 

 

   

 

 

 


Mobile Mini, Inc. News Release    Page 9
August 9, 2012   

 

Mobile Mini, Inc.

Condensed Consolidated Balance Sheets

(in thousands except par value data)

(includes effects of rounding)

 

    

June 30,

2012

    December 31,
2011
 
     (unaudited)     (audited)  
ASSETS     

Cash

   $ 2,947      $ 2,860   

Receivables, net

     46,791        47,102   

Inventories

     21,722        20,803   

Lease fleet, net

     1,020,670        1,018,742   

Property, plant and equipment, net

     82,869        79,875   

Deposits and prepaid expenses

     7,462        7,338   

Other assets and intangibles, net

     21,409        16,862   

Goodwill

     516,434        514,469   
  

 

 

   

 

 

 

Total assets

   $ 1,720,304      $ 1,708,051   
  

 

 

   

 

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY     

Liabilities:

    

Accounts payable

   $ 23,168      $ 20,849   

Accrued liabilities

     41,741        46,369   

Lines of credit

     333,535        345,149   

Notes payable

     78        316   

Obligations under capital leases

     1,042        1,289   

Senior Notes, net

     349,760        349,718   

Deferred income taxes

     191,012        183,550   
  

 

 

   

 

 

 

Total liabilities

     940,336        947,240   
  

 

 

   

 

 

 

Commitments and contingencies

    

Stockholders’ equity:

    

Common stock; $.01 par value, 95,000 shares authorized, 47,893 issued and 45,718 outstanding at June 30, 2012 and 47,787 issued and 45,612 outstanding at December 31, 2011

  

 

479

  

 

 

478

  

Additional paid-in capital

     514,459        508,936   

Retained earnings

     328,507        316,106   

Accumulated other comprehensive loss

     (24,177     (25,409

Treasury stock, at cost, 2,175 shares

     (39,300     (39,300
  

 

 

   

 

 

 

Total stockholders’ equity

     779,968        760,811   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 1,720,304      $ 1,708,051