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Mobile Mini Reports Q3’15 Results and Announces Quarterly Dividend

PHOENIX--(BUSINESS WIRE)--Mobile Mini, Inc. (NASDAQ GS:MINI) (the “Company” or “Mobile Mini”), the world’s leading supplier of portable storage solutions, and a leading provider of specialty containment solutions in the United States, today reported actual and adjusted financial results for the quarter ended September 30, 2015. Total revenues were $133.3 million and rental revenues were $124.8 million, up from $113.3 million and $104.8 million, respectively, for the same period last year.

The Company recorded net income of $14.0 million, or $0.31 per diluted share in the third quarter of 2015 as compared to net income of $14.8 million, or $0.32 per diluted share, for the third quarter of 2014. On an adjusted basis, third quarter net income was $16.0 million, or $0.35 per diluted share, compared to adjusted net income of $15.2 million, or $0.33 per diluted share, for the third quarter of 2014. Adjusted EBITDA was $52.1 million and adjusted EBITDA margin was 39.5% for the third quarter of 2015.

Rental revenues for the portable storage and specialty containment businesses for the current quarter were $98.9 million and $26.0 million, respectively.


The Company’s Board of Directors declared a cash dividend of 18.7 cents per share which will be paid on December 2, 2015 to shareholders of record on November 11, 2015.

Third Quarter 2015 Highlights

  • Grew total rental revenues 19.1% year-over-year.
  • Portable storage rental revenues increased 5.8%, excluding the wood mobile offices sold in May 2015, or 7.7% when adjusted for unfavorable currency fluctuations.
  • Increased portable storage rental rates by 3.7% year-over-year.
  • Expanded adjusted EBITDA margin to 39.5%, and delivered adjusted EBITDA of $52.1 million, up 17.3% from $44.4 million in the prior-year quarter.
  • Drove portable storage utilization to an average of 70.0%; rising to 72.7% by quarter end.
  • Returned $30.6 million to our shareholders through $8.3 million in dividends and $22.3 million of repurchased treasury shares in the quarter.

CEO Comments

Erik Olsson, Mobile Mini’s President and Chief Executive Officer, remarked, “I am very pleased with our performance overall and within both our individual portable storage and specialty containment businesses. Our portable storage business grew a strong 7.7% year-over-year, driven by increases in both units on rent and rental rates. The momentum we saw in the later part of the second quarter continued into the third quarter, with our North American sales force driving the highest number of quarterly portable storage activations in the Company’s history, with core activations up 12% from the third quarter 2014. As a result, utilization at the end of the quarter was a strong 72.7%. In our specialty containment business we continue to see good momentum in the downstream industrial segment and our overall specialty containment business generated $11 million of adjusted EBITDA at a robust 40.4% margin.”

Mr. Olsson continued, “We delivered a very good quarter, which included expanding our portable storage adjusted EBITDA margin to 39.3%, notwithstanding short-term pressure related to the divestiture of our wood mobile office business. Given our increasing utilization we also added to our sales force and made incremental growth capital expenditures for high demand markets. We continue to leverage our infrastructure across our two business segments, and are well-positioned for continued growth.”

Conference Call

Mobile Mini will host a conference call today, Thursday, October 22, 2015 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"> and click on the Investors section. Additionally, a slide presentation that will accompany the call will be posted at"> on the Investors section and will be available in advance and after the call. 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 call can be accessed for approximately 14 days after the call at Mobile Mini’s website.

About Mobile Mini, Inc.

Mobile Mini, Inc. is the world’s leading provider of portable storage solutions through its total rental fleet of approximately 209,500 portable storage containers and office units. Through its wholly-owned subsidiary, Evergreen Tank Solutions, Mobile Mini is also a leading provider of specialty containment solutions in the U.S., with a rental fleet of approximately 11,400 units. Mobile Mini’s network includes 133 portable storage locations in the U.S., United Kingdom, and Canada, 19 specialty containment locations and 6 combined locations. Mobile Mini is included on the Russell 2000® and 3000® Indexes and the S&P Small Cap Index.

Forward-Looking Statements

This news release contains forward-looking statements, including, but not limited to, our expectations regarding ongoing momentum in certain segments, our ability to leverage our infrastructure and continued growth, 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.


Certain amounts in the consolidated statements of operations for the three months ended March 31, 2015, which is included in the year-to-date period ended September 30, 2015, have been reclassified to conform to the current period presentation. The reclassifications have no effect on total revenues, loss from operations, net loss or net loss per common share.

The Company believes the current presentation better reflects the nature of the underlying financial statement items.

(See accompanying tables)

Mobile Mini, Inc.
Condensed Consolidated Statements of Operations
(in thousands except per share data)
Three Months Ended September 30, 2015 Three Months Ended September 30, 2014
Actual Adjustments Adjusted (1) Actual Adjustments Adjusted (1)
Rental $ 124,813 $ - $ 124,813 $ 104,798 $ - $ 104,798
Sales 6,594 - 6,594 7,913 - 7,913
Other (2) 1,936 (1,455) 481 611 - 611
Total revenues 133,343 (1,455) 131,888 113,322 - 113,322
Costs and expenses:
Rental, selling and general expenses (3) 81,659 (2,822) 78,837 67,889 (37) 67,852
Cost of sales 4,366 - 4,366 5,199 - 5,199
Restructuring expenses (4) 1,846 (1,846) - 593 (593) -
Depreciation and amortization 14,998 - 14,998 9,470 - 9,470
Total costs and expenses 102,869 (4,668) 98,201 83,151 (630) 82,521
Income from operations 30,474 3,213 33,687 30,171 630 30,801
Other expense:
Interest income 1 - 1 - - -
Interest expense (8,960) - (8,960) (7,107) - (7,107)
Foreign currency exchange - - - - - -
Income before tax provision 21,515 3,213 24,728 23,064 630 23,694
Income tax provision 7,536 1,216 8,752 8,244 240 8,484
Net income $ 13,979 $ 1,997 $ 15,976 $ 14,820 $ 390 $ 15,210
EBITDA $ 45,473 $ 52,104 $ 39,641 $ 44,427
EBITDA as a percentage of total revenues 34.1% 39.5% 35.0% 39.2%
Earnings per share: #
Basic $ 0.31 $ 0.36 $ 0.32 $ 0.33
Diluted 0.31 0.35 0.32 0.33
Weighted average number of common and
common share equivalents outstanding:
Basic 44,721 44,721 46,001 46,001
Diluted 45,147 45,147 46,675 46,675

(1) Adjusted column excludes certain transactions described in the footnotes below that management believes are not indicative of its business. Adjusted...