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8-K - FORM 8-K - MOBILE MINI INC | c13306e8vk.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
MOBILE MINI REPORTS FOURTH QUARTER AND FULL YEAR RESULTS
Free Cash Flow of Approximately $18.6 Million in Fourth Quarter
40.0% Non-GAAP EBITDA Margin Achieved;
Free Cash Flow of Approximately $18.6 Million in Fourth Quarter
40.0% Non-GAAP EBITDA Margin Achieved;
Third Sequential Quarter of Revenue and EBITDA Growth
Looks for Top and Bottom Line Growth in 2011 and Plans to Enter at Least Six New Markets
Tempe, AZ February 28, 2011 Mobile Mini, Inc. (NASDAQ GS: MINI) today reported GAAP and
non-GAAP financial results for the fourth quarter and year ended December 31, 2010.
Non-GAAP Fourth Quarter 2010
| Total revenues were $87.4 million; |
|
| Leasing revenues were $76.3 million and comprised 87.3% of total revenues; |
|
| Sales revenues were $10.0 million with margins of 32.9%; |
| EBITDA was $34.9 million or 40.0% of total revenues; and |
| Net income was $7.8 million or $0.18 per diluted share. |
Other Fourth Quarter 2010 Highlights
| Free cash flow was $18.6 million; |
| Net debt was paid down by $6.9 million after payment of the $8.9 million call premium
relating to our recent senior notes refinancing; |
| Yield (total lease revenues per unit on rent) increased 4.0% compared to the fourth quarter
of 2009 primarily due to an increase in trucking and ancillary revenues; |
| Average utilization rate was 55.5% in the fourth quarter, up from 53.3% in the preceding
quarter; and |
| Excess availability under our revolver at December 31, 2010 was $385.9 million. |
Non-GAAP 2010 Full-Year Highlights
| Total revenues were $330.8 million; |
|
| Leasing revenues were $295.0 million and comprised 89.2% of total revenues; |
|
| Sales revenues were $33.2 million with margins of 33.7%; |
| EBITDA was $129.9 million or 39.3% of total revenues; |
| Net income was $23.3 million or $0.53 per diluted share; |
| Free cash flow was $66.2 million; and |
| Net debt was reduced by $55.7 million after payment of the $8.9 million call premium
relating to our recent senior notes refinancing. |
Non-GAAP results for 2010 exclude $11.0 million of debt restructuring expense in connection with
the redemption of $170.6 million of 9.75% Senior Notes for the fourth quarter and full year; $0.5
million of deferred financing costs for the full year relating to a $50.0 million Company-elected
reduction in our line of credit and $0.3 million and $4.3 million for the fourth quarter and full
year, respectively, of expenses relating primarily to ongoing restructuring of our operations.
(more)
Mobile Mini, Inc. News Release February 28, 2011 |
Page 2 |
Business Overview
Mobile Minis Chairman, President & CEO, Steven Bunger stated, We closed the year on a solid note
with our third sequential quarter of increasing revenues and non-GAAP EBITDA. In the final quarter
of the year, seasonally our strongest, total revenues rose 3.3% and non-GAAP EBITDA rose 5.9% from
2010 third quarter levels. These increases were driven by an increase in utilization. A
confluence of factors, including the improving economic climate, the slow but steady return of
construction-related customers and the repositioning of underutilized lease assets to our new
markets and other higher demand locations, are among the reasons for the ongoing gains in
utilization rates. At year end, utilization rose to 54.9% from 54.1% at September 30th,
53.3% at June 30th and 52.1% at March 31st. At the same time, lease revenues
per unit on rent have also been improving, with fourth quarter 2010 yield up 4.0% from the same
period in 2009.
He continued, In 2010, we cut approximately $13.2 million of non-GAAP selling, general and
administrative expenses (SG&A). The utilization of low-cost operational yards supported by
full-service branches combined with the bifurcation of our sales force and our new logistics
delivery system, are proving to be more than just cost savings initiatives. We believe that weve
achieved lasting productivity and efficiency gains from these programs. We now have a leaner, more
productive organization on which to build. In 2011, we plan to enter at least six new markets,
just as we did in mid-2010 in Omaha, Washington, D.C. and Virginia Beach/Norfolk, by continuing to
open low-cost operational yards and reposition idle lease fleet from nearby locations. Supported
by our National Sales Center (NSC) and local advertising, all three new locations were
EBITDA-positive by year-end.
Mr. Bunger also noted, Business has been improving at our European operations due in part to the
benefits of ongoing cost savings and efficiencies and our hybrid sales model. As compared to the
third quarter, fourth quarter non-GAAP EBITDA rose 10.3%.
Mark Funk, Mobile Minis Executive Vice President & CFO noted, As of December 31, 2010, we had
generated free cash flow for twelve consecutive quarters. Fourth quarter free cash flow totaled
$18.6 million and for the year was $66.2 million. In 2010, proceeds generated from the sale of
units in the fleet exceeded all of our capital expenditure needs by $5.4 million, which along with
cash flow from operations were used to pay down our debt. During the fourth quarter we repaid
another $6.9 million of debt, bringing our debt repayment to $55.7 million for all of 2010. Debt
repayment before the payment of the call premium on our recent senior notes refinancing would have
been $64.6 million for 2010. As previously announced, we expect our net capital expenditures to be
nominal for 2011. For the foreseeable future, as the economy improves and utilization follows
suit, we have sufficient lease assets to put on rent to grow the business, both at existing
locations and those in the planning stage. For these reasons, we expect our free cash flow and our
debt repayment to accelerate in the future.
Mr. Funk summarized, Since the acquisition of Mobile Storage Group in June 2008, the Company has
generated free cash flow of $178.5 million and reduced its debt by $160.0 million.
(more)
Mobile Mini, Inc. News Release February 28, 2011 |
Page 3 |
Mr. Funk also noted, We are pleased with the outcome of our $200 million senior note refinancing
completed in November 2010 that allowed us replace 9.75% senior notes with 7.875% senior notes and
extend our note maturity for more than six years from 2014 to 2020. This refinancing allows us to
reduce interest expense, including the amortization of issuance costs, by approximately $2.5
million per year. With $385.9 million of excess borrowing availability at year-end and
expectations of further debt reduction in 2011, we elected to decrease our credit facility by $50
million during the third quarter thereby reducing associated unused line fees under our now $850
million line of credit.
In closing, Mr. Funk noted, The actions taken operationally and financially should enhance the
operating leverage inherent in our business model as the economy strengthens and our utilization
improves. We expect to achieve top and bottom line growth in 2011.
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, Monday, February 28, 2011 at 12 noon ET to review
these results. To listen to the call live, dial (201) 689-8345 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 Minis website.
Mobile Mini, Inc. is the worlds leading provider of portable storage solutions through its total
lease fleet of approximately 245,500 portable storage and office units with 121 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, efficiency gains from logistics systems, borrowing
availability, enhancement of operating leverage, higher and lasting productivity, increase in
utilization, 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 Companys 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 &
|
The Equity Group Inc. | |||
Chief Financial Officer
|
Linda Latman (212) 836-9609 | |||
Mobile Mini, Inc.
|
Lena Cati (212) 836-9611 | |||
(480) 477-0241 |
||||
www.mobilemini.com |
(See Accompanying Tables)
Mobile Mini, Inc. News Release February 28, 2011 |
Page 4 |
Mobile Mini, Inc.
Condensed Consolidated Statements of Income
(Unaudited)/(in 000s except per share data)/(includes effects of rounding)
(Unaudited)/(in 000s except per share data)/(includes effects of rounding)
Three Months Ended | Three Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2010 | 2010 | 2009 | 2009 | |||||||||||||
Actual | Non-GAAP (1) | Actual | Non-GAAP (1) | |||||||||||||
Revenues: |
||||||||||||||||
Leasing |
$ | 76,345 | $ | 76,345 | $ | 77,510 | $ | 77,510 | ||||||||
Sales |
10,030 | 10,030 | 9,194 | 9,194 | ||||||||||||
Other |
1,044 | 1,044 | 583 | 583 | ||||||||||||
Total revenues |
87,419 | 87,419 | 87,287 | 87,287 | ||||||||||||
Cost of sales |
6,731 | 6,731 | 6,086 | 6,086 | ||||||||||||
Leasing, selling and general expenses (2) |
45,761 | 45,756 | 44,859 | 44,024 | ||||||||||||
Integration, merger and restructuring expenses (3) |
342 | | 1,930 | | ||||||||||||
Depreciation and amortization |
8,758 | 8,758 | 9,168 | 9,168 | ||||||||||||
Total costs and expenses |
61,592 | 61,245 | 62,043 | 59,278 | ||||||||||||
Income from operations |
25,827 | 26,174 | 25,244 | 28,009 | ||||||||||||
Other income (expense): |
||||||||||||||||
Interest expense |
(13,295 | ) | (13,295 | ) | (14,702 | ) | (14,702 | ) | ||||||||
Debt restructuring expense (4) |
(11,024 | ) | | | | |||||||||||
Income before provision for income taxes |
1,508 | 12,879 | 10,542 | 13,307 | ||||||||||||
Provision for income taxes |
657 | 5,033 | 4,557 | 5,598 | ||||||||||||
Net income |
851 | 7,846 | 5,985 | 7,709 | ||||||||||||
Earnings allocable to preferred stockholders |
(159 | ) | (1,477 | ) | (1,087 | ) | (1,465 | ) | ||||||||
Net income available to common stockholders |
$ | 692 | $ | 6,369 | $ | 4,898 | $ | 6,244 | ||||||||
Earnings per share: |
||||||||||||||||
Basic |
$ | 0.02 | $ | 0.18 | $ | 0.14 | $ | 0.18 | ||||||||
Diluted |
$ | 0.02 | $ | 0.18 | $ | 0.14 | $ | 0.18 | ||||||||
Weighted average number of common and common
share equivalents outstanding: |
||||||||||||||||
Basic |
35,332 | 35,332 | 34,914 | 34,914 | ||||||||||||
Diluted |
44,131 | 44,131 | 43,487 | 43,487 | ||||||||||||
EBITDA |
$ | 34,585 | $ | 34,932 | $ | 34,412 | $ | 37,177 | ||||||||
(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) | Difference relates to one-time expenses excluded in the non-GAAP presentation. |
|
(3) | Integration, merger and restructuring expenses represent costs that we incurred in connection
with the MSG acquisition and expenses incurred in conjunction with the continued restructuring
of our operations and are excluded in the non-GAAP presentation. |
|
(4) | Represents the early consent and tender premiums and the remaining unamortized acquisition
date discount on the redemption of $170.6 million of 9.75% Notes and is excluded in the
non-GAAP presentation. |
Mobile Mini, Inc. News Release | Page 5 | |
February 28, 2011 |
Mobile Mini, Inc. Condensed Consolidated Statements of Income
(Unaudited)/(in 000s except per share data)/(includes effects of rounding)
Twelve Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2010 | 2010 | 2009 | 2009 | |||||||||||||
Actual | Non-GAAP (1) | Actual | Non-GAAP (1) | |||||||||||||
Revenues: |
||||||||||||||||
Leasing |
$ | 295,034 | $ | 295,034 | $ | 333,521 | $ | 333,521 | ||||||||
Sales |
33,156 | 33,156 | 38,605 | 38,605 | ||||||||||||
Other |
2,567 | 2,567 | 2,335 | 2,335 | ||||||||||||
Total revenues |
330,757 | 330,757 | 374,461 | 374,461 | ||||||||||||
Costs and expenses: |
||||||||||||||||
Cost of sales |
21,997 | 21,997 | 25,795 | 25,795 | ||||||||||||
Leasing, selling and general expenses (2) |
179,121 | 178,846 | 192,861 | 192,026 | ||||||||||||
Integration, merger and restructuring
expenses (3) |
4,014 | | 11,305 | | ||||||||||||
Depreciation and amortization |
35,686 | 35,686 | 39,082 | 39,082 | ||||||||||||
Total costs and expenses |
240,818 | 236,529 | 269,043 | 256,903 | ||||||||||||
Income from operations |
89,939 | 94,228 | 105,418 | 117,558 | ||||||||||||
Other income (expense): |
||||||||||||||||
Interest income |
1 | 1 | 29 | 29 | ||||||||||||
Interest expense |
(56,430 | ) | (56,430 | ) | (59,504 | ) | (59,504 | ) | ||||||||
Debt restructuring expense (4) |
(11,024 | ) | | | | |||||||||||
Deferred financing costs write-off (5) |
(525 | ) | | | | |||||||||||
Foreign currency exchange |
(9 | ) | (9 | ) | (88 | ) | (88 | ) | ||||||||
Income before provision for income taxes |
21,952 | 37,790 | 45,855 | 57,995 | ||||||||||||
Provision for income taxes |
8,443 | 14,538 | 18,057 | 22,642 | ||||||||||||
Net income |
13,509 | 23,252 | 27,798 | 35,353 | ||||||||||||
Earnings allocable to preferred stockholders |
(2,550 | ) | (4,367 | ) | (5,431 | ) | (6,971 | ) | ||||||||
Net income available to common stockholders |
$ | 10,959 | $ | 18,885 | $ | 22,367 | $ | 28,382 | ||||||||
Earnings per share: |
||||||||||||||||
Basic |
$ | 0.31 | $ | 0.54 | $ | 0.65 | $ | 0.82 | ||||||||
Diluted |
$ | 0.31 | $ | 0.53 | $ | 0.64 | $ | 0.82 | ||||||||
Weighted average number of common and common
share equivalents outstanding: |
||||||||||||||||
Basic |
35,196 | 35,196 | 34,597 | 34,597 | ||||||||||||
Diluted |
43,829 | 43,829 | 43,252 | 43,252 | ||||||||||||
EBITDA |
$ | 125,617 | $ | 129,906 | $ | 144,441 | $ | 156,581 | ||||||||
(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) | Difference relates to one-time expenses excluded in the non-GAAP presentation. |
|
(3) | Integration, merger and restructuring expenses represent costs that we incurred in connection
with the MSG acquisition and expenses incurred in conjunction with the continued restructuring
of our operations and are excluded in the non-GAAP presentation. |
|
(4) | Represents the early consent and tender premiums and the remaining unamortized acquisition
date discount on the redemption of $170.6 million of 9.75% Notes and 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 and is excluded in the non-GAAP presentation. |
Mobile Mini, Inc. News Release | Page 6 | |
February 28, 2011 |
Non-GAAP Reconciliation to Nearest Comparable | Non-GAAP Reconciliation to Nearest Comparable | |||||||||||||||||||||||||||
GAAP Measure | GAAP Measure | |||||||||||||||||||||||||||
Three Months Ended December 31, 2010 | Three Months Ended December 31, 2009 | |||||||||||||||||||||||||||
(in thousands except per share data) | (in thousands except per share data) | |||||||||||||||||||||||||||
(includes effects of rounding) | (includes effects of rounding) | |||||||||||||||||||||||||||
Integration, merger | Debt | Integration, merger | ||||||||||||||||||||||||||
and restructuring | restructuring | and restructuring | ||||||||||||||||||||||||||
Non-GAAP (1) | expenses & other (2) | expense (3) | GAAP | Non-GAAP (1) | expenses & other (2) | GAAP | ||||||||||||||||||||||
Revenues |
$ | 87,419 | $ | | $ | | $ | 87,419 | $ | 87,287 | $ | | $ | 87,287 | ||||||||||||||
EBITDA |
$ | 34,932 | $ | (347 | ) | $ | | $ | 34,585 | $ | 37,177 | $ | (2,765 | ) | $ | 34,412 | ||||||||||||
EBITDA margin |
40.0 | % | (0.4 | )% | | % | 39.6 | % | 42.6 | % | (3.2 | )% | 39.4 | % | ||||||||||||||
Operating income |
$ | 26,174 | $ | (347 | ) | $ | | $ | 25,827 | $ | 28,009 | $ | (2,765 | ) | $ | 25,244 | ||||||||||||
Operating income margin |
29.9 | % | (0.4 | )% | | % | 29.5 | % | 32.1 | % | (3.2 | )% | 28.9 | % | ||||||||||||||
Pre tax income |
$ | 12,879 | $ | (347 | ) | $ | (11,024 | ) | $ | 1,508 | $ | 13,307 | $ | (2,765 | ) | $ | 10,542 | |||||||||||
Net income |
$ | 7,846 | $ | (215 | ) | $ | (6,780 | ) | $ | 851 | $ | 7,709 | $ | (1,724 | ) | $ | 5,985 | |||||||||||
Diluted earnings per share |
$ | 0.18 | $ | (0.01 | ) | $ | (0.15 | ) | $ | 0.02 | $ | 0.18 | $ | (0.04 | ) | $ | 0.14 |
Non-GAAP Reconciliation to Nearest Comparable | Non-GAAP Reconciliation to Nearest Comparable | |||||||||||||||||||||||||||||||
GAAP Measure | GAAP Measure | |||||||||||||||||||||||||||||||
Twelve Months Ended December 31, 2010 | Twelve Months Ended December 31, 2009 | |||||||||||||||||||||||||||||||
(in thousands except per share data) | (in thousands except per share data) | |||||||||||||||||||||||||||||||
(includes effects of rounding) | (includes effects of rounding) | |||||||||||||||||||||||||||||||
Integration, | ||||||||||||||||||||||||||||||||
merger and | Deferred | |||||||||||||||||||||||||||||||
restructuring | Debt | financing | Integration, merger | |||||||||||||||||||||||||||||
expenses & | restructuring | costs write- | and restructuring | |||||||||||||||||||||||||||||
Non-GAAP (1) | other (2) | expense (3) | off (4) | GAAP | Non-GAAP (1) | expenses & other (2) | GAAP | |||||||||||||||||||||||||
Revenues |
$ | 330,757 | $ | | $ | | $ | | $ | 330,757 | $ | 374,461 | $ | | $ | 374,461 | ||||||||||||||||
EBITDA |
$ | 129,906 | $ | (4,289 | ) | $ | | $ | | $ | 125,617 | $ | 156,581 | $ | (12,140 | ) | $ | 144,441 | ||||||||||||||
EBITDA margin |
39.3 | % | (1.3 | )% | (0.0 | )% | 0.0 | % | 38.0 | % | 41.8 | % | (3.2 | )% | 38.6 | % | ||||||||||||||||
Operating income |
$ | 94,228 | $ | (4,289 | ) | $ | | $ | | $ | 89,939 | $ | 117,558 | $ | (12,140 | ) | $ | 105,418 | ||||||||||||||
Operating income
margin |
28.5 | % | (1.3 | )% | (0.0 | )% | 0.0 | % | 27.2 | % | 31.4 | % | (3.2 | )% | 28.2 | % | ||||||||||||||||
Pre tax income |
$ | 37,790 | $ | (4,289 | ) | $ | (11,024 | ) | $ | (525 | ) | $ | 21,952 | $ | 57,995 | $ | (12,140 | ) | $ | 45,855 | ||||||||||||
Net income |
$ | 23,252 | $ | (2,640 | ) | $ | (6,780 | ) | $ | (323 | ) | $ | 13,509 | $ | 35,353 | $ | (7,555 | ) | $ | 27,798 | ||||||||||||
Diluted earnings
per share |
$ | 0.53 | $ | (0.06 | ) | $ | (0.15 | ) | $ | (0.01 | ) | $ | 0.31 | $ | 0.82 | $ | (0.18 | ) | $ | 0.64 |
(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) | Integration, merger and restructuring expenses represent costs that we incurred in connection
with the MSG acquisition and expenses incurred in conjunction with the continued restructuring of
our operations and other excludes one-time expenses incurred in the applicable period. |
|
(3) | Represents the early consent and tender premiums and the remaining unamortized acquisition date
on the redemption of $170.6 million of 9.75% Notes and is 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 and is excluded in the non-GAAP presentation. |
Mobile Mini, Inc. News Release | Page 7 | |
February 28, 2011 |
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 Companys 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. We define non-GAAP SG&A as GAAP selling, general and administrative expense less
approximately $0.3 million of one-time expenses relating primarily to the previously disclosed
purported class action lawsuit and losses related to flood damage.
Mobile Mini, Inc. News Release February 28, 2011 |
Page 8 |
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 | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Reconciliation of EBITDA to Net cash
provided by operating activities: |
||||||||||||||||
EBITDA |
$ | 34,585 | $ | 34,412 | $ | 125,617 | $ | 144,441 | ||||||||
Interest paid |
(15,582 | ) | (11,393 | ) | (56,582 | ) | (54,817 | ) | ||||||||
Income and franchise taxes paid |
(87 | ) | (91 | ) | (823 | ) | (1,055 | ) | ||||||||
Share-based compensation expense |
1,387 | 676 | 6,292 | 5,782 | ||||||||||||
Gain on sale of lease fleet units |
(2,884 | ) | (2,856 | ) | (10,045 | ) | (11,661 | ) | ||||||||
Gain loss on disposal of property, plant
and equipment |
113 | 154 | 34 | 52 | ||||||||||||
Changes in certain assets and liabilities: |
||||||||||||||||
Receivables |
894 | 1,434 | (2,077 | ) | 21,327 | |||||||||||
Inventories |
913 | 903 | 2,506 | 3,691 | ||||||||||||
Deposits and prepaid expenses |
(1,336 | ) | 289 | 1,486 | 3,412 | |||||||||||
Other assets and intangibles |
40 | (176 | ) | (873 | ) | (845 | ) | |||||||||
Accounts payable and accrued liabilities |
589 | (5,207 | ) | (4,730 | ) | (23,557 | ) | |||||||||
Net cash provided by operating activities |
$ | 18,632 | $ | 18,145 | $ | 60,805 | $ | 86,770 | ||||||||
Reconciliation of Net income to EBITDA and
Non-GAAP EBITDA: |
||||||||||||||||
Net income |
$ | 851 | $ | 5,985 | $ | 13,509 | $ | 27,798 | ||||||||
Interest expense |
13,295 | 14,702 | 56,430 | 59,504 | ||||||||||||
Provision for income taxes |
657 | 4,557 | 8,443 | 18,057 | ||||||||||||
Depreciation and amortization |
8,758 | 9,168 | 35,686 | 39,082 | ||||||||||||
Debt restructuring expense |
11,024 | | 11,024 | | ||||||||||||
Deferred financing costs write-off |
| | 525 | | ||||||||||||
EBITDA |
34,585 | 34,412 | 125,617 | 144,441 | ||||||||||||
Integration, merger and restructuring
expenses & other |
347 | 2,765 | 4,289 | 12,140 | ||||||||||||
Non-GAAP EBITDA |
$ | 34,932 | $ | 37,177 | $ | 129,906 | $ | 156,581 | ||||||||
Reconciliation of Free cash flow: |
||||||||||||||||
Net cash provided by operating activities |
$ | 18,632 | $ | 18,145 | $ | 60,805 | $ | 86,770 | ||||||||
Additions to lease fleet |
(3,871 | ) | (4,995 | ) | (15,103 | ) | (21,517 | ) | ||||||||
Proceeds from sale of lease fleet units |
8,594 | 8,064 | 28,860 | 33,495 | ||||||||||||
Additions to property, plant and equipment |
(4,784 | ) | (2,159 | ) | (8,555 | ) | (10,294 | ) | ||||||||
Proceeds from sale of property, plant and
equipment |
29 | 431 | 149 | 1,252 | ||||||||||||
Net capital (expenditures) proceeds |
(32 | ) | 1,341 | 5,351 | 2,936 | |||||||||||
Free cash flow |
$ | 18,600 | $ | 19,486 | $ | 66,156 | $ | 89,706 | ||||||||
Mobile Mini, Inc. News Release February 28, 2011 |
Page 9 |
Mobile Mini, Inc.
Condensed Consolidated Balance Sheets
(in 000s except per share data)
(includes effects of rounding)
Condensed Consolidated Balance Sheets
(in 000s except per share data)
(includes effects of rounding)
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
(unaudited) | (audited) | |||||||
ASSETS |
||||||||
Cash |
$ | 1,634 | $ | 1,740 | ||||
Receivables, net |
42,678 | 40,867 | ||||||
Inventories |
19,569 | 22,147 | ||||||
Lease fleet, net |
1,028,403 | 1,055,328 | ||||||
Property, plant and equipment, net |
80,731 | 84,160 | ||||||
Deposits and prepaid expenses |
8,405 | 9,916 | ||||||
Other assets and intangibles, net |
23,478 | 26,643 | ||||||
Goodwill |
511,419 | 513,238 | ||||||
Total assets |
$ | 1,716,317 | $ | 1,754,039 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Liabilities: |
||||||||
Accounts payable |
$ | 13,607 | $ | 14,130 | ||||
Accrued liabilities |
49,276 | 64,915 | ||||||
Lines of credit |
396,882 | 473,655 | ||||||
Notes payable |
289 | 1,128 | ||||||
Obligations under capital leases |
2,576 | 4,061 | ||||||
Senior Notes, net |
371,655 | 345,402 | ||||||
Deferred income taxes |
165,567 | 155,697 | ||||||
Total liabilities |
999,852 | 1,058,988 | ||||||
Commitments and contingencies |
||||||||
Convertible preferred stock; $.01 par value, 20,000 shares authorized, 8,556 issued
and 8,191 outstanding at December 31, 2010 and December 31, 2009,
stated at liquidation preference values |
147,427 | 147,427 | ||||||
Stockholders equity: |
||||||||
Common stock; $.01 par value, 95,000 shares authorized, 38,963 issued and 36,787
outstanding
at December 31, 2010 and 38,451 issued and 36,276 outstanding at December 31,
2009 |
390 | 385 | ||||||
Additional paid-in capital |
349,693 | 341,597 | ||||||
Retained earnings |
284,242 | 270,733 | ||||||
Accumulated other comprehensive loss |
(25,987 | ) | (25,791 | ) | ||||
Treasury stock, at cost, 2,175 shares |
(39,300 | ) | (39,300 | ) | ||||
Total stockholders equity |
569,038 | 547,624 | ||||||
Total liabilities and stockholders equity |
$ | 1,716,317 | $ | 1,754,039 | ||||