Mobile Mini, Inc. Reports 15th Consecutive Record Quarter; Most Profitable Quarter in the Company's History.Business Editors TEMPE, Ariz.--(BUSINESS WIRE)--Nov. 1, 2000 Mobile Mini, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market: MINI) today reported that its third quarter ended September September: see month. 30, 2000 represents the Company's 15th consecutive record quarter and all time best quarter. Net income for the current year's third quarter rose to a record $3,489,000, or $.29 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, as compared to $3,016,000, or $.25 per diluted share, in last year's third quarter. Lease revenue rose nearly 38% and comprised 86% of total revenue. Lease revenue accounted for 82% of revenue in the 1999 third quarter. Total revenue for the third quarter ended September 30, 2000 increased 31% to a record $23,854,000 from $18,187,000 in the same quarter of 1999. Internal growth in leasing revenues, which we define as growth in locations open one year or more, remained strong at 19% during the third quarter. For the first nine months of 2000, Mobile Mini reported revenues of $64,288,000, up 37% from $47,046,000 in the comparable 1999 period. Lease revenues comprised nearly 84% of year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. revenues and were 43% ahead of last year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. grew by almost 43%, with the Company reporting $21,606,000 of operating income for the nine months ended September 30, 2000 as compared to $15,124,000 for the same period last year. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the first nine months of 2000 were up 28%, with net income of $9,267,000, or $.78 per diluted share, compared to $6,284,000, or $.61 per diluted share, for the same period in 1999. Steven Ste´ven n. 1. Voice; speech; language. Ye have as merry a steven As any angel hath that is in heaven. - Chaucer. 2. An outcry; a loud call; a clamor. To set steven to make an appointment. Bunger, Mobile Mini's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "We are pleased by the revenue growth and efficiency gains at our 10 newest branches, particularly the new branches we acquired in the very important state of Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and . While these new branches are obviously not yet producing the peak returns we enjoy at our older branches, our investment in equipment, people, systems, facilities and marketing is paying off. Containers on lease at these branches are up nearly 33% from the end of the second quarter to the end of the third quarter. Based upon current indicators, we remain confident that our 2000 earnings target of $1.10 per diluted share will be met." Larry Lar´ry n. 1. Same as Lorry, or Lorrie. Trachtenberg Trachtenberg (or Trachtenburg) (Трахтенберг, טרחטנבּרג or , Executive Vice President & CFO See Chief Financial Officer. of Mobile Mini, commented, "We see a positive trend emerging in the growth of our business. At September 30, 2000 the number of containers on lease had grown by 45% from last year, accelerating from the 40% year over year growth at June June: see month. 30, 2000. In addition, our overall profitability margins remain very strong with EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become , operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: and net margin as a percent of revenue, 42%, 35%, and 15%, respectively for the current third quarter and 40%, 34% and 14%, respectively for the year-to-date. Our third quarter utilization rate remained strong at 85%, and we looking forward to a very strong fourth quarter, historically our best." Richard Bunger, Mobile Mini's Chairman, pointed out, "Earlier this year, Mobile Mini joined the ranks of the Russell 2000 Index Russell 2000 Index An index measuring the performance of the 2,000 smallest companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a benchmark for small-cap stocks in the United States. and Forbes recently named Mobile Mini on its list of the Best Small Companies in America. We are proud of these accomplishments and, of course, of our 15 consecutive record quarters. We remain committed to building upon our hard earned track record well into the future." Mobile Mini, Inc. is the nation's leading provider of portable storage solutions through its fleet of over 53,000 portable storage units and portable offices. The Company currently operates 29 branches located in fourteen states. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , particularly regarding operating prospects for 2000 and beyond, which involve risks and uncertainties that could cause actual results to differ materially from the statements made. These risks and uncertainties 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. Conference Call Mobile Mini management will be conducting a financial community conference call on Thursday, November 2, 2000 at 12 noon Eastern time. Interested parties may listen to the conference call live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.vcall.com; a replay will also be available for 7 days. To listen to the live call, please go to the web site 15 minutes early to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software.
Mobile Mini, Inc.
Condensed Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
------------------------- --------------------------
REVENUES:
Leasing $20,513,767 $14,876,911 $53,736,021 $37,467,088
Sales 3,154,420 3,210,209 10,076,349 9,268,516
Other 185,696 100,071 475,418 310,347
----------- ----------- ----------- ------------
23,853,883 18,187,191 64,287,788 47,045,951
COSTS AND EXPENSES:
Cost of sales 2,038,833 2,173,017 6,517,379 6,192,066
Leasing, selling
and general
expenses 11,873,310 8,501,736 31,819,104 22,841,558
Depreciation and
amortization 1,580,147 1,100,170 4,345,649 2,888,119
----------- ----------- ----------- ------------
INCOME FROM
OPERATIONS 8,361,593 6,412,268 21,605,656 15,124,208
OTHER INCOME (EXPENSE):
Interest income 8,516 13,530 76,893 40,575
Interest expense (2,650,737) (1,399,662) (6,491,242) (4,654,560)
----------- ----------- ----------- ------------
INCOME BEFORE
PROVISION FOR
INCOME TAXES 5,719,372 5,026,136 15,191,307 10,510,223
PROVISION FOR
INCOME TAXES 2,230,555 2,010,454 5,924,610 4,204,090
----------- ----------- ----------- ------------
NET INCOME 3,488,817 3,015,682 9,266,697 6,306,133
PREFERRED STOCK
DIVIDEND - - - 21,918
----------- ----------- ----------- ------------
NET INCOME AVAILABLE
TO COMMON
SHAREHOLDERS $ 3,488,817 $ 3,015,682 $ 9,266,697 $ 6,284,215
=========== =========== =========== ============
EARNINGS PER SHARE:
BASIC $ 0.30 $ 0.27 $ 0.80 $ 0.65
=========== =========== =========== ============
DILUTED $ 0.29 $ 0.25 $ 0.78 $ 0.61
=========== =========== =========== ============
WEIGHTED AVERAGE NUMBER
OF COMMON AND COMMON
SHARE EQUIVALENTS
OUTSTANDING:
BASIC 11,580,193 11,322,397 11,526,538 9,732,241
=========== =========== =========== ============
DILUTED 11,968,013 11,853,952 11,931,521 10,237,445
=========== =========== =========== ============
NUMBER OF SHARES
OUTSTANDING 11,585,739 11,370,941 11,585,739 11,370,941
=========== =========== =========== ============
EBITDA $ 9,950,256 $ 7,525,968 $ 26,028,198 $ 18,052,902
=========== =========== =========== ============
Mobile Mini, Inc.
Selected Balance Sheet Data
September 30, December 31,
2000 1999
-------------------------------
Portable Storage
Unit Lease Fleet, net $ 175,030,324 $ 121,277,355
Total Assets $ 252,730,135 $ 178,392,486
Borrowings Under
Line of Credit $ 125,582,760 $ 71,638,064
Other Debt Obligations $ 5,804,657 $ 6,632,660
Stockholders' Equity $ 88,447,088 $ 77,387,485
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