Mobile Mini, Inc. Reports Record Fourth Quarter.

Management Affirms 2007 Guidance

TEMPE, Ariz. -- Mobile Mini, Inc. (NASDAQ GS: MINI) today reported record financial results for the fourth quarter and year ended December 31, 2006.

Pro Forma Fourth Quarter 2006 vs. Fourth Quarter 2005 (See Pro Forma Reconciliation Below)

* Total revenues increased 32.4% to $76.7 million from $57.9 million;

* Lease revenues increased 29.1% to $68.6 million from $53.2 million;

* Lease revenues comprised 89.5% of total revenues versus 91.9%;

* Net income was $14.3 million or $0.39 per diluted share, up 45.2% as compared to $9.8 million or $0.31 per diluted share;

* EBITDA (earnings before interest expense, tax, depreciation, amortization) of $33.8 million, was up 34.8% compared to $25.1 million last year; and

* Operating margin increased to 37.7% from 37.4%.

Pro forma diluted earnings per share in the final quarter of 2006 were calculated on 16.0% more shares outstanding than in the comparable period of 2005, primarily as the result of the 4.6 million shares Mobile Mini sold in a public offering in March 2006.

Other Fourth Quarter Highlights

* The internal growth rate (the increase in leasing revenues at locations open one year or more, excluding acquisitions at those locations) was 15.6%;

* The average utilization rate was 83.9% compared to 85.8% for the fourth quarter of 2005;

* Yield (total lease revenues per unit on rent) improved 5.8% compared to last year's fourth quarter, excluding European locations; inclusive of European locations, yield was up 1.6% versus the 2005 fourth quarter;

* The average number of units on rent was up 27.1% from one year earlier; and

* The funded debt to EBITDA ratio improved to 2.5 to 1 at December 31, 2006 compared to 2.6 to 1 at September 30, 2006 and 3.5 to 1 at December 31, 2005.

2006 Performance Highlights

* Revenues were $273.4 million, pro forma EBITDA was $119.8 million and pro forma diluted earnings per share were $1.38;

* The internal growth rate for 2006 was 19.9%;

* The average utilization rate was 82.7% compared to 82.9% in 2005;

* Including European locations, yield was up 2.6% compared to 2005; excluding European branches, yield was up 5.5% year over year;

* Average number of units on rent for 2006 was up 26.7% over the prior year;

* The lease fleet grew to 149,600 units, up 28.6% from 116,300 units one year earlier; and

* Storage units and offices were leased to approximately 91,150 customers, up 14% from 80,200 customers in 2005.

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(1) Includes share-based compensation pursuant to SFAS No. 123(R) "Share-Based Payment". Pro forma results exclude this expense.

(2) Income tax provision includes a $0.3 million benefit, or $.01 per diluted share, due to the recognition of certain state net operating loss carryforwards that were previously scheduled to expire in 2006, that management now believes are recoverable. Pro forma results exclude this tax benefit.

(3) Hurricane Katrina expense represents our estimated damages resulting from the losses we sustained, primarily at our New Orleans, LA, branch, where operations were the most severely affected. The loss includes certain limited insurance reimbursements that have already been received under our insurance policies. Pro forma results exclude Hurricane Katrina expense of $1.7 million ($1.0 million after tax).

(4) Other income represents net proceeds of a settlement agreement pursuant to which a third party reimbursed Mobile Mini for losses sustained in two lawsuits that arose in connection with the acquisition in April 2000 of a portable storage business in Florida. Pro forma results exclude other income of $3.2 million ($1.9 million after tax).

(5) Income tax provision includes a $0.5 million benefit, or $.02 per diluted share, due to the recognition of certain state net operating loss carry forwards that were previously scheduled to expire in 2005 and 2006, that management now believes are recoverable. Management reached this conclusion due to the significantly improved results of operations achieved in 2005 and expected in 2006. Pro forma results exclude this tax benefit.

Steven Bunger, Chairman, President & CEO of Mobile Mini stated, "By all measures, 2006 was the best year in our history. Internal growth was exceptionally strong and remained above our targeted range of 13% to 15% throughout the year. Although it is too early in the year to draw conclusions, it appears that our growth rate has stabilized at a healthy level since the first of the year. Our core markets, including non-residential construction, remain vibrant and there are no signs of competitive pricing pressures on the horizon."

Mr. Bunger continued, "For the third consecutive year, we curtailed holiday season rentals to mass retailers and continued our focus on long-term placement of our rental containers. In retrospect, this decision was the right one in light of mass marketers increasingly migrating toward the superstore format and therefore having less of a need for seasonal storage which had made the margins on seasonal storage sub par."

Discussing European operations, Mr. Bunger stated, "Although rentals are becoming a large part of our European revenue mix, there is still a far higher proportion of sales revenues at U.K. and Netherlands branches than at our North American locations, which accounts for the higher proportion of sales revenue versus lease revenue in the final quarter of 2006 and the year as a whole. The higher growth rates typical of our newer locations are playing out at our European locations as evidenced by the 25% increase in rental revenues at these locations from the fourth quarter of 2005 to the fourth quarter of 2006."

Mr. Bunger continued, "Our marketing and sales programs in the U.K. and The Netherlands are casting a wider net reaching industries and organizations that have never even heard of leasing portable storage units. Each of our branches is now in or will soon be in their new branded locations. Drivers are being hired and commission-based sales personnel are now the norm. Later this spring, the transformation should be nearing completion and we will be in a far better position to stock units of different sizes, configurations and with many unique features. Then we will be able to provide our European customers with different products for different needs. If history repeats itself, this should have a favorable impact on both rental rates and unit growth."

Mr. Bunger went on to say, "As we reported last month, we entered our first new market of 2007 with our portable storage asset purchase in Vermont. We have set our sights on four to six new markets in 2007."

Lawrence Trachtenberg, Executive Vice President & CFO noted, "2006 was also a year in which Mobile Mini's financial position was substantially strengthened. The approximately $120 million we raised in our 4.6 million share equity offering in March allowed us to pay down $52.5 million of the $150 million aggregate principal amount outstanding 9.5% Senior Notes due 2013. We also secured a five-year, $350 million revolving line of credit, which increased our borrowing capacity by 40% and at more advantageous terms. These events, coupled with cash flow from operations, enabled us to enter 11 new markets as well as grow the fleet size and number of units on rent. As of February 16, 2007, we had approximately $214.2 million of outstanding borrowings under the credit facility and thus $132.6 million of immediate additional availability."

Company Provides First Quarter 2007 Guidance and Affirms 2007 Pro Forma Guidance:

Mr. Trachtenberg continued, "Based upon the strength experienced so far in the first quarter, we are anticipating lease revenues for the first quarter of 2007 of between $65 million and $66 million. These lease revenues should yield pro forma EBITDA of approximately $30 million and pro forma diluted EPS in the $0.31 to $0.33 range. These results exclude approximately $0.9 million, or $0.02 per share, of share-based compensation expense related to SFAS 123(R)."

As previously reported, for 2007 Mobile Mini is projecting:

* An internal growth rate of between 13% and 15%;

* Leasing revenues should be between $285 million and $290 million;

* EBITDA before share based compensation expense should be in the $139 million to $142 million range;

* Pro forma net income before share based compensation expense is anticipated to be between $56.5 million and $58.5 million; and,

* Diluted earnings per share before share based compensation expense is anticipated to be between $1.52 and $1.57.

Mobile Mini's earnings guidance for 2007 excludes approximately $3.6 million before tax or $0.07 per diluted share after tax to reflect the impact of SFAS 123(R) applicable to share based compensation. 2007 diluted earnings per share guidance has been calculated on approximately 6% more diluted shares outstanding than for 2006, primarily as a result of the 4.6 million shares that Mobile Mini sold in a public offering in March 2006.

EBITDA and pro forma financial measures, including those that are forward-looking, are non-GAAP financial measures as defined by Securities and Exchange Commission ("SEC") rules. The method of reconciliation of these measures to the most directly comparable GAAP financial measures can be found in the Company's report on Form 8-K filed with the SEC on the date of this release.

Mobile Mini's Business Model

Mobile Mini's business model involves the expenditure of substantial fixed costs at all of its 63 locations in order to develop an infrastructure to support growth. Operating margins increase when containers on lease at existing locations increase. While newer locations produce lower operating margins until they increase their containers on lease, they are also the catalyst for growth in lease revenue and earnings as they mature. The table below shows operating margins and the return on the invested capital at our various branches sorted by the year they began operations. It illustrates the profitability of branches once they are firmly established. It also shows that older branches produced healthy returns on invested capital.

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Conference Call

As previously announced, Mobile Mini will host a conference call today, Thursday, February 22, 2007 at 11:00 am ET to review these results and recent corporate developments. To listen to the live call, please go to www.mobilemini.com and click on the Investor Relations section, then Public Information, followed by Conference Calls or http://www.mobilemini.com/conferencecalls.php. Please go to the website 15 minutes early to download and install any necessary audio software. If you are unable to listen live, the conference call can be accessed for approximately 14 days at Mobile Mini's website.

Mobile Mini, Inc. is the world's leading provider of portable storage solutions through its total fleet of over 156,000 portable storage units and portable offices with 63 branches in U.S., United Kingdom, Canada and The Netherlands. Mobile Mini is included on the Russell 2000[R] and 3000[R] Indexes and the S&P SmallCap Index.

This news release contains forward-looking statements, particularly regarding operating prospects and expansion opportunities for 2007 and beyond, 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.

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