Phoenix , AZ - April 30, 2015 - Mobile Mini, Inc. (NASDAQ GS: MINI) (the "Company" or "Mobile Mini"), the world's leading supplier of portable storage solutions, and third largest provider of specialty containment solutions in the United States, today reported actual and adjusted financial results for the quarter ended March 31, 2015. Total revenues were $132.6 million and rental revenues were $121.0 million, up from $102.4 million and $94.1 million, respectively, for the same period last year. The Company recorded a first quarter net loss of $27.3 million, or $(0.60) per diluted share, due to a noncash impairment loss of $64.7 million related to the previously announced divestiture of its wood mobile offices that is expected to be completed in May. The Company had net income of $7.4 million, or $0.16 per diluted share, respectively, for the first quarter of 2014. On an adjusted basis, first quarter net income was $12.7 million, or $0.28 per diluted share, compared to adjusted net income of $8.0 million, or $0.17 per diluted share, for the first quarter of 2014. Adjusted EBITDA was $47.5 million and adjusted EBITDA margin was 36.2% for the first quarter of 2015. Total revenues and rental revenues for the portable storage business for the current quarter were $106.5 million and $99.0 million, respectively. Total revenues and rental revenues for the recently acquired specialty containment business were $26.1 million and $22.0 million, respectively.

Dividend

The Company's Board of Directors declared a cash dividend of 18.7 cents per share which will be paid on June 3, 2015 to shareholders of record on May 20, 2015.

First Quarter 2015 Highlights

  • Grew total rental revenues 28.6% year-over-year; 5.2% for the portable storage business.
  • Increased adjusted EBITDA to $47.5 million, from $32.7 million and expanded adjusted EBITDA margin to 36.2% from 31.9%, year-over-year.
  • Delivered solid free cash flow of $29.2 million, a 9.6% increase over the first quarter of 2014.
  • Increased portable storage rental rates by 6.2% year-over-year, with new units delivered at a 3.7% higher rental rate than the prior-year first quarter.
  • Within the portable storage business, increased adjusted EBITDA by $5.5 million, or 16.9% compared to the prior-year first quarter and expanded adjusted EBITDA margin to 36.3% from 31.9% in the prior year first quarter.

CEO Comments

Erik Olsson, Mobile Mini's President and Chief Executive Officer, remarked, "We delivered a solid quarter, including a 28.6% increase in rental revenues, a 45.5% increase in adjusted EBITDA, expansion of our adjusted EBITDA margins, and strong free cash flow, despite challenging weather conditions in the first quarter of 2015. Our strategy continues to focus on deployment of high return, low-maintenance capital assets. The announced divestiture of our wood mobile office fleet accelerates this strategy by freeing up sales, field and management time as well as Company infrastructure that can be redirected to the expansion of the specialty containment business and the remaining portable storage business." Mr. Olsson continued, "The integration of ETS is going very well and both the portable storage and specialty containment segments grew revenues and adjusted EBITDA in the quarter compared to the previous year. Additionally, at the end of the quarter we transitioned from a product-centered to a geographically-centered organizational structure in order to have one regional manager oversee both segments within each region. This realignment enhances flexibility, further fast-tracks integration and facilitates additional cross-selling opportunities."

Conference Call

Mobile Mini will host a conference call today, Thursday, April 30, 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 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. 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 213,800 portable storage containers and office units with 134 locations in the U.S., United Kingdom, and Canada. Through its wholly-owned subsidiary, Evergreen Tank Solutions, Mobile Mini is also the third largest provider of specialty containment solutions in the U.S., with a rental fleet of approximately 10,800 units and 24 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 our ability to execute our strategic plan, growth and profitability, financial performance, margin expansion, ability to enter new markets, free cash flow, and positioning for 2015, 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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