Mobile Mini Inc. (MINI, Financial) filed Quarterly Report for the period ended 2012-06-30.
Mobile Mini Inc has a market cap of $654.8 million; its shares were traded at around $17.51 with a P/E ratio of 18.8 and P/S ratio of 1.8. Mobile Mini Inc had an annual average earning growth of 9% over the past 10 years.
Adjusted EBITDA for the quarter ended June 30, 2012 decreased $2.1 million, or 6.1%, to $32.0 million, compared to $34.1 million for the same period in 2011. Adjusted EBITDA margins were 34.0% and 37.7% of total revenues for the three months ended June 30, 2012 and 2011, respectively. Adjusted EBITDA in 2012 was adversely impacted by approximately $2.8 million of costs associated with our new consumer initiative. Excluding this charge, adjusted EBITDA would have increased $0.7 million to $34.8 million, compared to the same period in 2011, and adjusted EBITDA margin would be approximately 37.0%.
Total revenues for the six months ended June 30, 2012 increased $8.7 million, or 5.0%, to $182.1 million, compared to $173.4 million for the same period in 2011. Leasing revenues for the six months ended June 30, 2012 increased $9.4 million, or 6.2%, to $160.5 million, compared to $151.1 million for the same period in 2011. This increase in leasing revenues was driven by higher trucking revenues, increasing rental rates, product mix and an increase in the number of units on rent, which resulted in a 4.3% increase in our yield. Our sales of portable storage and office units for the six months ended June 30, 2012 decreased 1.7% to $20.6 million. The decrease in sales revenues primarily reflects a lower volume of units sold compared to the same period in 2011. Leasing revenues, as a percentage of total revenues for the six months ended June 30, 2012 and 2011 were 88.1% and 87.1%, respectively. Our leasing business continues to be our primary focus and leasing revenues have and continue to be the predominant part of our revenue mix.
Adjusted EBITDA for the six months ended June 30, 2012 decreased $3.5 million, or 5.4%, to $60.4 million, compared to $63.9 million for the same period in 2011. Adjusted EBITDA margins were 33.2% and 36.9% of total revenues for the six months ended June 30, 2012 and 2011, respectively. Adjusted EBITDA in 2012 was adversely impacted by approximately $3.5 million of costs associated with our new consumer initiative. Excluding this charge, adjusted EBITDA and adjusted EBITDA margins would be approximately $63.9 million and 35.1%, respectively.
Investing Activities. Net cash used in investing activities was $15.0 million for the six months ended June 30, 2012, compared to net cash provided by investing activities of $0.1 million for the same period in 2011. Capital expenditures for our lease fleet were $19.3 million and proceeds from sale of lease fleet units were $16.1 million for the six months ended June 30, 2012, compared to capital expenditures of $11.2 million and proceeds of $18.0 million for the same period in 2011. We anticipate our near-term investing activities will be primarily focused on lease fleet additions in the U.K. as well as remanufacturing units previously acquired in acquisitions to meet our lease fleet standards as these units are placed on lease and to invest in our new consumer products. Capital expenditures for property, plant and equipment, net of proceeds from sales of property, plant and equipment, for the six months ended June 30, 2012 were $8.2 million, compared to $6.8 million for the same period in 2011. The expenditures for property, plant and equipment in 2012 were primarily for replacement of our transportation equipment and upgrades to technology equipment. The amount of cash that we use during any period in investing activities is almost entirely within managements discretion. We have no contracts or other arrangements pursuant to which we are required to purchase a fixed or minimum amount of capital goods in connection with any portion of our business.
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Mobile Mini Inc has a market cap of $654.8 million; its shares were traded at around $17.51 with a P/E ratio of 18.8 and P/S ratio of 1.8. Mobile Mini Inc had an annual average earning growth of 9% over the past 10 years.
Highlight of Business Operations:
Total revenues for the quarter ended June 30, 2012 increased $3.6 million, or 4.0%, to $94.1 million, compared to $90.5 million for the same period in 2011. Leasing revenues for the quarter ended June 30, 2012 increased $4.4 million, or 5.7%, to $82.9 million, compared to $78.4 million for the same period in 2011. This increase in leasing revenues was driven by higher trucking revenues, increasing rental rates, product mix and an increase in the number of units on rent, which resulted in a 4.2% increase in our yield. In addition, rental rates increased 2.1% over the prior year. Our sales of portable storage and office units for the quarter ended June 30, 2012 decreased 6.6% to $10.7 million. The decrease in sales revenues primarily reflects a lower volume in units sold compared to the same period in 2011. Leasing revenues, as a percentage of total revenues for the quarters ended June 30, 2012 and 2011 were 88.0% and 86.6%, respectively. Our leasing business continues to be our primary focus and leasing revenues have and continue to be the predominant part of our revenue mix.Adjusted EBITDA for the quarter ended June 30, 2012 decreased $2.1 million, or 6.1%, to $32.0 million, compared to $34.1 million for the same period in 2011. Adjusted EBITDA margins were 34.0% and 37.7% of total revenues for the three months ended June 30, 2012 and 2011, respectively. Adjusted EBITDA in 2012 was adversely impacted by approximately $2.8 million of costs associated with our new consumer initiative. Excluding this charge, adjusted EBITDA would have increased $0.7 million to $34.8 million, compared to the same period in 2011, and adjusted EBITDA margin would be approximately 37.0%.
Total revenues for the six months ended June 30, 2012 increased $8.7 million, or 5.0%, to $182.1 million, compared to $173.4 million for the same period in 2011. Leasing revenues for the six months ended June 30, 2012 increased $9.4 million, or 6.2%, to $160.5 million, compared to $151.1 million for the same period in 2011. This increase in leasing revenues was driven by higher trucking revenues, increasing rental rates, product mix and an increase in the number of units on rent, which resulted in a 4.3% increase in our yield. Our sales of portable storage and office units for the six months ended June 30, 2012 decreased 1.7% to $20.6 million. The decrease in sales revenues primarily reflects a lower volume of units sold compared to the same period in 2011. Leasing revenues, as a percentage of total revenues for the six months ended June 30, 2012 and 2011 were 88.1% and 87.1%, respectively. Our leasing business continues to be our primary focus and leasing revenues have and continue to be the predominant part of our revenue mix.
Adjusted EBITDA for the six months ended June 30, 2012 decreased $3.5 million, or 5.4%, to $60.4 million, compared to $63.9 million for the same period in 2011. Adjusted EBITDA margins were 33.2% and 36.9% of total revenues for the six months ended June 30, 2012 and 2011, respectively. Adjusted EBITDA in 2012 was adversely impacted by approximately $3.5 million of costs associated with our new consumer initiative. Excluding this charge, adjusted EBITDA and adjusted EBITDA margins would be approximately $63.9 million and 35.1%, respectively.
Investing Activities. Net cash used in investing activities was $15.0 million for the six months ended June 30, 2012, compared to net cash provided by investing activities of $0.1 million for the same period in 2011. Capital expenditures for our lease fleet were $19.3 million and proceeds from sale of lease fleet units were $16.1 million for the six months ended June 30, 2012, compared to capital expenditures of $11.2 million and proceeds of $18.0 million for the same period in 2011. We anticipate our near-term investing activities will be primarily focused on lease fleet additions in the U.K. as well as remanufacturing units previously acquired in acquisitions to meet our lease fleet standards as these units are placed on lease and to invest in our new consumer products. Capital expenditures for property, plant and equipment, net of proceeds from sales of property, plant and equipment, for the six months ended June 30, 2012 were $8.2 million, compared to $6.8 million for the same period in 2011. The expenditures for property, plant and equipment in 2012 were primarily for replacement of our transportation equipment and upgrades to technology equipment. The amount of cash that we use during any period in investing activities is almost entirely within managements discretion. We have no contracts or other arrangements pursuant to which we are required to purchase a fixed or minimum amount of capital goods in connection with any portion of our business.
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