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Press release from Business Wire

Mobile Mini Reports 2012 Fourth Quarter Results

<p class='bwalignc'> <span class='bwuline'><b>Total Revenues Increase 5.1%; Adjusted EBITDA Increases 10.5%</b></span> </p> <p class='bwalignc'> <span class='bwuline'><b>Eighth Consecutive Comparable Quarter Increase in Leasing Revenues</b></span> </p>

Friday, February 22, 2013

Mobile Mini Reports 2012 Fourth Quarter Results07:30 EST Friday, February 22, 2013 TEMPE, Ariz. (Business Wire) -- Mobile Mini, Inc. (NASDAQ GS: MINI) today reported actual and adjusted financial results for the fourth quarter and twelve months ended December 31, 2012. Fourth Quarter 2012 Compared to Fourth Quarter 2011 Total revenues rose 5.1% to $100.3 million from $95.5 million; Leasing revenues rose 8.2% to $91.6 million from $84.7 million; Leasing revenues comprised 91.4% of total revenues compared to 88.7% of total revenues; Sales revenues declined to $8.0 million from $10.2 million; Sales margins were 36.7% compared to 37.9%; Adjusted EBITDA was $40.6 million, up 10.5% compared to $36.8 million; the adjusted EBITDA margin improved to 40.5% from 38.5%; Adjusted net income rose 35.8% to $14.8 million from $10.9 million; and Adjusted diluted earnings per share increased 37.5% to $0.33 from $0.24. Other Fourth Quarter 2012 Highlights Free cash flow was $25.9 million, after $6.7 million of net capex; Net debt was paid down by $26.7 million; Yield (total leasing revenues per unit on rent) increased 2.1% compared to the fourth quarter of 2011; excluding holiday rentals, yield on our core rental units increased 4.2% compared to the fourth quarter of 2011; Average utilization rate was 65.1%, up from 60.6% in the third quarter of 2012 and 61.0% in the fourth quarter of 2011; and Excess availability under our revolver at December 31, 2012 was $449.2 million. 2012 Compared to 2011 Total revenues increased 5.5% to $381.3 million from $361.3 million; Leasing revenues rose 7.9% to $340.8 million and comprised 89.4% of total revenues compared to $315.7 million and 87.4% of total revenues; Sales revenues declined 10.6% to $38.3 million with margins of 38.4% compared to $42.8 million with margins of 36.8%; Adjusted EBITDA rose 3.5% to $138.3 million from $133.6 million; Adjusted net income increased 24.7% to $40.5 million compared to $32.5 million; Adjusted diluted earnings per share increased 23.3% to $0.90 from $0.73; Free cash flow was $65.1 million compared to $80.0 million reflecting investments in our U.K. lease fleet; and Net debt was reduced by $53.7 million after payment of $10.6 million of financing costs relating primarily to our new Credit Agreement and redemption premiums on the 2015 Senior Notes. During 2012, we changed our recognition methodology for pickup revenue. Historically, the pickup revenues and the accrued estimated costs to pick up a unit were recognized at the time of delivery. We are now recognizing this revenue and the related costs when the unit is pickedup. Although the effect of this change does not materially impact any prior quarter or years' results, we have revised prior period financial information to reflect these changes. This change reduced 2012's total revenues by 0.6%, or $2.3 million, and adjusted EBITDA by 0.8%, or $1.1 million, as reflected in our results. Our consolidated statement of stockholders' equity was revised to reflect the cumulative effect of this change from prior years resulting in a decrease to retained earnings and total stockholders' equity of $5.1 million, which is reflected in the beginning balance as of January 1, 2011. Tables summarizing these changes are attached on pages 9 and 10. Non-GAAP reconciliation tables are on page 8 of this news release, and show the nearest comparable GAAP results to the adjusted results. Business Overview We are pleased to report the final quarter of 2012 was our eighth consecutive reporting period of comparable quarter leasing revenue growth and reflects improvement in both yield and utilization. Leasing revenues were at our highest level since the first quarter of 2009 at $91.6 million for the quarter. Year-over-year yield was 2.1% ahead of 2011 and average yield was at an all-time fourth quarter high of $594 per unit. When our holiday rentals are excluded from both years, yield on our core rental units actually increased 4.2% compared to the fourth quarter of 2011. This was a result of a greater weighting of holiday rentals in the third quarter of 2012 as customers took delivery of units earlier than they had in 2011, impacting the year-over-year yield comparison. Utilization continued to improve, averaging 65.1% in the final quarter of 2012, up from 61.0% in the same period last year and 60.6% in the 2012 third quarter. We closed the fourth quarter with utilization at 62.3%, compared to 63.5% at the end of September, reflecting the seasonal buildup that typically occurs in the third quarter. The 10.5% increase in fourth quarter adjusted EBITDA and 200 basis point improvement in adjusted EBITDA margin demonstrate the operating leverage in our business, which was achieved on 5.1% comparable quarter growth in revenues. The 16 new markets we entered since the beginning of 2011 have been building units on lease, and 13 were EBITDA positive for 2012. As these locations mature, we believe our operating leverage should continue to improve. As of December 31, 2012, we have generated free cash flow for 20 consecutive quarters. Free cash flow for the fourth quarter and full year was $25.9 million and $65.1 million, respectively. Net capital expenditures were $6.7 million in the fourth quarter and $25.8 million for the full year, the majority of which are attributable to lease fleet expansion in our U.K. operations where business conditions remained strong. Debt reduction totaled $26.7 million in the fourth quarter and $53.7 million for the full year, after payment of $10.6 million of financing costs related to our new Credit Agreement and redemption premiums on our 2015 Senior Notes. As a result of our reduced borrowings and better rates under our new Credit Agreement, interest expense in the fourth quarter of 2012 was reduced by nearly 28% or approximately $3.0 million, compared to the same period of 2011. We expect the August 2, 2012 redemption of our previously issued $150.0 million 2015 Senior Notes to produce in excess of $6.6 million in annualized interest savings based on our current Credit Agreement borrowing rate and debt level. We continue to have a great deal of financial flexibility with $449.2 million available under our Credit Agreement at December 31, 2012. Throughout the year, we served a large, diverse base of over 83,000 customers, up from 80,000 in 2011, with the growth driven by traction gained by newer locations, recent investments, leadership changes in our National Sales Center and a modest improvement in the economy. Outlook Looking ahead, we are increasingly enthusiastic about opportunities to more deeply penetrate our existing markets and over time, expand into new ones. These strategies, along with improving business conditions, should enable us to further increase our utilization rate. We anticipate that 2013 will be another growth year in leasing revenues which, with our strong operating leverage, should translate into EBITDA margin expansion. This projected growth combined with lower interest expense should enhance our bottom line. We expect capital expenditures to approximate 2012 levels, supported by continued solid free cash flow and our ample liquidity position, fostering ongoing investments in growth and continued debt paydown. With respect to our management transition, it appears that we are in the final stages of our search for a new CEO and hope to have an announcement in the coming weeks. We look forward to bringing this individual on board. EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted SG&A, adjusted net income, adjusted diluted earnings per share and free cash flow are non-GAAP financial measures as defined by Securities and Exchange Commission (“SEC”) rules. Reconciliations of these measurements 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, Friday, February 22, 2013 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. We will also post the 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 call can be accessed for approximately 14 days after the call at Mobile Mini's website. Mobile Mini, Inc. is the world's leading provider of portable storage solutions through its total lease fleet of over 234,700 portable storage containers and office units with 136 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 and liquidity, ability to enter new markets, increases in operating leverage, increases in utilization, EBITDA margin expansion, the ability to strengthen, grow and expand our operations 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 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.       Mobile Mini, Inc. Condensed Consolidated Statements of Income(Unaudited)/(in 000's except per share data)/(includes effects of rounding)   Three Months EndedDecember 31, Three Months EndedDecember 31, Revenues: 2012Actual   2012Adjusted (1) 2011Actual   2011Adjusted (1) Leasing $ 91,640   $ 91,640 $ 84,673   $ 84,673 Sales 8,040 8,040 10,181 10,181 Other   607       607     597       597   Total revenues   100,287       100,287     95,451       95,451   Costs and expenses: Cost of sales 5,088 5,088 6,325 6,325 Leasing, selling and general expenses (2) 54,716 54,565 52,952 52,337 Integration, merger and restructuring expenses (3) 5,533 - 599 - Depreciation and amortization   9,091       9,091     8,964       8,964   Total costs and expenses   74,428       68,744     68,840       67,626   Income from operations 25,859 31,543 26,611 27,825   Other income (expense): Interest expense (7,735 ) (7,735 ) (10,740 ) (10,740 ) Foreign currency exchange   -       -     (6 )     (6 ) Income before provision for income taxes 18,124 23,808 15,865 17,079 Provision for income taxes   6,866       9,054     5,802       6,214   Net income $ 11,258     $ 14,754   $ 10,063     $ 10,865   Earnings per share: Basic $ 0.25     $ 0.33   $ 0.23     $ 0.25   Diluted $ 0.25     $ 0.33   $ 0.23     $ 0.24     Weighted average number of common and common share equivalents outstanding: Basic   44,822       44,822     44,038       44,038   Diluted   45,349       45,349     44,611       44,611     EBITDA $ 34,950     $ 40,634   $ 35,569     $ 36,783   (1) This column represents a non-GAAP presentation even though certain individual line items presented, such as revenues, are identical under both GAAP and the adjusted presentations. (2) In 2012, the difference represents estimated damages, net of estimated insurance recoveries, to our assets caused by natural disasters that are excluded in the adjusted presentation. In 2011, the difference represents one-time costs that are excluded in the adjusted presentation. (3) Integration, merger and restructuring expenses represent costs relating primarily to the restructuring of our operations that are excluded in the adjusted presentation.         Mobile Mini, Inc. Condensed Consolidated Statements of Income(Unaudited)/(in 000's except per share data)/(includes effects of rounding)   Twelve Months EndedDecember 31, Twelve Months EndedDecember 31, Revenues: 2012Actual   2012Adjusted (1) 2011Actual   2011Adjusted (1) Leasing $ 340,797   $ 340,797 $ 315,749   $ 315,749 Sales 38,281 38,281 42,842 42,842 Other   2,181       2,181     2,723       2,723   Total revenues   381,259       381,259     361,314       361,314   Costs and expenses: Cost of sales 23,592 23,592 27,070 27,070 Leasing, selling and general expenses (2) 219,658 219,368 202,621 200,605 Integration, merger and restructuring expenses (3) 7,133 - 1,361 - Depreciation and amortization   36,187       36,187     35,665       35,665   Total costs and expenses   286,570       279,147     266,717       263,340   Income from operations 94,689 102,112 94,597 97,974   Other income (expense): Interest income 1 1 - - Interest expense (37,339 ) (37,339 ) (46,200 ) (46,200 ) Debt restructuring expense (4) (2,812 ) - (1,334 ) - Deferred financing costs write-off (5) (1,889 ) - - - Foreign currency exchange   (5 )     (5 )   (7 )     (7 ) Income before provision for income taxes 52,645 64,769 47,056 51,767 Provision for income taxes (6)   18,467       24,238     16,460       19,256   Net income 34,178 40,531 30,596 32,511 Earnings allocable to preferred stockholders   -       -     (966 )     (1,160 ) Net income available to common stockholders $ 34,178     $ 40,531   $ 29,630     $ 31,351     Earnings per share: Basic $ 0.77     $ 0.91   $ 0.71     $ 0.75   Diluted $ 0.76     $ 0.90   $ 0.69     $ 0.73     Weighted average number of common and common share equivalents outstanding: Basic   44,657       44,657     41,566       41,566   Diluted   45,102       45,102     44,569       44,569     EBITDA $ 130,872     $ 138,295   $ 130,255     $ 133,632   (1) This column represents a non-GAAP presentation even certain individual line items presented, such as revenues, are identical under both GAAP and the adjusted presentations. (2) In 2012, the difference relates to estimated damages, net of estimated insurance recoveries, to our assets caused by natural disasters and acquisition activity costs that are excluded in the adjusted presentation. In 2011, the difference represents one-time costs that are excluded in the adjusted presentation. (3) Integration, merger and restructuring expenses represent costs relating primarily to the restructuring of our operations that are excluded in the adjusted presentation. (4) In 2012, this represents the redemption premiums and the unamortized original issuance discount on the redemption of $150.0 million of 6.875% Notes originally due in 2015. In 2011, this represents the redemption premiums and the unamortized acquisition date discount on the redemption of $22.3 million of 9.75% Notes. Debt restructuring expense is excluded in the adjusted presentation. (5) Represents the unamortized deferred financing costs associated with the $150.0 million of 6.875% Notes redeemed in August 2012 and a portion of deferred financing costs associated with our prior $850.0 million credit agreement, which was replaced with our new $900.0 million Credit Agreement in February 2012. Deferred financing costs write-off is excluded in the adjusted presentation. (6) Provision for income taxes includes approximately $1.2 million and $1.0 million in 2012 and 2011, respectively, in income tax benefits related to statutory corporate income tax rate reductions in the United Kingdom that are excluded in the adjusted presentation.       Mobile Mini, Inc.Condensed Consolidated Balance Sheets(in 000's except par value data)(includes effects of rounding)   December 31,2012 December 31,2011 (unaudited)   ASSETS Cash $ 1,937 $ 2,860 Receivables, net 50,644 47,102 Inventories 19,534 20,803 Lease fleet, net 1,031,589 1,018,742 Property, plant and equipment, net 80,822 79,875 Deposits and prepaid expenses 6,858 7,338 Other assets and intangibles, net 17,868 16,862 Goodwill   518,308     513,918   Total assets $ 1,727,560   $ 1,707,500       LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable $ 19,898 $ 20,849 Accrued liabilities 56,874 57,036 Lines of credit 442,391 345,149 Notes payable 310 316 Obligations under capital leases 642 1,289 Senior Notes, net 200,000 349,718 Deferred income taxes   197,926     179,229   Total liabilities   918,041     953,586     Commitments and contingencies   Stockholders' equity: Common stock; $.01 par value, 95,000 shares authorized, 47,880 issued and 45,705 outstanding at December 31, 2012 and 47,787 issued and 45,612 outstanding at December 31, 2011 482 478 Additional paid-in capital 522,372 508,936 Retained earnings 343,782 309,604 Accumulated other comprehensive loss (17,817 ) (25,804 ) Treasury stock, at cost, 2,175 shares   (39,300 )   (39,300 ) Total stockholders' equity   809,519     753,914   Total liabilities and stockholders' equity $ 1,727,560   $ 1,707,500     Three Months EndedDecember 31,   Twelve Months EndedDecember 31,   2012       2011     2012       2011   (In thousands) (In thousands) Reconciliation of EBITDA to net cash provided by operating activities:     EBITDA $ 34,950 $ 35,569 $ 130,872 $ 130,255 Interest paid (10,814 ) (9,603 ) (35,145 ) (42,683 ) Income and franchise taxes paid (109 ) (97 ) (831 ) (816 ) Share-based compensation expense 3,899 1,895 9,575 6,456 Gain on sale of lease fleet units (2,330 ) (3,134 ) (11,781 ) (13,800 ) Loss (gain) on disposal of property, plant and equipment 133 106 (130 ) 91 Changes in certain assets and liabilities, net of effect of businesses acquired: Receivables 3,827 1,994 (2,899 ) (4,148 ) Inventories 2,315 (1,666 ) 1,352 (1,242 ) Deposits and prepaid expenses (387 ) 154 537 1,067 Other assets and intangibles 103 63 (161 ) (33 ) Accounts payable and accrued liabilities   998       (4,116 )   (440 )     9,822   Net cash provided by operating activities $ 32,585     $ 21,165   $ 90,949     $ 84,969     Reconciliation of net income to EBITDA and adjusted EBITDA: Net income $ 11,258 $ 10,063 $ 34,178 $ 30,596 Interest expense 7,735 10,740 37,339 46,200 Provision for income taxes 6,866 5,802 18,467 16,460 Depreciation and amortization 9,091 8,964 36,187 35,665 Debt restructuring expense - - 2,812 1,334 Deferred financing costs write-off   -       -     1,889       -   EBITDA 34,950 35,569 130,872 130,255 Leasing, selling and general expenses 151 5 151 1,406 Integration, merger, restructuring and other 5,533 599 7,133 1,361 Acquisition expenses   -       610     139       610   Adjusted EBITDA $ 40,634     $ 36,783   $ 138,295     $ 133,632     Reconciliation of net cash provided by operating activities to free cash flow: Net cash provided by operating activities $ 32,585 $ 21,165 $ 90,949 $ 84,969   Additions to lease fleet (11,151 ) (10,268 ) (43,934 ) (29,824 ) Proceeds from sale of lease fleet units 5,959 8,363 29,358 36,201 Additions to property, plant and equipment (1,570 ) (2,905 ) (12,741 ) (11,498 ) Proceeds from sale of property, plant and equipment   69       25     1,497       117   Net capital expenditures, excluding acquisitions   (6,693 )     (4,785 )   (25,820 )     (5,004 )             Free cash flow $ 25,892     $ 16,380   $ 65,129     $ 79,965     Reconciliation of Adjusted Measurements to ActualsThree Months Ended December 31, 2012(in thousands except per share data)(includes effects of rounding)   Reconciliation of Adjusted Measurements to ActualsThree Months Ended December 31, 2011(in thousands except per share data)(includes effects of rounding) As Adjusted (1)   Leasing, sellingand generalexpenses (2)   Integration, mergerand restructuringexpenses (4)   Actual As Adjusted (1)   Leasing, sellingand generalexpenses (2)   AcquisitionExpenses (3)   Integration, mergerand restructuringexpenses (4)   Actual Revenues $ 100,287   $ -   $ -   $ 100,287 $ 95,451   $ -     $ -   $ 95,451 EBITDA $ 40,634 $ (151 ) $ (5,533 ) $ 34,950 $ 36,783 $ (5 ) (610 ) $ (599 ) $ 35,569 EBITDA margin 40.5 % (0.2 )% (5.5 )% 34.8 % 38.5 % - (0.6 )% (0.6 )% 37.3 % Operating income $ 31,543 $ (151 ) $ (5,533 ) $ 25,859 $ 27,825 $ (5 ) $ (610 ) $ (599 ) $ 26,611 Operating income margin 31.5 % (0.2 )% (5.5 )% 25.8 % 29.2 % - (0.6 )% (0.6 )% 27.9 % Pre tax income $ 23,808 $ (151 ) $ (5,533 ) $ 18,124 $ 17,079 $ (5 ) $ (610 ) $ (599 ) $ 15,865 Net income $ 14,754 $ (93 ) $ (3,403 ) $ 11,258 $ 10,865 $ (3 ) $ (375 ) $ (424 ) $ 10,063 Diluted earnings per share $ 0.33 $ - $ (0.08 ) $ 0.25 $ 0.24 $ - $ (0.01 ) $ - $ 0.23     Reconciliation of Adjusted Measurements to Actuals Twelve Months Ended December 31, 2012 (in thousands except per share data) (includes effects of rounding)       As Adjusted (1)   Leasing,selling and generalexpenses (2)   AcquisitionExpenses(3)   Integration,merger andrestructuringexpenses (4)   Debtrestructuringexpense (5)   DeferredfinancingcostsWrite-off (6)   Income TaxBenefit (7)         Actual Revenues $ 381,259   $ -   $ -   $ -   $ -   $ -   $ -   $ 381,259 EBITDA $ 138,295 $ (151 ) $ (139 ) $ (7,133 ) $ - $ - $ - $ 130,872 EBITDA margin 36.3 % - - (1.9 )% - - - 34.3 % Operating income $ 102,112 $ (151 ) $ (139 ) $ (7,133 ) $ - $ - $ - $ 94,689 Operating income margin 26.8 % - - (1.9 )% - - - 24.8 % Pre tax income $ 64,769 $ (151 ) $ (139 ) $ (7,133 ) $ (2,812 ) $ (1,889 ) $ - $ 52,645 Net income $ 40,531 $ (93 ) $ (85 ) $ (4,447 ) $ (1,729 ) $ (1,162 ) $ 1,163 $ 34,178 Diluted earnings per share $ 0.90 $ - $ - $ (0.10 ) $ (0.04 ) $ (0.03 ) $ 0.03   $ 0.76     Reconciliation of Adjusted Measurements to Actuals Twelve Months Ended December 31, 2011 (in thousands except per share data) (includes effects of rounding)       As Adjusted (1)   Leasing,selling andgeneralexpenses (2)       AcquisitionExpenses(3)   Integration,merger andrestructuringexpenses (4)   Debtrestructuringexpense (5)   Income TaxBenefit (7)         Actual Revenues $ 361,314   $ -   $ -   $ -   $ -   $ -   $ 361,314 EBITDA $ 133,632 $ (1,406 ) $ (610 ) $ (1,361 ) $ - $ - $ 130,255 EBITDA margin 37.0 % (0.4 )% (0.2 )% (0.4 )% - - 36.1 % Operating income $ 97,974 $ (1,406 ) $ (610 ) $ (1,361 ) $ - $ - $ 94,597 Operating income margin 27.1 % (0.4 )% (0.2 )% (0.4 )% - - 26.2 % Pre tax income $ 51,767 $ (1,406 ) $ (610 ) $ (1,361 ) $ (1,334 ) $ - $ 47,056 Net income $ 32,511 $ (865 ) $ (375 ) $ (893 ) $ (820 ) $ 1,038 $ 30,596 Diluted earnings per share $ 0.73 $ (0.01 ) $ (0.01 ) $ (0.02 ) $ (0.02 ) $ 0.02   $ 0.69 (1) This column represents a non-GAAP presentation even though certain individual line items presented, such as revenues, are identical under both GAAP and the adjusted presentations. (2) In 2012, this represents estimated damages, net of estimated insurance recoveries, to our assets caused by natural disasters that are excluded in the adjusted presentation. In 2011, this represents one-time costs that are excluded in the adjusted presentation. (3) Represents acquisition activity costs that are excluded in the adjusted presentation. (4) Integration, merger and restructuring expenses represent costs relating primarily to the restructuring of our operations that are excluded in the adjusted presentation. (5) In 2012, this represents the redemption premiums and the unamortized original issuance discount on the redemption of $150.0 million of 6.875% Notes originally due in 2015. In 2011, this represents the redemption premiums and the unamortized acquisition date discount on the redemption of $22.3 million of 9.75% Notes. Debt restructuring expense is excluded in the adjusted presentation. (6) Represents the unamortized deferred financing costs associated with the $150.0 million of 6.875% Notes redeemed in August 2012 and a portion of deferred financing costs associated with our prior $850.0 million credit agreement which was replaced with our new $900.0 million Credit Agreement in February 2012. Deferred financing costs write-off is excluded in the adjusted presentation. (7) Represents the statutory corporate income tax rate reductions in the United Kingdom that are excluded in the adjusted presentation. The effects of the adjustments made on the prior quarters are provided in summarized format below and include the effects of rounding and certain other immaterial adjustments.             Revised consolidated statements of operations amountsFor the Three Months ended March 31, 2012For the Three Months ended June 30, 2012AsPreviouslyReported   Adjustment   As RevisedAsPreviouslyReported   Adjustment   As Revised(In Thousands except per share data)(In Thousands except per share data) Leasing $ 77,617 $ 827 $ 78,444 $ 82,854 $ (930 ) $ 81,924 Total revenues 87,923 827 88,750 94,150 (930 ) 93,220 Leasing, selling and general expenses 53,714 (127 ) 53,587 55,574 (197 ) 55,377 Total costs and expenses 69,122 (127 ) 68,995 71,552 (197 ) 71,355 Income from operations 18,801 954 19,755 22,598 (733 ) 21,865 Income before provision for income taxes 7,491 954 8,445 12,415 (733 ) 11,682 Provision for income taxes 2,860 375 3,235 4,645 (275 ) 4,370 Net income 4,631 579 5,210 7,770 (458 ) 7,312 Earnings per share: Basic $ 0.10 $ 0.02 $ 0.12 $ 0.17 $ (0.01 ) $ 0.16 Diluted $ 0.10 $ 0.02 $ 0.12 $ 0.17 $ (0.01 ) $ 0.16   EBITDA $ 27,814 $ 954 $ 28,768 $ 31,728 $ (733 ) $ 30,995 Adjusted EBITDA $ 28,404 $ 954 $ 29,358 $ 32,040 $ (733 ) $ 31,307     For the Three Months ended September 30, 2012AsPreviouslyReported   Adjustment   As Revised(In Thousands except per share data) Leasing $ 90,666 $ (1,877 ) $ 88,789 Total revenues 100,879 (1,877 ) 99,002 Leasing, selling and general expenses 56,753 (775 ) 55,978 Total costs and expenses 72,567 (775 ) 71,792 Income from operations 28,312 (1,102 ) 27,210 Income before provision for income taxes 15,496 (1,102 ) 14,394 Provision for income taxes 4,413 (417 ) 3,996 Net income 11,083 (685 ) 10,398 Earnings per share: Basic $ 0.25 $ (0.02 ) $ 0.23 Diluted $ 0.25 $ (0.02 ) $ 0.23   EBITDA $ 37,261 $ (1,102 ) $ 36,159 Adjusted EBITDA $ 38,098 $ (1,102 ) $ 36,996               For the Three Months ended March 31, 2011For the Three Months ended June 30, 2011AsPreviouslyReported   Adjustment   As RevisedAsPreviouslyReported   Adjustment   As Revised(In Thousands except per share data)(In Thousands except per share data) Leasing $ 72,679 $ (78 ) $ 72,601 $ 78,422 $ (1,451 ) $ 76,971 Total revenues 82,859 (78 ) 82,781 90,523 (1,451 ) 89,072 Leasing, selling and general expenses 47,088 (28 ) 47,060 49,628 (516 ) 49,112 Total costs and expenses 62,107 (28 ) 62,079 65,982 (516 ) 65,466 Income from operations 20,752 (50 ) 20,702 24,541 (935 ) 23,606 Income before provision for income taxes 6,718 (50 ) 6,668 12,763 (935 ) 11,828 Provision for income taxes 2,567 (13 ) 2,554 4,821 (354 ) 4,467 Net income 4,151 (37 ) 4,114 7,942 (581 ) 7,361 Earnings allocable to preferred stockholders (777 ) 7 (770 ) (193 ) $ (3 ) (196 ) Net income available to common stockholders 3,374 (30 ) 3,344 7,749 $ (584 ) 7,165 Earnings per share: Basic $ 0.09 $ - $ 0.09 $ 0.18 $ (0.01 ) $ 0.17 Diluted $ 0.09 $ - $ 0.09 $ 0.18 $ (0.01 ) $ 0.17   EBITDA $ 29,546 $ (50 ) $ 29,496 $ 33,558 $ (935 ) $ 32,623 Adjusted EBITDA $ 29,791 $ (50 ) $ 29,741 $ 34,115 $ (935 ) $ 33,180     For the Three Months ended September 30, 2011For the Three Months ended December 31, 2011AsPreviouslyReported   Adjustment   As RevisedAsPreviouslyReported   Adjustment   As Revised(In Thousands except per share data)(In Thousands except per share data) Leasing $ 82,635 $ (1,132 ) $ 81,503 $ 85,127 $ (454 ) $ 84,673 Total revenues 95,141 (1,132 ) 94,009 95,905 (454 ) 95,451 Leasing, selling and general expenses 53,551 (56 ) 53,495 52,969 (16 ) 52,953 Total costs and expenses 70,387 (56 ) 70,331 68,856 (16 ) 68,840 Income from operations 24,754 (1,076 ) 23,678 27,049 (438 ) 26,611 Interest expense (10,983 ) - (10,983 ) (10,883 ) 142 (10,741 ) Income before provision for income taxes 13,771 (1,076 ) 12,695 16,161 (296 ) 15,865 Provision for income taxes 4,040 (403 ) 3,637 6,121 (319 ) 5,802 Net income 9,731 (673 ) 9,058 10,040 23 10,063 Earnings per share: Basic $ 0.22 $ (0.01 ) $ 0.21 $ 0.23 $ - $ 0.23 Diluted $ 0.22 $ (0.02 ) $ 0.20 $ 0.23 $ - $ 0.23   EBITDA $ 33,643 $ (1,076 ) $ 32,567 $ 36,007 $ (438 ) $ 35,569 Adjusted EBITDA $ 35,004 $ (1,076 ) $ 33,928 $ 37,221 $ (438 ) $ 36,783 This news release includes the financial measures “EBITDA”, “adjusted EBITDA”, “EBITDA margin”, “adjusted EBITDA margin”, “adjusted SG&A”, “adjusted net income”, “adjusted diluted earnings per share” and “free cash flow.” These measurements are deemed “non-GAAP financial measures” 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, including any write-off of deferred financing 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 adjusted EBITDA. The GAAP financial measure that is most directly comparable to EBITDA is net cash provided by operating activities. EBITDA and adjusted EBITDA margins are calculated by dividing consolidated EBITDA and adjusted 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 adjusted EBITDA and adjusted 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. We include adjusted EBITDA in the earnings announcement to provide transparency to investors. Adjusted 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, minus or plus, net cash used in or provided by 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 Company's existing businesses, debt service obligations and strategic acquisitions. Adjusted SG&A, adjusted net income and adjusted diluted earnings per share permit a comparative assessment of our SG&A expenses, net income and diluted earnings per share by excluding certain one-time expenses and integration, merger and restructuring expenses to make a more meaningful comparison of our operating performance. Earlier in this release we provided a reconciliation of these adjusted measurements to actual results along with a reconciliation of EBITDA to net cash provided by operating activities, net income to EBITDA and adjusted EBITDA and net cash provided by operating activities to free cash flow. Mobile Mini, Inc.Mark Funk, Executive VP & Chief Financial Officer480-477-0241www.mobilemini.com-or-Investor Relations Counsel:The Equity Group Inc.Fred Buonocore, 212-836-9607Linda Latman, 212-836-9609