To William from William
"Monday January 31, 4:12 pm Eastern Time
Company Press Release
Mobile Mini Reports Record Operating Results for Fourth Quarter and 1999
Net Income Before Extraordinary Charge Increases 97% for Quarter and 110% for Year
TEMPE, Ariz.--(BUSINESS WIRE)--Jan. 31, 2000--Mobile Mini, Inc. (NASDAQ National Market: MINI) today reported record results for the fourth quarter and year ended December 31, 1999. The fourth quarter of 1999 was Mobile Mini's 12th consecutive record quarter. As previously reported, on November 1, 1999, Mobile Mini redeemed the entire principal amount outstanding of its 12% Senior Subordinated Notes. This action, which resulted in a fourth quarter extraordinary item of $424,000, net of tax, or $.04 per share, for the early extinguishment of the debt, will produce approximately $617,000 in annual interest savings going forward.
1999 FINANCIAL HIGHLIGHTS
Net income for the 1999 fourth quarter, prior to the aforementioned extraordinary item, increased 97% to $3,143,000, or $.27 per diluted share, compared to $1,595,000, or $.19 per diluted share, in the 1998 fourth quarter. Diluted earnings per share for the final quarter of 1999 were calculated on a 40% increase in weighted shares outstanding as compared to the same period in the prior year, primarily due to the 2,965,000 new shares issued in connection with a public offering during the 1999 second quarter. Revenues for the 1999 fourth quarter were $19,608,000, with lease and lease-related revenues accounting for 81% of the total.
For the year ended December 31, 1999, Mobile Mini reported revenues of $66,653,000, resulting in net income available to common shareholders before the extraordinary item of $9,428,000, or $.89 per diluted share. This compares to 1998 revenues of $52,677,000 and net income of $4,484,000, or $.53 per diluted share.
Steven Bunger, Mobile Mini's President & CEO noted, ''Our entry into seven new markets over the course of 1999 was but one of the factors contributing to our strong performance. Other factors include:
Lease and lease-related revenues, which drive margin expansion, growing to 80% of total revenues from 69% in 1998 and 54% in 1997;
A 46% increase in leasing revenues, more than half of which related to internal growth rate, which we define as the increase in average containers on lease at branches owned by Mobile Mini for one year or longer;
A 133% increase in containers on lease at branches opened or acquired in 1998, further demonstrating our ability to apply our business model and develop the portable storage market in new locations and successfully grow them; and
Lease fleet utilization remaining strong at 89% for the fourth quarter and 86% for the year as a whole while the lease fleet grew by 11,000 units or 44% from 1998 to 1999.''
FUTURE OUTLOOK
Discussing the outlook for the Company, Richard Bunger, Chairman of the Board noted, ''We have never been more enthusiastic about Mobile Mini's future prospects. We have been experiencing dramatic revenue growth from new markets and we believe we can obtain continued strong revenue growth in these markets and in the seven new markets we entered in 1999. Furthermore, there is a high level of acquisition candidates and start-up targets in our new market pipeline, which we believe will enable us to meet our objective of entering between--------------------"
Well, you get the idea
William |
