Delaware | 1-12804 | 86-0748362 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) |
7420 South Kyrene Road, Suite 101, Tempe, Arizona | 85283 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition | ||||||||
Item 9.01 Exhibits | ||||||||
SIGNATURES | ||||||||
EX-99.1 |
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Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Reconciliation of EBITDA to net cash
provided by operating activities: |
||||||||||||||||
EBITDA |
$ | 20,354 | $ | 32,783 | $ | 49,814 | $ | 64,514 | ||||||||
Senior Note redemption premiums |
| (8,926 | ) | | (8,926 | ) | ||||||||||
Interest paid |
(3,712 | ) | (8,453 | ) | (6,990 | ) | (16,429 | ) | ||||||||
Income and franchise taxes paid |
(327 | ) | (479 | ) | (429 | ) | (594 | ) | ||||||||
Share-based compensation expense |
1,376 | 1,210 | 2,364 | 2,150 | ||||||||||||
Gain on sale of lease fleet units |
(1,603 | ) | (1,447 | ) | (3,094 | ) | (2,741 | ) | ||||||||
Loss on disposal of property, plant and
equipment |
| 23 | 29 | 32 | ||||||||||||
Changes in certain assets and
liabilities, net of effect of
businesses acquired: |
||||||||||||||||
Receivables |
(4,898 | ) | (2,803 | ) | (2,265 | ) | (537 | ) | ||||||||
Inventories |
(3,067 | ) | (65 | ) | (3,570 | ) | (4,070 | ) | ||||||||
Deposits and prepaid
expenses |
357 | 1,220 | 900 | 547 | ||||||||||||
Other assets and intangibles |
4,430 | 305 | 99 | 302 | ||||||||||||
Accounts payable and
accrued liabilities |
7,701 | 1,655 | 4,683 | 1,474 | ||||||||||||
Net cash provided by operating
activities |
$ | 20,611 | $ | 15,023 | $ | 41,541 | $ | 35,722 | ||||||||
Reconciliation of net income to EBITDA: |
||||||||||||||||
Net income |
$ | 4,861 | $ | 6,331 | $ | 15,519 | $ | 19,028 | ||||||||
Interest expense |
6,419 | 6,100 | 12,564 | 12,053 | ||||||||||||
Provision for income taxes |
3,327 | 4,015 | 10,315 | 12,205 | ||||||||||||
Depreciation and amortization |
5,747 | 5,113 | 11,416 | 10,004 | ||||||||||||
Debt extinguishment expense |
| 11,224 | | 11,224 | ||||||||||||
EBITDA |
$ | 20,354 | $ | 32,783 | $ | 49,814 | $ | 64,514 | ||||||||
Reconciliation of free cash flow: |
||||||||||||||||
Net cash provided by operating activities |
$ | 20,611 | $ | 15,023 | $ | 41,541 | $ | 35,722 | ||||||||
Net cash used in investing activities, excluding acquisitions |
(13,864 | ) | (36,850 | ) | (30,339 | ) | (68,999 | ) | ||||||||
Free cash flow (use) |
$ | 6,747 | $ | (21,827 | ) | $ | 11,202 | $ | (33,277 | ) | ||||||
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MOBILE MINI, INC. |
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Dated: August 7, 2008 | /s/ Lawrence Trachtenberg | |||
Name: | Lawrence Trachtenberg | |||
Title: | Executive Vice President and
Chief Financial Officer |
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