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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 3, 2007
(Exact name of registrant as specified in its charter)
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Delaware
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1-12804
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86-0748362 |
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(State or other jurisdiction
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(Commission
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(IRS Employer |
of incorporation)
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File Number)
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Identification No.) |
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7420 South Kyrene Road, Suite 101, Tempe, Arizona
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85283 |
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(Address of principal executive offices)
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(Zip Code) |
Registrants telephone number, including area code: (480) 894-6311
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
TABLE OF CONTENTS
Item 2.02. Results of Operations and Financial Condition
On May 3, 2007, Mobile Mini, Inc. issued a press release announcing its financial results for the
first quarter ended March 31, 2007. A copy of the press release is furnished as Exhibit 99.01 to
this report.
The press release includes the financial
measure EBITDA.
The EBITDA and pro forma financial measurements may be deemed a non-GAAP financial measure under
rules of the Securities and Exchange Commission, including Regulation G. EBITDA is defined as net
income before interest expense, income taxes, depreciation and amortization, and debt
extinguishment costs. We present EBITDA because we believe it provides useful information regarding
our ability to meet our future debt payment requirements, capital expenditures and working capital
requirements and that it provides an overall evaluation of our financial condition. In addition,
EBITDA is a component of certain financial covenants under our revolving credit facility and is
used to determine our available borrowing ability and the interest rate in effect at any point in
time. We include EBITDA in the earnings announcement to provide transparency to investors. 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
generally accepted accounting principles in the United States or as a measure of our profitability
or our liquidity.
A reconciliation of EBITDA to net cash provided by operating activities and net income to EBITDA
follows (in thousands), which includes effects of rounding:
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Three Months Ended |
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March 31, 2006 |
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March 31, 2007 |
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Reconciliation of EBITDA to net cash provided by operating activities: |
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EBITDA |
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$ |
23,561 |
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$ |
31,731 |
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Interest paid |
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(10,899 |
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(7,976 |
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Income and franchise taxes paid |
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(65 |
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(115 |
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Share-based compensation expense |
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754 |
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940 |
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Gain on sale of lease fleet units |
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(931 |
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(1,294 |
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Loss on disposal of property, plant and equipment |
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29 |
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9 |
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Changes in certain assets and liabilities, net of effect of
business acquired: |
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Receivables |
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1,477 |
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2,266 |
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Inventories |
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(1,003 |
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(4,005 |
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Deposits and prepaid expenses |
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7 |
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(673 |
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Other assets and intangibles |
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(210 |
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(3 |
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Accounts payable and accrued liabilities |
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(2,707 |
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(182 |
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Net cash provided by operating activities |
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$ |
10,013 |
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$ |
20,698 |
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Reconciliation of net income to EBITDA: |
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Net income |
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$ |
8,204 |
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$ |
12,697 |
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Interest expense |
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6,446 |
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5,953 |
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Provision for income taxes |
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5,323 |
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8,190 |
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Depreciation and amortization |
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3,588 |
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4,891 |
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EBITDA |
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$ |
23,561 |
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$ |
31,731 |
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In accordance with general instruction B.2 to Form 8-K, information in this Item 2.02 and
the exhibit attached hereto shall not be deemed filed for purposes of Section 18 of the
Securities Exchange Act of 1934, or otherwise subject to the liabilities of such section, nor
shall it be deemed incorporated by reference in any filing under the Securities Act of 1933,
except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Exhibits
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(d)
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Exhibits. |
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99.1
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Registrants press release, dated May 3, 2007. |
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MOBILE MINI, INC.
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Dated: May 3, 2007 |
/s/ Lawrence Trachtenberg
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Name: |
Lawrence Trachtenberg |
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Title: |
Executive Vice President and
Chief Financial Officer |
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