Mobile Mini (MINI) 8-K Mobile Mini Reports Second Quarter Results

Exhibit 99.1

FOR IMMEDIATE RELEASE

MOBILE MINI REPORTS SECOND QUARTER RESULTS

Generates Free Cash Flow of Approximately $20.2 Million;
39.1% Non-GAAP EBITDA Margin Achieved;
First Sequential Quarter of Growth Since 2008

Tempe, AZ — August 5, 2010 — Mobile Mini, Inc. (NASDAQ GS: MINI) today reported GAAP and non-GAAP financial results for the second quarter and six months ended June 30, 2010.

Non-GAAP Second Quarter 2010

• Total revenues were $81.8 million;

• Leasing revenues were $72.9 million and comprised 89.1% of total revenues;

• Sales revenues were $8.5 million with margins of 31.9%;

• EBITDA was $32.0 million or 39.1% of total revenues; and

• Net income was $5.5 million or $0.13 per diluted share.

Other Second Quarter 2010 Highlights

• Free cash flow totaled $20.2 million;

• We used free cash flow and other funds to pay down net debt by an additional $20.7 million;

• Yield (total lease revenues per unit on rent) increased 4.1% compared to the second quarter of 2009 primarily due to ancillary revenues and product mix;

• Yield also increased 5.2% compared to the first quarter of 2010 primarily due to ancillary revenues, and to a lesser extent, an increase in rental rates;

• Average utilization rate was 52.4% in the second quarter, and rose to 53.3% by quarter-end; and

• Excess availability under our revolver at June 30, 2010 was $335.3 million.

Non-GAAP Six Months Ended June 30, 2010 Highlights

• Total revenues were $158.7 million;

• Leasing revenues were $143.1 million and comprised 90.2% of total revenues;

• Sales revenues were $14.8 million with margins of 33.3%;

• EBITDA was $62.0 million or 39.0% of total revenues;

• Net income was $9.3 million or $0.21 per diluted share;

• Free cash flow totaled $31.5 million; and

• We used free cash flow from operations and other funds to pay down net debt by $34.3 million.

Non-GAAP results (EBITDA and EBITDA margin) for the 2010 second quarter and first half exclude approximately $1.1 million and $3.4 million, respectively, of expenses relating primarily to ongoing restructuring of our operations. Non-GAAP reconciliation tables are on page 6, and show the effects of these expenses to comparable GAAP figures.

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Mobile Mini, Inc. News Release
August 5, 2010 Page 2

Business Overview

Mobile Mini’s Chairman, President & CEO, Steven Bunger stated, “The second quarter is the first reporting period of sequential quarterly gains since the third quarter of 2008. Total revenues, leasing revenues and adjusted EBITDA rose 6.5%, 3.9%, and 6.9%, respectively, compared to the first quarter of this year. While seasonality was a factor, the strengthening of our core business also contributed to this upturn. As we discussed back in May when we reported first quarter results, our level of business with customers that rent our portable storage units over a longer duration is making a comeback. In addition, we are also seeing construction activity increasing in certain regions. This has led to an upturn in utilization from 52.1% at March 31^st to 53.3% at June 30^th. We are also pleased by the improvement in second quarter yield which rose 5.2% compared to the 2010 first quarter. Although we are still off from optimal business conditions, we are encouraged with the upward direction in revenues, utilization and yield.”

He continued, “From the second quarter of 2009 compared to the second quarter of 2010, over $5 million of adjusted selling, general and administrative expenses (“SG&A”) has been eliminated from our business. Beyond headcount reductions, we have streamlined our overall operations most notably through the migration of 32 branches into low-cost operational yards and the implementation of our hybrid sales model. These and other improvements are both cumulative and enduring and have enabled us to achieve adjusted EBITDA margins of 39.1% for the second quarter.”

Mr. Bunger went on to say, “We continue to be impressed by the results achieved to date from the bifurcation of our sales force. With the addition of National Sales Centers (“NSCs”), we have lower selling costs, lower employee turnover, and higher closing ratios than historically achieved, while delivering the same high level of service to our customers. With the NSC in Tempe, Arizona, we are also now able to more quickly and economically enter new markets. As we announced in June, we opened low cost operational yards in three new markets — Omaha, NE; Norfolk/Virginia Beach, VA and Washington, DC. By relocating underutilized lease assets from nearby locations, doing a modest amount of local advertising and by utilizing our highly trained, monitored and motivated NSC personnel for sales outreach and order taking, those locations were open for business shortly after leases were signed. In addition to the positive impact realized from the NSC, we also expect to achieve efficiency gains from our newly implemented logistics system, which helps us optimize the delivery and pick-up of our rental fleet.”

On the subject of European operations, Mr. Bunger noted, “Business has continued to stabilize overseas as well. The benefits of the hybrid sales model, our focus on ways to enhance yield, plus ongoing cost savings and efficiencies are reflected in the 2.3 percentage point sequential quarter and the 2.8 percentage point comparable quarter improvement in the European adjusted EBITDA margins.”

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Mobile Mini, Inc. News Release
August 5, 2010 Page 3

Mark Funk, Mobile Mini’s Executive Vice President & CFO noted, “We have generated free cash flow for ten consecutive quarters as of June 30, 2010. Second quarter free cash flow totaled $20.2 million and for the trailing twelve months totaled $72.9 million. In addition, we generated our sixth consecutive quarter of net capital proceeds, where proceeds generated from the sale of units in the fleet exceeded all of our capital expenditure needs for such period. Net capital proceeds for the second quarter were $2.3 million, for a year-to-date total of $3.4 million. We continued to use cash flow from operations and CAPEX proceeds to pay down our debt by approximately $20.7 million, for a year-to-date total of $34.3 million. For the trailing twelve months, we paid down net debt by $83.8 million.”

EBITDA, EBITDA margin and free cash flow are non-GAAP financial measures as defined by Securities and Exchange Commission (“SEC”) rules. The method of reconciliation of these measures 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, Thursday, August 5, 2010 at 12 noon ET to review these results. To listen to the call live, dial 706-679-0885 and ask for the Mobile Mini Conference Call or go to www.mobilemini.com and click on the Investors section. Additionally, a slide presentation which will accompany the call will be posted at www.mobilemini.com on the Investors section and will be available after the call. We will also post the method of 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 conference 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 251,000 portable storage and office units with 121 locations in the US, 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 resumption of growth, free cash flow, ability to more quickly and economically enter new markets, efficiency gains from logistics systems, borrowing availability, efficiencies of the NSCs, improved utilization, increasing yield and 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.

CONTACT:	-OR-	INVESTOR RELATIONS COUNSEL:
Mark Funk, Executive VP &		The Equity Group Inc.
Chief Financial Officer		Linda Latman (212) 836-9609
Mobile Mini, Inc.		Lena Cati (212) 836-9611
(480) 477-0241
www.mobilemini.com

(See Accompanying Tables)

Mobile Mini, Inc. News Release
August 5, 2010 Page 4

Mobile Mini, Inc. Condensed Consolidated Statements of Income
(Unaudited)/(in 000’s except per share data)/(includes effects of rounding)

	Three Months Ended						Three Months Ended
	June 30,						June 30,
	2010			2010			2009			2009
	GAAP			Non-GAAP (1)			GAAP			Non-GAAP (1)
Revenues:
Leasing	$	72,911		$	72,911		$	84,397		$	84,397
Sales		8,505			8,505			9,858			9,858
Other		427			427			669			669
Total revenues		81,843			81,843			94,924			94,924
Cost of sales		5,788			5,788			6,620			6,620
Leasing, selling and general expenses (2)		44,260			44,030			49,075			49,075
Integration, merger and restructuring expenses (3)		928			—			5,629			—
Depreciation and amortization		9,040			9,040			10,434			10,434
Total costs and expenses		60,016			58,858			71,758			66,129
Income from operations		21,827			22,985			23,166			28,795
Other income (expense):
Interest income		—			—			3			3
Interest expense		(14,287	)		(14,287	)		(14,966	)		(14,966	)
Foreign currency exchange		(6	)		(6	)		8			8
Income before provision for income taxes		7,534			8,692			8,211			13,840
Provision for income taxes		2,755			3,200			2,984			5,118
Net income		4,779			5,492			5,227			8,722
Earnings allocable to preferred stockholders		(903	)		(1,038	)		(1,041	)		(1,736	)
Net income available to common stockholders	$	3,876		$	4,454		$	4,186		$	6,986
Earnings per share:
Basic	$	0.11		$	0.13		$	0.12		$	0.20
Diluted	$	0.11		$	0.13		$	0.12		$	0.20
Weighted average number of common and common share equivalents outstanding:
Basic		35,147			35,147			34,390			34,390
Diluted		43,790			43,790			43,111			43,111
EBITDA	$	30,861		$	32,019		$	33,611		$	39,240

(1)	This column represents a Non-GAAP presentation even though some individual line items presented, such as revenues, are identical under both GAAP and Non-GAAP presentations.
(2)	Difference relates to one-time expenses and is excluded in the Non-GAAP presentation.
(3)	Integration, merger and restructuring expenses represent costs that we incurred in connection with the MSG acquisition and the expenses in conjunction with the continued restructuring of our operations and are excluded in the Non-GAAP presentation.

Mobile Mini, Inc. News Release
August 5, 2010 Page 5

Mobile Mini, Inc. Condensed Consolidated Statements of Income
(Unaudited)
(in 000’s except per share data)/(includes effects of rounding)

	Six Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2010			2009			2009
	GAAP			Non-GAAP (1)			GAAP			Non-GAAP (1)
Revenues:
Leasing	$	143,090		$	143,090		$	173,913		$	173,913
Sales		14,819			14,819			19,918			19,918
Other		812			812			1,257			1,257
Total revenues		158,721			158,721			195,088			195,088
Costs and expenses:
Cost of sales		9,878			9,878			13,489			13,489
Leasing, selling and general expenses (2)		87,122			86,852			100,647			100,647
Integration, merger and restructuring expenses (3)		3,154			—			7,843			—
Depreciation and amortization		18,180			18,180			20,687			20,687
Total costs and expenses		118,334			114,910			142,666			134,823
Income from operations		40,387			43,811			52,422			60,265
Other income (expense):
Interest income		1			1			6			6
Interest expense		(28,974	)		(28,974	)		(30,207	)		(30,207	)
Foreign currency exchange		(14	)		(14	)		(75	)		(75	)
Income before provision for income taxes		11,400			14,824			22,146			29,989
Provision for income taxes		4,211			5,528			8,453			11,436
Net income		7,189			9,296			13,693			18,553
Earnings allocable to preferred stockholders		(1,359	)		(1,737	)		(2,729	)		(3,698	)
Net income available to common stockholders	$	5,830		$	7,559		$	10,964		$	14,855
Earnings per share:
Basic	$	0.17		$	0.22		$	0.32		$	0.43
Diluted	$	0.16		$	0.21		$	0.32		$	0.43
Weighted average number of common and common share equivalents outstanding:
Basic		35,115			35,115			34,367			34,367
Diluted		43,652			43,652			43,047			43,047
EBITDA	$	58,554		$	61,978		$	73,040		$	80,883

(1)	This column represents a Non-GAAP presentation even though some individual line items presented, such as revenues, are identical under both GAAP and Non-GAAP presentations.
(2)	Difference relates to one-time expenses and is excluded in the Non-GAAP presentation.
(3)	Integration, merger and restructuring expenses represent costs that we incurred in connection with the MSG acquisition and the expenses in conjunction with the continued restructuring of our operations and are excluded in the Non-GAAP presentation.

Mobile Mini, Inc. News Release
August 5, 2010 Page 6

Non-GAAP Reconciliations to Nearest Comparable GAAP Measures

	Three Months Ended June 30, 2010									Three Months Ended June 30, 2009
	(in thousands except per share data)									(in thousands except per share data)
	(includes effects of rounding)									(includes effects of rounding)
				Integration, merger									Integration, merger
				and restructuring									and restructuring
	Non-GAAP (1)			expenses & other (2)			GAAP			Non-GAAP (1)			expenses (2)			GAAP
Revenues	$	81,843		$	—		$	81,843		$	94,924		$	—		$	94,924
EBITDA	$	32,019		$	(1,158	)	$	30,861		$	39,240		$	(5,629	)	$	33,611
EBITDA margin		39.1	%		(1.4	%)		37.7	%		41.3	%		(5.9	%)		35.4	%
Operating income	$	22,985		$	(1,158	)	$	21,827		$	28,795		$	(5,629	)	$	23,166
Operating income margin		28.1	%		(1.4	%)		26.7	%		30.3	%		(5.9	%)		24.4	%
Pre tax income	$	8,692		$	(1,158	)	$	7,534		$	13,840		$	(5,629	)	$	8,211
Net income	$	5,492		$	(713	)	$	4,779		$	8,722		$	(3,495	)	$	5,227
Diluted earnings per share	$	0.13		$	(0.02	)	$	0.11		$	0.20		$	(0.08	)	$	0.12

	Six Months Ended June 30, 2010									Six Months Ended June 30, 2009
	(in thousands except per share data)									(in thousands except per share data)
	(includes effects of rounding)									(includes effects of rounding)
				Integration, merger									Integration, merger
				and restructuring									and restructuring
	Non-GAAP (1)			expenses & other (2)			GAAP			Non-GAAP (1)			expenses (2)			GAAP
Revenues	$	158,721		$	—		$	158,721		$	195,088		$	—		$	195,088
EBITDA	$	61,978		$	(3,424	)	$	58,554		$	80,883		$	(7,843	)	$	73,040
EBITDA margin		39.0	%		(2.2	%)		36.9	%		41.5	%		(4.0	%)		37.4	%
Operating income	$	43,811		$	(3,424	)	$	40,387		$	60,265		$	(7,843	)	$	52,422
Operating income margin		27.6	%		(2.2	%)		25.4	%		30.9	%		(4.0	%)		26.9	%
Pre tax income	$	14,824		$	(3,424	)	$	11,400		$	29,989		$	(7,843	)	$	22,146
Net income	$	9,296		$	(2,107	)	$	7,189		$	18,553		$	(4,860	)	$	13,693
Diluted earnings per share	$	0.21		$	(0.05	)	$	0.16		$	0.43		$	(0.11	)	$	0.32

(1)	This column represents a Non-GAAP presentation even though some individual line items presented, such as revenues, are identical under both GAAP and Non-GAAP presentations.
(2)	Integration, merger and restructuring expenses represent costs that we incurred in connection with the MSG acquisition and the expenses in conjunction with the continued restructuring of our operations and other excludes one-time expenses incurred in the applicable period.

Mobile Mini, Inc. News Release
August 5, 2010 Page 7

This press release includes the financial measures “EBITDA”, “EBITDA margin” and “free cash flow”. These measurements may be deemed a “non-GAAP financial measure” 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. 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 in the reconciliation below. The GAAP financial measure that is most directly comparable to EBITDA is net cash provided by operating activities. EBITDA margin is calculated by dividing consolidated 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 EBITDA and 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. 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. 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 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, less net cash used in 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.

A reconciliation of EBITDA to net cash provided by operating activities and net income to EBITDA and adjusted EBITDA, as well as a reconciliation of net cash provided by operating activities to free cash flow, follows. These reconciliations are in thousands and include effects of rounding:

Mobile Mini, Inc. News Release
August 5, 2010 Page 8

	Three Months Ended June 30,						Six Months Ended June 30,
	2010			2009			2010			2009
	(In thousands)						(In thousands)
Reconciliation of EBITDA to Net cash provided by operating activities:
EBITDA	$	30,861		$	33,611		$	58,554		$	73,040
Interest paid		(10,925	)		(11,954	)		(25,902	)		(28,083	)
Income and franchise taxes paid		(516	)		(728	)		(649	)		(872	)
Share-based compensation expense		1,607			1,660			3,023			3,281
Gain on sale of lease fleet units		(2,451	)		(2,934	)		(4,477	)		(5,779	)
(Gain) loss on disposal of property, plant & equipment		(75	)		11			(82	)		36
Changes in certain assets and liabilities:
Receivables		(3,700	)		5,836			2			17,563
Inventories		158			1,209			906			1,639
Deposits and prepaid expenses		1,272			2,105			2,224			2,435
Other assets and intangibles		(341	)		(260	)		(523	)		(441	)
Accounts payable and accrued liabilities		1,995			(2,320	)		(4,941	)		(15,983	)
Net cash provided by operating activities	$	17,885		$	26,236		$	28,135		$	46,836
Reconciliation of Net income to EBITDA and adjusted EBITDA:
Net income	$	4,779		$	5,227		$	7,189		$	13,693
Interest expense		14,287			14,966			28,974			30,207
Provision for income taxes		2,755			2,984			4,211			8,453
Depreciation and amortization		9,040			10,434			18,180			20,687
EBITDA		30,861			33,611			58,554			73,040
Integration, merger and restructuring expenses & other		1,158			5,629			3,424			7,843
Adjusted EBITDA	$	32,019		$	39,240		$	61,978		$	80,883
Reconciliation of Free cash flow:
Net cash provided by operating activities	$	17,885		$	26,236		$	28,135		$	46,836
Additions to lease fleet		(3,415	)		(5,720	)		(7,247	)		(10,879	)
Proceeds from sale of lease fleet units		7,384			8,387			12,823			16,929
Additions to property, plant and equipment		(1,701	)		(2,742	)		(2,258	)		(4,774	)
Proceeds from sale of property, plant and equipment		37			150			85			243
Net capital proceeds		2,305			75			3,403			1,519
Free cash flow	$	20,190		$	26,311		$	31,538		$	48,355

Mobile Mini, Inc. News Release
August 5, 2010 Page 9

Mobile Mini, Inc.
Condensed Consolidated Balance Sheets
(in 000’s except per share data)
(includes effects of rounding)

	June 30,			December 31,
	2010			2009
	(unaudited)			(audited)
ASSETS
Cash	$	2,341		$	1,740
Receivables, net		40,248			40,867
Inventories		21,076			22,147
Lease fleet, net		1,037,360			1,055,328
Property, plant and equipment, net		79,710			84,160
Deposits and prepaid expenses		7,620			9,916
Other assets and intangibles, net		22,382			26,643
Goodwill		509,686			513,238
Total assets	$	1,720,423		$	1,754,039
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Accounts payable	$	13,916		$	14,130
Accrued liabilities		56,619			64,915
Lines of credit		446,868			473,655
Notes payable		315			1,128
Obligations under capital leases		3.333			4,061
Senior notes, net		339,851			345,402
Deferred income taxes		160,340			155,697
Total liabilities		1,021,242			1,058,988
Commitments and contingencies
Convertible preferred stock; $.01 par value, 20,000 shares authorized, 8,556 issued and 8,191 outstanding at June 30, 2010 and December 31, 2009, stated at its liquidation preference values		147,427			147,427
Stockholders’ equity:
Common stock; $.01 par value, 95,000 shares authorized, 38,589 issued and 36,414 outstanding at June 30, 2010 and 38,451 issued and 36,276 outstanding at December 31, 2009		386			385
Additional paid-in capital		345,413			341,597
Retained earnings		277,922			270,733
Accumulated other comprehensive loss		(32,667	)		(25,791	)
Treasury stock, at cost, 2,175 shares		(39,300	)		(39,300	)
Total stockholders’ equity		551,754			547,624
Total liabilities and stockholders’ equity	$	1,720,423		$	1,754,039