Mobile Mini (MINI) 8-K Results of Operations and Financial Condition

Exhibit 99.1

FOR IMMEDIATE RELEASE

MOBILE MINI, INC. REPORTS RECORD SECOND QUARTER RESULTS;

PRO FORMA NET INCOME 57.1% AHEAD OF LAST YEAR

Raises 2006 Guidance

Tempe, AZ — July 27, 2006 — Mobile Mini, Inc. (NasdaqGS: MINI) today reported record financial results for the second quarter and six months ended June 30, 2006. All share and per share amounts have been adjusted for the two-for-one stock split in the form of a 100% stock dividend effected on March 10, 2006.

Pro Forma Second Quarter 2006 vs. Pro Forma Second Quarter 2005 (See Pro Forma Reconciliation Below)

• Total revenues increased 31.5% to $66.3 million from $50.4 million;

• Lease revenues increased 31.0% to $59.3 million from $45.3 million;

• Lease revenues comprised 89.5% of total revenues versus 89.8%;

• EBITDA (earnings before interest expense, tax, depreciation and amortization) of $29.4 million was 37.5% greater than the $21.4 million of EBITDA last year;

• Net income was $12.1 million or $0.33 per diluted share as compared to $7.7 million or $0.25 per diluted share last year; and,

• Operating margin increased to 37.8% from 36.2%.

2006 second quarter diluted per share calculations are based upon 19.3% more shares outstanding in 2006 compared to 2005, primarily as a result of the 4.6 million shares that Mobile Mini sold in a public offering in March 2006.

Other Second Quarter Highlights

• Internal growth rate (the increase in leasing revenues at locations open one year or more, excluding acquisitions at those locations) was 22.4%, which was considerably better than management’s expectations; in the first quarter of 2006, the internal growth rate was 23.2% and in the second quarter of 2005, it was 26%;

• The average utilization rate was 82.9%, up from 82.1% for the second quarter of 2005;

• Yield (total lease revenues per unit on rent) was up 2.2% compared to last year’s second quarter; excluding units obtained through the Royal Wolf Group acquisition in late April 2006, yield for the 2006 second quarter, would have been up 6.9%;

• The lease fleet grew 33.1% during the quarter to over 141,100 units, compared to 106,000 at mid-year 2005;

• The average number of units on rent increased 28.2% to 109,000 from 85,000 in the second quarter of 2005; and,

• Funded debt to EBITDA was 2.8 to 1 as compared to 3.5 to 1 at March 31, 2006, due primarily to the receipt of $120 million of net proceeds from the Company’s March equity offering, and the use of $57.5 million of those proceeds to pay down 35% of the Company’s $150 million 9.5% Senior Notes.

Pro Forma Reconciliation

Three Months Ended June 30, 2006
(in 000’s except per share data)
(includes effects of rounding)

	Pro forma		Share-based			Debt			Actual
			compensation			Extinguishment
						expense
Revenues	$	66,298	$	—		$	—		$	66,298
EBITDA	$	29,399	$	(781	)	$	—		$	28,618
Pre tax income (loss)	$	19,655	$	(781	)	$	(6,425	)	$	12,449
Net income (loss)	$	12,104	$	(494	)	$	(3,952	)	$	7,658
Diluted earnings per share	$	0.33	$	(0.01	)	$	(0.11	)	$	0.21
Diluted shares outstanding		36,213		84			—			36,297

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Mobile Mini, Inc. News Release
July 27, 2006 Page 2

Pro Forma Reconciliation

Three Months Ended June 30, 2005
(in 000’s except per share data)
(includes effects of rounding)

	Pro forma		Other Income		(Provision for)		Actual
					benefit of
					income taxes
Revenue	$	50,401	$	—	$	—	$	50,401
EBITDA	$	21,388	$	3,160	$	—	$	24,548
Pre tax income	$	12,619	$	3,160	$	—	$	15,779
Net income	$	7,698	$	1,927	$	520	$	10,145
Diluted earnings per share	$	0.25	$	0.06	$	0.02	$	0.33

Six Months Ended June 30, 2006
(in 000’s except per share data)
(includes effects of rounding)

	Pro forma		Share-based			Debt			Actual
			compensation			Extinguishment
						expense
Revenue	$	122,718	$	—		$	—		$	122,718
EBITDA	$	53,714	$	(1,535	)	$	—		$	52,179
Pre tax income (loss)	$	33,936	$	(1,535	)	$	(6,425	)	$	25,976
Net income (loss)	$	20,886	$	(1,072	)	$	(3,952	)	$	15,862
Diluted earnings (loss) per share	$	0.61	$	(0.03	)	$	(0.11	)	$	0.47
Diluted shares outstanding		33,984		17			—			34,001

Six Months Ended June 30, 2005
(in 000’s except per share data)
(includes effects of rounding)

	Pro forma		Other Income		(Provision for)		Actual
					benefit of
					income taxes
Revenue	$	96,144	$	—	$	—	$	96,144
EBITDA	$	40,423	$	3,160	$	—	$	43,583
Pre tax income	$	23,086	$	3,160	$	—	$	26,246
Net income	$	14,082	$	1,928	$	520	$	16,530
Diluted earnings per share	$	0.46	$	0.06	$	0.02	$	0.54

Business Overview
Steven Bunger, Chairman, President & CEO of Mobile Mini, stated, “Second quarter lease revenues, EBITDA and diluted earnings per share were considerably better than we had anticipated when we provided guidance back in May because our estimates were based on a lower internal growth rate than the rate achieved. We were delighted by the upside surprise, which again affirms that in the aggregate, as our branches mature, they continue to grow containers on lease, the engine that drives lease revenues and profits. With virtually no let up in demand at our established North American locations, we are selectively increasing prices on certain products.”

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Mobile Mini, Inc. News Release
July 27, 2006 Page 3

He went on to say, “Second quarter and first half financial results include the Royal Wolf Group acquisition as of April 28, 2006, and as expected, the transaction was immediately accretive. It is worth noting that the revenue mix at our European locations is somewhat different than at our North American locations. Our European locations have a higher proportion of sales revenues, and mainly for this reason, lease revenues as a percent of total revenues were slightly lower than in last year’s second quarter. Also, in Europe, lower yielding 20 foot containers dominate the portable storage landscape. By moving forward with our plan to introduce Mobile Mini’s proprietary products to our European branches, we believe that over time, we will achieve higher yields while expanding the market for our portable storage solutions.”

Mr. Bunger continued, “In Oakland and Fresno, the two new domestic locations that we added with the Royal Wolf transaction, the conversion into the Mobile Mini branch prototype is far along and at the 10 locations where there was overlap, the consolidation and integration of staff and lease assets were completed this past spring. A great deal of progress has also been made at our new Utica, NY and Wichita, KS locations. There, under the direction of seasoned branch managers, the implementation of our branding, management information systems, marketing outreach programs, and a broader product line have been proceeding.”

Lawrence Trachtenberg, Executive Vice President & CFO, noted, “Our financial position has never been stronger thanks to funds generated by operations and the liquidity provided by our modified and amended $350 million credit facility. This enlarged credit facility more than replaces the $57.5 million that we paid down on our $150 million 9.5% Senior Notes and gives us far more advantageous rates and terms. As of today’s news release, we have approximately $191 million in outstanding bank borrowings.”

Mobile Mini’s Business Model
Mobile Mini’s business model involves substantial fixed costs at all of its 62 locations in order to maintain the infrastructure necessary to support growth. Operating margins increase with growth in the number of containers on lease at existing locations. While newer locations produce lower operating margins until we are able to increase their number of containers on lease, they are also the catalyst for growth in lease revenue and earnings as they mature. The table below shows operating margins and the return on invested capital at our various branches sorted by the year they began operations. It illustrates the profitability of branches once they are firmly established and that older branches produced healthy returns on invested capital.

	After Tax Return on Invested						Operating Margin %
	Capital (NOPLAT)						(after corporate allocation)
Year Branch	Pro forma						Pro forma
Established	12 months ended June 30,						3 months ended June 30,
	2006			2005			2006			2005
Pre-1998		18.2	%		17.0	%		44.7	%		41.2	%
1998		17.8	%		15.3	%		45.2	%		44.6	%
1999		10.3	%		7.8	%		32.9	%		22.6	%
2000		12.7	%		12.7	%		37.4	%		36.6	%
2001		12.7	%		10.8	%		35.7	%		35.6	%
2002		11.6	%		8.4	%		33.0	%		23.8	%
2003		9.5	%		4.9	%		35.3	%		21.6	%
2004		1.4	%		(7.6	)%		14.6	%		1.9	%
2005		(15.6	)%		N/A			(26.4	)%		N/A
2006		N/A			N/A			17.4			N/A
All Branches		14.4	%		13.4	%		37.8	%		36.2	%

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Mobile Mini, Inc. News Release
July 27, 2006 Page 4

Mr. Trachtenberg, noted, “There is every reason to believe that the remaining quarters of this year will also set new records. For the third quarter, we expect lease revenues of approximately $64 million, pro forma EBITDA of over $30 million, and pro forma diluted earnings per share in the $0.34 to $0.35 range. For the year, we are raising our pro forma EBITDA guidance to between $116 million and $117 million and we expect pro forma diluted earnings per share of between $1.30 and $1.35, based upon lease revenues of between $242 million and $245 million.”

Mobile Mini’s 2006 pro forma earnings guidance for third quarter and full year excludes approximately $0.01 and $0.06 per diluted share, respectively, after tax, to reflect the impact of SFAS 123(R), “Share-Based Payment,” a new accounting pronouncement requiring the expensing of share-based compensation. In addition, during the second quarter, Mobile Mini recorded a debt extinguishment costs of $6.4 million or approximately $0.11 per diluted share, after tax, which is excluded from 2006 pro forma guidance. Including the impact of SFAS 123(R) and debt extinguishment costs, Mobile Mini’s 2006 diluted earnings per share guidance is in the $1.12 to $1.17 range.

EBITDA and pro forma financial measures, including those that are forward-looking, 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 in the Company’s report on Form 8-K filed with the SEC on the date of this release.

Conference Call
As previously announced, Mobile Mini will host a conference call today, Thursday, July 27^th at 1:00 pm EDT to review these results and recent corporate developments. To listen to the live call, please go towww.mobilemini.comand click on the Investor Relations section. Please go to the website 15 minutes early to download and install any necessary audio software. If you are unable to listen live, the conference call can be accessed for approximately 14 days at Mobile Mini’s website.

Mobile Mini, Inc. is the world’s leading provider of portable storage solutions through its total fleet of over 147,000 portable storage units and portable offices with 62 branches in U.S., United Kingdom, Canada and The Netherlands. Mobile Mini is included on the Russell 2000â and 3000â Indexes and the S&P Small Cap Index.

This news release contains forward-looking statements, particularly regarding operating prospects, expansion opportunities and revenue and earnings estimates for 2006 and beyond, 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.

(See Accompanying Tables)

Mobile Mini, Inc. News Release Page
July 27, 2006 Page 5

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,
	2006			2006			2005			2005
	Actual			Pro forma			Actual			Pro forma
Revenues:
Leasing	$	59,331		$	59,331		$	45,276		$	45,276
Sales		6,590			6,590			4,883			4,883
Other		377			377			242			242
Total revenues		66,298			66,298			50,401			50,401
Costs and expenses:
Cost of sales		4,152			4,152			3,032			3,032
Leasing, selling and general expenses(1)		33,849			33,068			25,988			25,988
Depreciation and amortization		4,004			4,004			3,139			3,139
Total costs and expenses		42,005			41,224			32,159			32,159
Income from operations		24,293			25,074			18,242			18,242
Other income (expense):
Interest income		372			372			7			7
Other income(2)		—			—			3,160			—
Interest expense		(5,740	)		(5,740	)		(5,630	)		(5,630	)
Debt extinguishment costs(3)		(6,425	)		—			—			—
Foreign currency exchange		(51	)		(51	)		—			—
Income before provision for income taxes		12,449			19,655			15,779			12,619
Provision for income taxes(4)		4,791			7,551			5,634			4,921
Net income	$	7,658		$	12,104		$	10,145		$	7,698
Earnings per share:
Basic:	$	0.22		$	0.34		$	0.34		$	0.26
Diluted:	$	0.21		$	0.33		$	0.33		$	0.25
Weighted average number of common and common share equivalents outstanding:
Basic		35,191			35,191			29,611			29,611
Diluted		36,297			36,213			30,589			30,589
EBITDA	$	28,618		$	29,399		$	24,548		$	21,388

(1)	Includes share-based compensation of $781,000 for the three months ended June 30, 2006, pursuant to SFAS No. 123(R) “Share-Based Payment”, and is excluded in the pro forma results.
(2)	Other income in 2005 represents net proceeds of a settlement agreement pursuant to which a third party partially reimbursed Mobile Mini for losses sustained in two lawsuits that arose in connection with an acquisition in April 2000 of a portable storage business in Florida and is excluded in the pro forma results.
(3)	Debt extinguishment expense in 2006 represents the portion of deferred loan costs and the redemption premium on 35% of the $150 million aggregate principal amount outstanding of our 91/2% Senior Notes that we redeemed and is excluded in the pro forma results.
(4)	Income tax provision in 2005 includes a $520,000 benefit due to the recognition of certain state net operating loss carry forwards that were scheduled to expire in 2005 and 2006 that management believed were recoverable and is excluded in the pro forma results.

Mobile Mini, Inc. News Release
July 27, 2006 Page 6

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,
	2006			2006			2005			2005
	Actual			Pro forma			Actual			Pro forma
Revenues:
Leasing	$	110,865		$	110,865		$	86,668		$	86,668
Sales		11,118			11,118			8,865			8,865
Other		735			735			611			611
Total revenues		122,718			122,718			96,144			96,144
Costs and expenses:
Cost of sales		7,066			7,066			5,559			5,559
Leasing, selling and general expenses(1)		63,846			62,311			50,170			50,170
Depreciation and amortization		7,592			7,592			6,187			6,187
Total costs and expenses		78,504			76,969			61,916			61,916
Income from operations		44,214			45,749			34,228			34,228
Other income (expense):
Interest income		424			424			8			8
Other income(2)		—			—			3,160			—
Interest expense		(12,186	)		(12,186	)		(11,150	)		(11,150	)
Debt extinguishment costs(3)		(6,425	)		—			—			—
Foreign currency exchange		(51	)		(51	)		—			—
Income before provision for income taxes		25,976			33,936			26,246			23,086
Provision for income taxes(4)		10,114			13,050			9,716			9,004
Net income	$	15,862		$	20,886		$	16,530		$	14,082
Earnings per share:
Basic:	$	0.48		$	0.63		$	0.56		$	0.48
Diluted:	$	0.47		$	0.61		$	0.54		$	0.46
Weighted average number of common and common share equivalents outstanding:
Basic		32,951			32,951			29,509			29,509
Diluted		34,001			33,984			30,479			30,479
EBITDA	$	52,179		$	53,714		$	43,583		$	40,423

(1)	Includes share-based compensation of $1,535,000 for the six months ended June 30, 2006, pursuant to SFAS No. 123(R) “Share-Based Payment” and is excluded in the pro forma results.
(2)	Other income in 2005 represents net proceeds of a settlement agreement pursuant to which a third party partially reimbursed Mobile Mini for losses sustained in two lawsuits that arose in connection with an acquisition in April 2000 of a portable storage business in Florida and is excluded in the pro forma results.
(3)	Debt extinguishment expense in 2006 represents the portion of deferred loan costs and the redemption premium of 35% on the $150 million aggregate principal amount outstanding of our 91/2% Senior Notes that we redeemed and is excluded in the pro forma results.
(4)	Income tax provision in 2005 includes a $520,000 benefit due to the recognition of certain state net operating loss carryforwards that were scheduled to expire in 2005 and 2006 that management believed were recoverable and is excluded in the pro forma results.

Mobile Mini, Inc. News Release Page
July 27, 2006 Page 7

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

	June 30, 2006		December 31, 2005
	(Unaudited)		(Audited)
ASSETS
Cash	$	2,698	$	207
Receivables, net		32,150		24,538
Inventories		30,857		23,490
Lease fleet, net		631,855		550,464
Property, plant and equipment, net		39,017		36,048
Deposits and prepaid expenses		7,774		7,669
Other assets and intangibles, net		11,072		6,230
Goodwill		79,655		56,311
Total assets	$	835,078	$	704,957
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Accounts payable	$	23,014	$	17,481
Accrued liabilities		39,117		35,576
Line of credit		181,055		157,926
Notes payable		—		659
Obligations under capital leases		47		—
Senior Notes		97,500		150,000
Deferred income taxes		86,327		75,340
Total liabilities		427,060		436,982
Commitments and contingencies
Stockholders’ equity:
Common stock; $0.01 par value, 95,000 shares authorized, 35,408 and 30,618 issued and outstanding at June 30, 2006 and December 31, 2005, respectively		354		306
Additional paid-in capital		263,383		141,855
Deferred stock-based compensation		—		(2,258	)
Retained earnings		142,804		126,942
Accumulated other comprehensive income		1,477		1,130
Total stockholders’ equity		408,018		267,975
Total liabilities and stockholders’ equity	$	835,078	$	704,957

CONTACT:	-OR-	INVESTOR RELATIONS COUNSEL:
Larry Trachtenberg, Executive VP &		The Equity Group Inc.
Chief Financial Officer		Linda Latman (212) 836-9609
Mobile Mini, Inc.		Lena Cati (212) 836-9611
(480) 894-6311		www.theequitygroup.com
www.mobilemini.com

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