Mobile Mini (MINI) 8-K Mobile Mini, Inc. Reports Strong Third Quarter Results

Exhibit 99.1

FOR IMMEDIATE RELEASE

MOBILE MINI, INC. REPORTS STRONG THIRD QUARTER RESULTS

Enters Pittsburgh, Mobile Mini’s 65^th Market

Tempe, AZ — November 1, 2007 — Mobile Mini, Inc. (NasdaqGS: MINI) today reported financial results for the third quarter and nine months ended September 30, 2007.

Third Quarter 2007 vs. Third Quarter 2006

• Total revenues increased 12.8% to a quarterly record of $83.5 million, up from $74.0 million a year ago;

• Lease revenues increased 12.8% to a quarterly record of $74.0 million from $65.6 million;

• Lease revenues comprised 88.6% of total revenues as compared to 88.7%;

• EBITDA (earnings before interest expense, tax, depreciation and amortization) increased 4.2% to $32.9 million from $31.6 million in the 2006 third quarter;

• Net income of $12.7 million, or $0.35 per diluted share, approximated last year’s $12.9 million and $0.35 per diluted share; and

• Operating margin was 32.6%, as compared to 36.7% during the 2006 third quarter.

These results include share-based compensation expenses under SFAS 123(R) of approximately $1.1 million before tax and $0.7 million after tax in the third quarter of 2007 and approximately $0.8 million before tax and $0.5 million after tax in the third quarter of 2006.

Other 2007 Third Quarter Highlights

• The internal growth rate (the increase in leasing revenues at locations open one year or more, excluding acquisitions at those locations) remained in double digits at 12.4% for the third quarter and 13.8% year-to-date;

• The average utilization rate improved to 79.4%, from 78.8% for the second quarter of 2007;

• Yield (total lease revenues per unit on rent) was up 8.3% as compared to last year’s third quarter;

• The lease fleet grew 8.3% to 157,600 units from approximately 145,500 units at the end of third quarter of 2006;

• The average number of units on rent increased 4.1% to 124,400 from 119,500 in the third quarter of 2006; and

• Funded debt to EBITDA remains strong at 2.6-to-1, the same level as at September 30, 2006.

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Mobile Mini, Inc. News Release
November 1, 2007 Page 2

Business Overview

Steven Bunger, Chairman, President & CEO of Mobile Mini, stated, “We are very pleased with the internal growth rate and the increase in lease revenues we have achieved in the third quarter and through the first nine months of the year. Strong demand from our core industrial, retail and institutional markets offset the slower growth in non-residential construction, a sector which historically represents a larger part of our competitors’ business than ours. At the same time, thanks to our superior product line and customer service, supported by a powerful and effective marketing program, we continue to gain market share. As the 8.3% increase in yield indicates, price competition and yield erosion are certainly not impacting our business.”

He went on to say, “In light of slower growth in the non-residential construction sector, which is continuing to impact certain regions of the U.S., we have scaled down certain domestic manufacturing operations. The costs associated with these initiatives should not carry over into the fourth quarter. As we previously reported, our revenue growth was partially offset by third quarter fleet repair and maintenance expenses, which were higher than we have historically experienced. However, keeping our fleet at the highest maintenance level is a key competitive advantage and just one of the reasons why our units have been able to command premium pricing. We expect that these costs will return to more normalized levels within the next two to three quarters.”

On the subject of European operations, Mr. Bunger noted, “The exceptional growth continues at our European branches. Our European branches achieved a third quarter internal growth rate of 61.2% (49.4% excluding the impact of foreign currency translation). Just as importantly, the EBITDA margins of our European branches began to expand in the third quarter due to the operating leverage of our business model.”

He continued, “Both domestically and overseas, Mobile Mini is well-positioned to continue to outperform competitors. We remain confident that the execution of our business model combined with our dominant market position in diversified end markets will, as it has in the past, drive our growth.”

Additional Shares Repurchased

Mobile Mini also announced that it has repurchased a total of 1,939,322 shares of its common stock. As previously reported, in August 2007 the Company’s Board of Directors authorized the repurchase up to $50 million of common stock. A majority of the purchases, approximately 1.61 million shares, were purchased after October 22, 2007. As of October 31, 2007, approximately $14.8 million of repurchase authority remains unused and available for additional repurchases.

Entry into New Market

Mobile Mini also announced that Pittsburgh, PA became the Company’s 65^th market on October 31^st, when the Company purchased the storage lease fleet of Guest Inc. The purchase price was approximately $1.2 million, which was paid in cash. The new Mobile Mini branch serves the Pittsburgh metropolitan area, which has approximately 2.4 million inhabitants. The new branch also services eastern Ohio and the northern part of West Virginia. The new location is headed by a seasoned branch manager and most of the seller’s staff is expected to remain as new Company employees. The branch will be stocked with Mobile Mini’s broad array of high security storage units, security offices and mobile offices. Mobile Mini is beginning to transition the new location into its branch model, including new signage, sophisticated MIS systems, training programs for staff, and placement of Yellow Page advertising.

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Mobile Mini, Inc. News Release
November 1, 2007 Page 3

Mr. Bunger noted, “Pittsburgh is our third new market for 2007, and gives us a presence in a region with a strong industrial, financial, and technology base. According toExpansion Magazine(2006), Pittsburgh was ranked among the top 10 U.S. metropolitan areas most favorable to business expansion. Pittsburgh is also the largest inland port in the U.S., providing access to the nation’s 9,000 mile inland waterway system. We believe that one or more additional new markets are achievable before year end.”

Mobile Mini’s Business Model

Mobile Mini’s business model involves substantial fixed costs at all of its 65 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 the Company’s various branches, sorted by the year the branch began operations. The Company believes that the table 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			12 months ended September 30,						3 months ended September 30,
Established	Number of Branches		2007			2006			2007			2006
Pre-1998		8		17.2	%		18.0	%		40.0	%		44.2	%
1998		4		18.2	%		17.4	%		47.5	%		45.8	%
1999		7		14.5	%		10.8	%		35.9	%		32.4	%
2000		10		13.4	%		13.0	%		35.4	%		39.2	%
2001		6		9.5	%		11.6	%		28.6	%		34.2	%
2002		11		13.6	%		11.9	%		28.7	%		32.0	%
2003		1		13.7	%		11.1	%		35.0	%		33.0	%
2004		1		-3.2	%		2.3	%		-34.7	%		16.9	%
2005		3		10.6	%		-9.4	%		27.5	%		10.2	%
2006		11		4.4	%		n/a			6.8	%		13.0	%
2007		2		n/a			n/a			-40.4	%		n/a	%
All Branches		64		13.9	%		14.4	%		32.6	%		36.7	%

Lawrence Trachtenberg, Executive Vice President & CFO, noted, “At September 30, we had only $198 million in outstanding borrowings under our $425 million amended revolving line of credit. This modest level of borrowings outstanding, combined with the liquidity afforded by our recent sale of $150 million of 6-7/8% Senior Notes, gives Mobile Mini the business advantages that go along with a strong financial position. Since September 30, we have increased our borrowings under the credit line by only $32.2 million, virtually all of which was used to fund stock repurchases. The repurchases should be accretive to diluted earnings per share in 2008.”

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Mobile Mini, Inc. News Release
November 1, 2007 Page 4

Mr. Trachtenberg continued, “As we previously reported, for the fourth quarter of the year, we are looking for lease revenues of between $75.5 million and $76.0 million, resulting in EBITDA of approximately $32.5 million to $33.5 million and diluted EPS in the $0.34 to $0.36 range.”

Mobile Mini’s 2007 pro forma guidance anticipates:

• Leasing revenues of between $286 million and $286.5 million;

• EBITDA in the $130 million to $131 million range;

• Diluted earnings per share of between $1.39 and $1.41.

For 2007, pro forma earnings guidance excludes approximately $11.2 million of debt extinguishment expense related to the early retirement in May 2007 of the Company’s 9.5% Senior Notes.

Mr. Trachtenberg concluded, “As we did last year, we plan to announce guidance for the coming year once our budget is finalized, which should be in December.”

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, November 1^st at 12 noon Eastern Time to review these results and recent corporate developments. To listen to the live call, dial 706-679-0885 and ask for the Mobile Mini Conference Call or go to www.mobilemini.com and click on the Investors 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 163,000 portable storage units and portable offices with 65 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 revenue, EBITDA and earnings estimates for the remainder of 2007, which involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Among the risks and uncertainties that may affect future results are those that are described from time to time in the Company’s SEC filings. Forward-looking statements represent the judgment of the Company, as of the date of they are made (in this instance, 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
November 1, 2007 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
	September 30,			September 30,
	2007			2006
	Actual			Actual
Revenues:
Leasing	$	73,982		$	65,595
Sales		8,691			8,071
Other		809			323
Total revenues		83,482			73,989
Costs and expenses:
Cost of sales		5,975			5,109
Leasing, selling and general expenses		44,693			37,310
Depreciation and amortization		5,581			4,380
Total costs and expenses		56,249			46,799
Income from operations		27,233			27,190
Other income (expense):
Interest income		34			9
Interest expense		(6,241	)		(5,693	)
Foreign currency exchange		54			(1	)
Income before provision for income taxes		21,080			21,505
Provision for income taxes		8,376			8,615
Net income	$	12,704		$	12,890
Earnings per share:
Basic:	$	0.35		$	0.36
Diluted:	$	0.35		$	0.35
Weighted average number of common and common share equivalents outstanding:
Basic		35,996			35,448
Diluted		36,717			36,607
EBITDA	$	32,902		$	31,578

Mobile Mini, Inc. News Release
November 1, 2007 Page 6

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

		��
	Nine Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2007			2006			2006
	Actual			Pro forma			Actual			Pro forma
Revenues:
Leasing	$	210,397		$	210,397		$	176,460		$	176,460
Sales		22,883			22,883			19,189			19,189
Other		1,472			1,472			1,058			1,058
Total revenues		234,752			234,752			196,707			196,707
Costs and expenses:
Cost of sales		15,594			15,594			12,175			12,175
Leasing, selling and general expenses		121,866			121,866			101,156			101,156
Depreciation and amortization		15,585			15,585			11,972			11,972
Total costs and expenses		153,045			153,045			125,303			125,303
Income from operations		81,707			81,707			71,404			71,404
Other income (expense):
Interest income		70			70			433			433
Interest expense		(18,294	)		(18,294	)		(17,880	)		(17,880	)
Debt extinguishment expense(1)		(11,224	)		—			(6,425	)		—
Foreign currency exchange		54			54			(51	)		(51	)
Income before provision for income taxes		52,313			63,537			47,481			53,906
Provision for income taxes		20,581			24,902			18,728			21,201
Net income	$	31,732		$	38,635		$	28,753		$	32,705
Earnings per share:
Basic:	$	0.89		$	1.08		$	0.85		$	0.97
Diluted:	$	0.86		$	1.05		$	0.82		$	0.93
Weighted average number of common and common share equivalents outstanding:
Basic		35,818			35,818			33,792			33,792
Diluted		36,736			36,736			34,975			34,975
EBITDA	$	97,416		$	97,416		$	83,758		$	83,758

(1) 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 9.5% Senior Notes that we redeemed and is excluded in the pro forma results. Debt extinguishment expense in 2007 represents the remaining deferred loan costs and the redemption premium on $97.5 million aggregate principal amount outstanding of our 9.5% Senior Notes that we redeemed and is excluded in the pro forma results.

Mobile Mini, Inc. News Release
November 1, 2007 Page 7

Pro Forma Reconciliation
(in 000’s except per share data)
(includes effects of rounding)

	Nine Months Ended Sept. 30, 2007							Nine Months Ended Sept. 30, 2006
			Debt							Debt
			Extinguishment							Extinguishment
	Pro forma		expense			Actual		Pro forma		expense			Actual
Revenue	$	234,752	$	—		$	234,752	$	196,707	$	—		$	196,707
EBITDA	$	97,416	$	—		$	97,416	$	83,758	$	—		$	83,758
Pre tax income	$	63,537	$	(11,224	)	$	52,313	$	53,906	$	(6,425	)	$	47,481
Net income	$	38,635	$	(6,903	)	$	31,732	$	32,705	$	(3,952	)	$	28,753
Diluted EPS	$	1.05	$	(0.19	)	$	0.86	$	0.93	$	(0.11	)	$	0.82

Mobile Mini, Inc. News Release
November 1, 2007 Page 8

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

	September 30, 2007			December 31, 2006
	(Unaudited)			(Audited)
ASSETS
Cash	$	1,936		$	1,370
Receivables, net		38,958			34,953
Inventories		31,124			27,863
Lease fleet, net		780,809			697,439
Property, plant and equipment, net		54,614			43,072
Deposits and prepaid expenses		10,783			9,553
Other assets and intangibles, net		9,852			9,324
Goodwill		79,401			76,456
Total assets	$	1,007,477		$	900,030
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	22,583		$	18,928
Accrued liabilities		41,920			39,546
Line of credit		197,758			203,729
Notes payable		1,133			781
Obligations under capital leases		18			35
Senior Notes		149,357			97,500
Deferred income taxes		117,297			97,507
Total liabilities		530,066			458,026
Commitments and contingencies
Stockholders’ equity:
Common stock; $0.01 par value, 95,000 shares authorized, 36,077 and 35,898 issued and outstanding at September 30, 2007 and December 31, 2006, respectively		364			359
Additional paid-in capital		277,543			268,456
Retained earnings		201,450			169,718
Accumulated other comprehensive income		5,791			3,471
Treasury stock, at cost, 325 shares		(7,737	)		—
Total stockholders’ equity		477,411			442,004
Total liabilities and stockholders’ equity	$	1,007,477		$	900,030

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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