Mobile Mini 8K Reports Third Quarter Results and Revises 2008 Guidance | MINI 3 Nov 08

Exhibit 99.1

FOR IMMEDIATE RELEASE

MOBILE MINI REPORTS THIRD QUARTER RESULTS AND REVISES 2008 GUIDANCE

Tempe, AZ — November 3, 2008 — Mobile Mini, Inc. (NASDAQ GS: MINI) today reported financial GAAP and non-GAAP results for the third quarter ended September 30, 2008.

Non-GAAP Third Quarter 2008 vs. Actual Third Quarter 2007

•		Total revenues increased 59% to $132.8 million from $83.5 million;

•		Lease revenues increased 61.3% to $119.3 million from $74.0 million;

•		Lease revenues comprised 89.9% of total revenues for the current year’s third quarter and 88.6% in the 2007 third quarter;

•		EBITDA (earnings before interest expense, tax, depreciation and amortization) rose 69.2% to $55.7 million from $32.9 million;

•		Net income was $17.1 million compared to $12.7 million, an increase of approximately 34.9%;

•		Diluted earnings per share (“EPS”) were $0.40 and $0.35 for the current and prior year’s third quarter, respectively;

•		EBITDA margin rose to 41.9% from 39.4%; and;

•		Operating margin increased to 34.7% from 32.6%.

Non-GAAP results for the current quarter exclude approximately $6.1 million of integration and merger expense the Company incurred in connection with the merger transaction with Mobile Storage Group (“MSG”) on June 27, 2008. Non-GAAP reconciliation tables are on page 6, and show the effects of integration and merger expense adjustments to comparable GAAP figures. Third quarter results include share-based compensation expenses under SFAS 123(R) of approximately $1.5 million and $1.1 million before tax, and $1.1 million and $0.7 million after tax, applicable to share-based compensation in the third quarters of 2008 and 2007, respectively.

Other Third Quarter Highlights

•		The average utilization rate was 74.8% versus 79.4% during the third quarter of 2007;

•		Yield (total lease revenues per unit on rent) was down 2.1% compared to last year’s third quarter; however, had MSG and Mobile Mini been consolidated in last year’s third quarter, yield would be 1.6% ahead in the current versus the prior year’s third quarter;

•		The lease fleet increased 73.1% to approximately 272,800 units at September 30, 2008 as compared to 157,600 units at September 30, 2007, primarily due to the merger;

•		The average number of units on rent increased 64.7% to approximately 204,900 from approximately 124,400 in the third quarter of 2007;

•		Capital expenditures were $19.4 million for the current third quarter compared to $32.1 million in the prior year’s third quarter;

•		Free cash flow, excluding two opportunistic tuck-in acquisitions in Texas and California, was $3.6 million for the current third quarter versus a $0.7 million cash requirement in the same period last year; and;

•		Funded debt to EBITDA, calculated in accordance with our revolving credit facility, was 3.98:1 at September 30, 2008.

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Mobile Mini, Inc. News Release November 3, 2008		Page 2

Business Overview

Mobile Mini’s Chairman, President & CEO, Steven Bunger stated, “The economic slowdown in the U.S. and U.K. coupled with the credit crunch has curtailed non-residential construction activity, especially new construction, which is the primary reason why our comparable quarter revenue growth is almost entirely attributable to the merger transaction with Mobile Storage Group on June 27^th. These factors, together with the lower utilization rate of the acquired MSG lease fleet, also explain why our utilization rate declined.”

Mr. Bunger went on to say, “As we indicated in our second quarter overview, we have been achieving the economic benefits of the MSG integration much sooner than we had expected, particularly a reduction in overhead and infrastructure costs at previously overlapping locations that are now combined. At the same time, we are closely examining our cost structure and have made reductions in non-essential expenses, most notably by reducing excess headcount. Although fuel costs have come down in recent weeks, they were at their highest levels during much of the third quarter. Where possible, we have been able to capture some of those costs by imposing a fuel surcharge in the U.S. in the second quarter and in the U.K. in September. In addition, we have met virtually no customer resistance from a selective price increase we enacted in the third quarter, targeting customers who have had units out on rent at a fixed rate for an extended period of time. These actions plus others have helped us achieve more operating leverage from our now larger, but leaner, organization, as evidenced by the improvement in our Non-GAAP EBITDA margin which rose to 41.9% in the current third quarter from 39.4% one year earlier.”

Mr. Bunger concluded, “Our integration team is to be commended for the speed at which they are accomplishing their mission. We realized $6.4 million of cost synergies during the third quarter and estimate that on an annualized basis, we can realize at least $30 million in merger-related cost synergies.”

Lawrence Trachtenberg, Executive Vice President & CFO pointed out, “We are keeping a tight lid on capital expenditures. This, along with lease fleet sales and disposals, has kept lease fleet utilization at respectable levels in a difficult business environment. Due to only nominal fleet purchases and maintenance expense, free cash flow for the current third quarter was $3.6 million, before the aforementioned tuck-in acquisitions, and $14.8 million through the first nine months of 2008 compared to a cash requirement of $0.7 million and $34.0 million during the third quarter and nine months ended September 30, 2007, respectively. We currently expect free cash flow to increase in subsequent quarters.”

He continued, “Utilizing free cash flow to pay down debt remains a top corporate priority. During the third quarter, we were able to reduce outstanding borrowings by more than $15.3 million, leaving us with more than $302.1 million of unused borrowing capacity under our new $900 million asset-based revolving credit facility. We generated enough cash in the first 29 days in October to reduce outstanding borrowings by $29.9 million. As was the case in the last economic downturn, smaller, undercapitalized local and regional competitors whose businesses are closely tied to the construction trades face far more difficult business challenges than Mobile Mini with our 99 branches, ability to shift fleet among branches, diverse customer profile, geographic diversity, focus on customer service and product differentiation, and financial strength. If history repeats itself, we should be able to gain market share as we have done during prior periods of economic contraction, and be in the best position to grow units on rent and yield as the economy cycles upward again.”

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Mobile Mini, Inc. News Release November 3, 2008		Page 3

Revises 2008 Guidance

Mr. Trachtenberg concluded, “As we expected, the MSG transaction was immediately accretive to earnings, excluding merger and integration costs. Despite the general economic slowdown, due to the cost synergies achieved since the merger as well as the other cost containment initiatives we have undertaken, we believe we can obtain results close to the previous Non-GAAP earnings guidance we had provided. We are adjusting our 2008 guidance to $1.45 to $1.50 in earnings per diluted share, which is achievable if we meet our revised leasing revenues target of between $382 million and $385 million and EBITDA of between $174 million and $177 million. We plan to announce revenue, EBITDA, and earnings guidance for 2009 in December or January.”

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 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, November 3^rd at 5:30 pm Eastern Time. 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 approximately 283,000 of portable storage units and portable offices with 99 branches in the U.S., 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 leasing revenues, EBITDA, free cash flow, earnings estimates and cost synergies, 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 November 3, 2008		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
	September 30,						September 30,
	2008			2008			2007
	GAAP			Non-GAAP (2)			GAAP
Revenues:
Leasing	$	119,323		$	119,323		$	73,982
Sales		12,528			12,528			8,691
Other		901			901			809

Total revenues		132,752			132,752			83,482

Costs and expenses:
Cost of sales		8,571			8,571			5,975
Leasing, selling and general expenses		68,466			68,466			44,693
Integration and merger expense (1)		6,059			—			—
Depreciation and amortization		9,705			9,705			5,581

Total costs and expenses		92,801			86,742			56,249

Income from operations		39,951			46,010			27,233

Other income (expense):
Interest income		7			7			34
Interest expense		(18,022	)		(18,022	)		(6,241	)
Foreign currency exchange		(45	)		(45	)		54

Income before provision for income taxes		21,891			27,950			21,080
Provision for income taxes		8,615			10,814			8,376

Net income		13,276			17,136			12,704
Undistributed earnings attributable to preferred stock		(2,658	)		(2,658	)		—

Net income available to common stockholders	$	10,618		$	14,478		$	12,704


Earnings per share:
Basic	$	0.31		$	0.42		$	0.35

Diluted	$	0.31		$	0.40		$	0.35


Weighted average number of common and common share equivalents outstanding:
Basic		34,174			34,174			35,996

Diluted		43,257			43,257			36,717


EBITDA	$	49,618		$	55,677		$	32,902


¹⁾		Integration and merger expense in 2008 represents those costs that we accrued in connection with the merger with MSG and is excluded in the Non-GAAP presentation.

²⁾		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 presentation.



Mobile Mini, Inc. News Release November 3, 2008		Page 5

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,
	2008			2008			2007			2007
	GAAP			Non-GAAP (3)			GAAP			Non-GAAP (3)
Revenues:
Leasing	$	262,208		$	262,208		$	210,397		$	210,397
Sales		28,451			28,451			22,883			22,883
Other		1,719			1,719			1,472			1,472

Total revenues		292,378			292,378			234,752			234,752

Costs and expenses:
Cost of sales		19,562			19,562			15,594			15,594
Leasing, selling and general expenses		155,732			155,732			121,866			121,866
Integration and merger expense (1)		17,668			—			—			—
Depreciation and amortization		21,121			21,121			15,585			15,585

Total costs and expenses		214,083			196,415			153,045			153,045

Income from operations		78,295			95,963			81,707			81,707

Other income (expense):
Interest income		69			69			70			70
Interest expense		(30,586	)		(30,586	)		(18,294	)		(18,294	)
Debt extinguishment expense (2)		—			—			(11,224	)		—
Foreign currency exchange		(53	)		(53	)		54			54

Income before provision for income taxes		47,725			65,393			52,313			63,537
Provision for income taxes		18,930			25,568			20,581			24,902

Net income		28,795			39,825			31,732			38,635
Undistributed earnings attributable to preferred stock		(2,288	)		(2,288	)		—			—

Net income available to common stockholders	$	26,507		$	37,537		$	31,732		$	38,635


Earnings per share:
Basic	$	0.78		$	1.10		$	0.89		$	1.08

Diluted	$	0.77		$	1.06		$	0.86		$	1.05


Weighted average number of common and common share equivalents outstanding:
Basic		34,124			34,124			35,818			35,818

Diluted		37,512			37,512			36,736			36,736


EBITDA	$	99,432		$	117,100		$	97,416		$	97,416


¹⁾		Integration and merger expense in 2008 represents those costs that we accrued in connection with the merger with MSG and is excluded in the Non-GAAP presentation.

²⁾		Debt extinguishment expense in 2007 represents deferred loan costs and the redemption premium on $97.5 million aggregate principal amount outstanding of our 9^1/2% Senior Notes that we redeemed and is excluded in the Non-GAAP presentation.

³⁾		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.


Mobile Mini, Inc. News Release November 3, 2008		Page 6

Non-GAAP Reconciliation
Three Months Ended September 30, 2008
(in thousands except per share data)
(includes effects of rounding)


	Non-		Integration and
	GAAP		merger
	(3)		expense (1)			GAAP

Revenues	$	132,752	$	—		$	132,752
EBITDA		55,677		(6,059	)		49,618
Pre tax income		27,950		(6,059	)		21,891
Net income		17,136		(3,860	)		13,276
Diluted earnings per share		0.40		(0.09	)		0.31


	Nine Months Ended September 30, 2008							Nine Months Ended September 30, 2007
	(in thousands except per share data)							(in thousands except per share data)
	(includes effects of rounding)							(includes effects of rounding)
			Integration and							Debt
	Non-GAAP		merger					Non-GAAP		extinguishment
	(3)		expense(1)			GAAP		(3)		expense (2)			GAAP

Revenues	$	292,378	$	—		$	292,378	$	234,752	$	—		$	234,752
EBITDA		117,100		(17,668	)		99,432		97,416		—			97,416
Pre tax income		65,393		(17,668	)		47,725		63,537		(11,224	)		52,313
Net income		39,825		(11,030	)		28,795		38,635		(6,903	)		31,732
Diluted earnings per share		1.06		(0.29	)		0.77		1.05		(0.19	)		0.86


¹⁾		Integration and merger expense in 2008 represents those costs that we accrued in connection with the merger with MSG and is excluded in the Non-GAAP presentation.

²⁾		Debt extinguishment expense in 2007 represents deferred loan costs and the redemption premium on $97.5 million aggregate principal amount outstanding of our 9^1/2% Senior Notes that we redeemed and is excluded in the Non-GAAP presentation.

³⁾		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.


Mobile Mini, Inc. News Release November 3, 2008		Page 7

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


	September 30,			December 31,
	2008			2007
	(unaudited)			(audited)
ASSETS
Cash	$	4,852		$	3,703
Receivables, net		68,809			37,221
Inventories		38,650			29,431
Lease fleet, net		1,096,126			802,923
Property, plant and equipment, net		91,008			55,363
Deposits and prepaid expenses		12,978			11,334
Other assets and intangibles, net		82,909			9,086
Goodwill		544,403			79,790

Total assets	$	1,939,735		$	1,028,851


LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	26,694		$	20,560
Accrued liabilities		97,835			38,941
Lines of credit		589,086			237,857
Notes payable		438			743
Obligations under capital leases		5,906			10
Senior notes, net		345,609			149,379
Deferred income taxes		195,084			123,471

Total liabilities		1,260,652			570,961


Commitments and contingencies

Redeemable convertible preferred stock; $.01 par value, 20,000 shares authorized, 8,556 and 0 issued and outstanding at September 30, 2008 and December 31, 2007, respectively		153,990			—

Stockholders’ equity:
Common stock; $.01 par value, 95,000 shares authorized, 34,869 and 34,573 issued and outstanding at September 30, 2008 and December 31, 2007, respectively		370			367

Additional paid-in capital		327,368			278,593
Retained earnings		242,691			213,894
Accumulated other comprehensive income		(6,036	)		4,336
Treasury stock, at cost, 2,175 shares		(39,300	)		(39,300	)

Total stockholders’ equity		525,093			457,890

Total liabilities and stockholders’ equity	$	1,939,735		$	1,028,851


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.mobilemini.com

Mobile Mini (MINI) 8-KMobile Mini Reports Third Quarter Results and Revises 2008 Guidance