Mobile Mini, a leading supplier of portable storage solutions, reported total revenues increased 10 percent for the first quarter ended March 31, to $97.9 million and leasing revenues jumped 8.5 percent to $85.1 million, compared with $88.8 million and $78.4 million, respectively, for the same period last year. The company’s first quarter adjusted net income was $12.3 million, or $0.27 per diluted share, compared with $6.0 million, or $0.13, respectively, for the first quarter of 2012.
Adjusted EBITDA was $37.8 million for the first quarter of 2013, compared with $31.0 million for the same period last year. Adjusted EBITDA margin was 38.6 percent for the first quarter of 2013, compared with 35.0 percent in the first quarter of 2012. The increase in profitability and margin reflects stronger utilization, higher yield including improved pricing and leveraging of operating expenses.
In the quarter, rental rates increases 1.6 percent versus the prior year and average fleet utilization increased to 60.2 percent.
The company posted its ninth consecutive quarter of comparable period growth in leasing revenues. The increase in units on rent was driven by stronger demand from both non-construction and construction end markets and resulted in continued year-over-year improvement in utilization. In addition, Mobile Mini continued to strengthen its financial position, generating positive free cash flow for the 21st consecutive quarter and reducing net debt by $30.9 million.
“The year started on a strong note,” said Erik Olsson, Mobile Mini’s president and CEO. “Looking ahead, we anticipate that we will continue to generate comparable period growth in leasing revenues through the balance of 2013 which, with our strong operating leverage, should translate into year-over-year EBITDA margin expansion. We see additional opportunity to increase our utilization as we more deeply penetrate our existing markets and expand into new ones. We have a great team of dedicated people focused on delivering outstanding service to our customers, and I am looking forward to working with them as we take Mobile Mini into its next phase of growth.”
Tempe, Ariz.-based Mobile Mini is a leading provider of portable storage solutions through its total lease fleet of more than 230,900 portable storage containers and office units with 137 locations in the U.S., United Kingdom, Canada and The Netherlands.