<PAGE> 1
U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 2000
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from __________ to __________
Commission File Number 1-12804
MOBILE MINI, INC.
(Exact name of registrant as specified in its charter)
Delaware 86-0748362
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
1834 West 3rd Street
Tempe, Arizona 85281
(Address of principal executive offices)
(480) 894-6311
(Registrant's telephone number, including area code)
Indicate by check whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes [X] No [ ]
As of May 5, 2000, there were outstanding 11,513,201 shares of the
issuer's common stock, par value $.01.
1
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MOBILE MINI, INC.
INDEX TO FORM 10-Q FILING
FOR THE QUARTER ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
TABLE OF CONTENTS PAGE
NUMBER
PART I.
FINANCIAL INFORMATION
Item 1. Financial Statements
<S> <C>
Consolidated Balance Sheets 3
December 31, 1999 and March 31, 2000
Consolidated Statements of Operations 4
Three Months ended March 31, 1999 and March 31, 2000
Consolidated Statements of Cash Flows 5
Three Months Ended March 31, 1999 and March 31, 2000
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 9
PART II.
OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 12
SIGNATURES 13
</TABLE>
2
<PAGE> 3
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
MOBILE MINI, INC.
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
ASSETS
December 31, 1999 March 31, 2000
------------------------ ------------------------
<S> <C> <C>
CASH AND CASH EQUIVALENTS $ 547,124 $ 537,552
RECEIVABLES, net of allowance for doubtful accounts of $1,621,000
and $1,302,000, respectively 8,861,815 8,419,354
INVENTORIES 9,644,157 10,861,927
PORTABLE STORAGE UNIT LEASE FLEET, net 121,277,355 134,315,813
PROPERTY PLANT AND EQUIPMENT, net 23,245,287 24,747,632
DEPOSITS AND PREPAID EXPENSES 890,142 5,047,930
OTHER ASSETS, net 13,926,606 18,626,659
------------ ------------
TOTAL ASSETS $178,392,486 $202,556,867
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
ACCOUNTS PAYABLE $ 3,532,240 $ 6,669,643
ACCRUED LIABILITIES 5,169,364 3,450,775
LINE OF CREDIT 71,638,064 89,195,490
NOTES PAYABLE 6,284,810 5,814,626
OBLIGATIONS UNDER CAPITAL LEASES 347,850 311,148
DEFERRED INCOME TAXES 14,032,673 16,011,919
------------ ------------
TOTAL LIABILITIES 101,005,001 121,453,601
------------ ------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock; $.01 par value, 17,000,000 shares authorized, 11,438,356 and
11,508,751 issued and outstanding at December 31, 1999 and March 31,
2000, respectively 114,383 115,087
Additional paid-in capital 61,032,336 62,074,747
Retained earnings 16,240,766 18,913,432
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 77,387,485 81,103,266
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $178,392,486 $202,556,867
============ ============
</TABLE>
See the accompanying notes to these consolidated balance sheets.
3
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MOBILE MINI, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Three Months Ended March 31,
1999 2000
------------ ------------
REVENUES:
<S> <C> <C>
Leasing $ 10,008,359 $ 15,053,382
Sales 3,023,384 3,559,225
Other 135,405 153,776
------------ ------------
13,167,148 18,766,383
COSTS AND EXPENSES:
Cost of sales 1,980,206 2,294,576
Leasing, selling and general expenses 6,610,887 9,182,120
Depreciation and amortization 808,471 1,291,117
------------ ------------
INCOME FROM OPERATIONS 3,767,584 5,998,570
OTHER INCOME (EXPENSE):
Interest income 4,303 60,944
Interest expense (1,586,773) (1,605,069)
------------ ------------
INCOME BEFORE PROVISION FOR INCOME TAXES 2,185,114 4,454,445
PROVISION FOR INCOME TAXES 874,046 1,781,779
------------ ------------
NET INCOME $ 1,311,068 $ 2,672,666
============ ============
EARNINGS PER SHARE:
BASIC $ 0.16 $ 0.23
============ ============
DILUTED $ 0.15 $ 0.23
============ ============
WEIGHTED AVERAGE NUMBER OF COMMON AND COMMON
SHARE EQUIVALENTS OUTSTANDING:
BASIC 8,151,426 11,461,665
============ ============
DILUTED 8,627,473 11,834,637
============ ============
</TABLE>
See the accompanying notes to these consolidated statements.
4
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MOBILE MINI, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three Months Ended March 31,
1999 2000
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C> <C>
Net income $ 1,311,068 $ 2,672,666
Adjustments to reconcile income to net cash provided by
operating activities:
Provision for doubtful accounts 191,765 175,008
Amortization of deferred loan costs 149,277 93,232
Amortization of warrants issuance discount 13,041 --
Depreciation and amortization 808,471 1,291,117
Loss on disposal of property, plant and equipment 25,050 10,932
Deferred income taxes 873,996 1,979,246
Changes in certain assets and liabilities, net of effect of businesses
acquired:
Decrease in receivables 336,091 511,464
Increase in inventories (1,862,959) (1,208,771)
Decrease (increase) in deposits and prepaid expenses 9,744 (4,107,788)
Decrease (increase) in other assets 9,835 (118,610)
Increase in accounts payable 276,350 3,137,403
Decrease in accrued liabilities (645,148) (1,965,783)
------------ ------------
Net cash provided by operating activities 1,496,581 2,470,116
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Net purchases of portable storage unit lease fleet (3,698,741) (7,069,579)
Cash paid for businesses acquired and purchases of property,
plant, and equipment (1,096,474) (12,503,764)
------------ ------------
Net cash used in investing activities (4,795,215) (19,573,343)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings under lines of credit 4,165,250 17,557,426
Principal payments on notes payable (417,523) (470,184)
Principal payments on capital lease obligations (1,070,111) (36,702)
Exercise of warrants 570,961 9,040
Issuance of common stock 67,950 34,075
------------ ------------
Net cash provided by financing activities 3,316,527 17,093,655
------------ ------------
NET INCREASE (DECREASE) IN CASH 17,893 (9,572)
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 1,030,138 547,124
------------ ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,048,031 $ 537,552
============ ============
</TABLE>
See the accompanying notes to these consolidated statements.
5
<PAGE> 6
MOBILE MINI, INC. AND SUBSIDIARIES - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE A - The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and the instructions to Form 10-Q. Accordingly, they do
not include all the information and footnotes required by accounting principles
generally accepted in the United States for complete financial statements. In
the opinion of management, all adjustments (which include only normal recurring
adjustments) necessary to present fairly the financial position, results of
operations, and cash flows for all periods presented have been made. The results
of operations for the three month period ended March 31, 2000 are not
necessarily indicative of the operating results that may be expected for the
entire year ending December 31, 2000. These financial statements should be read
in conjunction with the Company's December 31, 1999 financial statements and
accompanying notes thereto.
NOTE B - The Company adopted SFAS No. 128 Earnings per Share in 1997. Pursuant
to SFAS No. 128, basic earnings per common share are computed by dividing net
income by the weighted average number of shares of common stock outstanding
during the period. Diluted earnings per common share are determined assuming
that options were exercised at the beginning of each period or at the time of
issuance. The following table shows the computation of earnings per share for
the three month period ended March 31:
<TABLE>
<CAPTION>
1999 2000
---- ----
BASIC:
<S> <C> <C>
Common shares outstanding, beginning of period 7,966,863 11,438,356
Effect of weighting shares:
Weighted common shares issued 184,563 23,309
----------- -----------
Weighted average number of common shares outstanding 8,151,426 11,461,665
=========== ===========
Net income available to common shareholders $ 1,311,068 $ 2,672,666
=========== ===========
Earnings per share $ 0.16 $ 0.23
=========== ===========
DILUTED:
Common shares outstanding, beginning of period 7,966,863 11,438,356
Effect of weighting shares:
Weighted common shares issued 184,563 23,309
Options and warrants assumed converted 368,718 285,185
Warrants 107,329 87,787
----------- -----------
Weighted average number of common and common equivalent shares outstanding 8,627,473 11,834,637
=========== ===========
Net income available to common shareholders $ 1,311,068 $ 2,672,666
=========== ===========
Earnings per share $ 0.15 $ 0.23
=========== ===========
</TABLE>
6
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NOTE C - Inventories are stated at the lower of cost or market, with cost being
determined under the specific identification method. Market is the lower of
replacement cost or net realizable value. Inventories consisted of the following
at:
<TABLE>
<CAPTION>
December 31, 1999 March 31, 2000
----------------- --------------
<S> <C> <C>
Raw material and supplies $ 7,453,662 $ 8,202,012
Work-in-process 880,885 1,227,990
Finished portable storage units 1,309,610 1,431,925
----------- -----------
$ 9,644,157 $10,861,927
=========== ===========
</TABLE>
NOTE D - Property, plant and equipment consisted of the following at:
<TABLE>
<CAPTION>
December 31, 1999 March 31, 2000
----------------- --------------
<S> <C> <C>
Land $ 777,668 $ 777,668
Vehicles and equipment 19,397,810 21,227,078
Buildings and improvements 8,228,124 8,125,043
Office fixtures and equipment 3,964,242 4,299,618
------------ ------------
32,367,844 34,429,407
Less accumulated depreciation (9,122,557) (9,681,775)
------------ ------------
$ 23,245,287 $ 24,747,632
============ ============
</TABLE>
NOTE E - The Company maintains a portable storage unit lease fleet consisting
primarily of refurbished or manufactured containers and portable offices that
are leased to customers under short-term operating lease agreements with varying
terms. Depreciation is provided using the straight-line method with an estimated
useful life of 20 years and a salvage value estimated at approximately 70% of
cost. In the opinion of management, estimated salvage values do not cause
carrying values to exceed net realizable value. Normal repairs and maintenance
to the lease fleet are expensed when incurred. As of March 31, 2000, the
portable storage unit lease fleet was $138.9 million as compared to $125.3
million at December 31, 1999, net of accumulated depreciation of $4.6 million
and $4.1 million, respectively.
NOTE F - The Company adopted SFAS No. 131 Disclosures about Segments of an
Enterprise and Related Information, effective December 31, 1998. SFAS No. 131
superseded SFAS No. 14, Financial Reporting for Segments of a Business
Enterprise. The adoption of SFAS No. 131 did not affect results of operations or
financial position, but did affect the disclosure of segment information.
The Company's management approach includes evaluating each segment on which
operating decisions are made based on performance, results and profitability.
The Company currently has one reportable segment, branch operations. The branch
operations segment includes the leasing and sales of portable storage units to
businesses and consumers in the general geographic area of each branch. This
segment also includes the Company's manufacturing facilities which are
responsible for the purchase, manufacturing and refurbishment of the Company's
products for leasing, sales or equipment additions to the Company's delivery
system, and its discontinued dealer program. Previously, the Company had a
corporate sales segment, which related to specialty type product sales and
included the telecommunications and modular divisions of the Company. This
segment is now included in "other" as the modular program was discontinued and
the Company has de-emphasized the sales of telecommunication units.
The Company evaluates performance and profitability before interest costs,
depreciation, income taxes and major non-recurring transactions. The Company
does not account for intersegment revenues or expenses between its divisions.
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<PAGE> 8
The Company's reportable segment concentrates on the Company's core business of
leasing, manufacturing, and selling portable storage and office units. Included
in the branch operations segment are residual sales from the Company's dealer
division that was discontinued in 1998. The operating segment has managers who
meet regularly and are accountable to the chief executive officer for financial
results and ongoing plans including the influence of competition.
For the Quarter Ended:
<TABLE>
<CAPTION>
Branch
Operations Other Combined
---------- ----- --------
March 31, 1999
<S> <C> <C> <C>
Revenues from external customers $ 13,012,572 $ 154,576 $ 13,167,148
Segment profit (loss) before allocated interest,
depreciation and amortization expense 6,071,350 (1,373,528) 4,697,822
Allocated interest expense 1,586,773 -- 1,586,773
Depreciation and amortization expense 709,348 99,123 808,471
Segment profit (loss) 1,297,053 14,015 1,311,068
Segment assets - lease fleet 79,984,932 -- 79,984,932
Segment assets - property, plant and equipment 19,798,905 1,030,426 20,829,331
Expenditures for long-lived assets - least fleet 3,698,741 -- 3,698,741
Expenditures for long-lived assets - PPE 1,453,459 (356,985) 1,096,474
March 31, 2000
Revenues from external customers $ 18,731,990 $ 34,393 $ 18,766,383
Segment profit (loss) before allocated interest,
depreciation and amortization expense 9,182,581 (1,615,929) 7,566,652
Allocated interest expense 1,605,069 -- 1,605,069
Depreciation and amortization expense 1,162,874 128,243 1,291,117
Segment profit (loss) 2,687,409 (14,743) 2,672,666
Segment assets - lease fleet 134,315,813 -- 134,315,813
Segment assets - property, plant and equipment 23,812,817 934,814 24,747,632
Expenditures for long-lived assets - lease fleet 7,069,579 -- 7,069,579
Expenditures for long-lived assets - PPE 1,917,781 187,008 2,104,789
</TABLE>
NOTE G - On March 3, 2000 the Company acquired the portable storage container
lease fleet of Advanced Mobile Storage, a San Antonio, Texas based leasing
company and an affiliated entity for cash, common stock and assumption of debt.
This acquisition gives the Company a presence in two new Texas locations, El
Paso and the South Texas region, in addition to our existing Texas locations in
Dallas/Ft. Worth, San Antonio and Austin.
In April, the Company entered several Florida markets by way of two cash
acquisitions. On April 10, 2000, the Company acquired substantially all the
portable storage assets of Diversified Container Services, Inc., a
privately-owned portable storage leasing company operating in Jacksonville,
Florida. On April 13, 2000, the Company acquired the portable storage assets of
A-1 Trailer Rental Ltd., which had portable storage leasing operations in Tampa,
Orlando, Ft. Myers and Miami, Florida.
The Company also began a start up operation in Seattle, Washington early this
year.
The acquisitions were accounted for as purchases in accordance with Accounting
Principles Board (APB) Opinion No. 16 and, accordingly, the purchased assets and
assumed liabilities were recorded at their estimated fair values at the
acquisition date.
At May 5, 2000, the Company operated 27 branches located in 13 states.
8
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO
THREE MONTHS ENDED MARCH 31, 1999
Our total revenues for the quarter ended March 31, 2000 increased by
42.5% to $18.8 million from $13.2 million for the same period in 1999. Leasing
revenues for the quarter increased by 50.4% to $15.1 million from $10.0 million
in the same period of 1999. The increase in our leasing revenues resulted
primarily from a 46.1% increase in the average number of portable storage units
on lease and a 1.2% higher average rental rate per unit. Leasing revenues in the
current quarter include the operations of five acquisitions completed during the
past year; none of these operations were included in our results for the quarter
ended March 31, 1999. Our sales of portable storage units for the three months
ended March 31, 2000 increased by 17.7% to $3.6 million from $3.0 million in the
same period in 1999. This increase in sales primarily resulted from sales in the
markets we entered during the past twelve months.
Cost of sales for the quarter ended March 31, 2000 decreased to 64.5%
of sales revenues ($2.3 million) from 65.5% of sales revenues ($2.0 million) in
the same quarter in 1999. This increase in our profit margin on sales resulted
from efficiencies in our manufacturing plant associated with the increased
volume of units primarily at the new locations.
Our leasing, selling and general expenses for the quarter ended March
31, 2000 increased to $9.2 million, or 48.9% of total revenues, from $6.6
million, or 50.2% of total revenues, for the quarter ended March 31, 1999. This
increase resulted mainly from an increase in the number of branches in
operation. We had 22 branch locations at March 31, 2000 compared to 13 branch
locations one year earlier. In addition, we grew our existing branches, so they
had increased sales, administrative and operating expenses. These expenses in
the 2000 quarter decreased as a percentage of revenues compared to the 1999
quarter principally because of economies of scale achieved since March 31, 1999.
Depreciation and amortization expenses during the 2000 quarter
increased by approximately 59.7% to $1.3 million from $808,000 during the same
period in 1999. This expense was 6.9% of total revenues during the 2000 quarter,
compared to approximately 6.1%, during the same period in 1999. This increase is
due primarily to growth in the size of our lease fleet over the past twelve
months and to our leasing activities being a larger part of our business than in
earlier years.
Our operating margin was 32.0% during the quarter ended March 31, 2000,
compared to 28.6% for the same period in 1999. Our operating margins are
typically higher on leasing than on sales of units, and are increasing as we
take advantage of the economies of scale that we are beginning to achieve in our
core leasing business. As a result, income from operations increased by 59.2% to
$6.0 million for the quarter ended March 31, 2000 from $3.8 million for the same
period in 1999.
Interest expense remained constant at $1.6 million for the three months
ended March 31, 2000 and March 31, 1999. Our weighed average interest rate
declined to 7.1% for the three months ended March 31, 2000 from 7.9% for the
same period in 1999, excluding amortization of debt issuance costs. This decline
in the average interest rate and the corresponding effect of keeping our
interest expense constant was primarily the result of two factors: our public
offering of our common stock in May 1999 which resulted in net proceeds to us of
approximately $36.9 million that we used initially to pay down our line of
credit; and the November 1999 redemption of $6.9 million of our Senior
Subordinated Notes which had a stated interest rate of 12% per annum. These
factors were partially offset by a 15.9% increase our average debt outstanding.
The increase in our outstanding debt was incurred primarily to expand our lease
fleet and our operations through acquisitions of portable storage leasing
assets many
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<PAGE> 10
of which were in new markets. Our interest rate under our credit facility,
including the effect of our interest rate swap agreement, remained constant at
7.1% for both periods.
Our net income for the three months ended March 31, 2000 was $2.7
million, or $0.23 per diluted share of common stock, compared to $1.3 million,
or $0.15 per diluted share of common stock for the same period in 1999. This
103.9% increase was primarily due to higher lease revenues and higher operating
margins in 2000. We had a 40.9% increase in the number of common and common
share equivalents outstanding in 2000 due primarily to the sale of approximately
3.0 million shares of common stock in a public offering in May and June 1999.
Our effective tax rate was constant at 40.0% for both year's quarters.
LIQUIDITY AND CAPITAL RESOURCES
Our leasing and manufacturing business is very capital intensive. We
finance our working capital requirements through cash flows from operations,
proceeds from equity and debt financings and borrowings under our credit
facility.
Operating Activities. Our operations provided net cash flow of $2.5
million during the three months ended March 31, 2000 and $1.5 million during the
same period in 1999. This increased cash flow resulted primarily from our higher
net income and increases in deferred income taxes. An increase in inventories,
deposits and pre-paid expenses and a decrease in accrued liabilities was
partially offset by increased accounts payable. The increase in deposits and
pre-paid expenses primarily related to committed purchases at March 31, 2000 for
our portable lease fleet which were generally delivered in April. Increases also
resulted from the growth of our portable storage leasing business.
Investing Activities. Net cash used in investing activities was $19.6
million for the three months ended March 31, 2000 and $4.8 million for the same
period in 1999. This use of cash was primarily for acquisitions of businesses
and increased purchases of property, plant and equipment. Capital expenditures
for our portable storage unit fleet expansion were $7.1 million for the three
months ended March 31, 2000 and $3.7 million for the same period in 1999.
Financing Activities. Net cash provided by financing activities was
$17.1 million for the three months ended March 31, 2000 and $3.3 million for the
same period in 1999. During the quarter ended March 31, 2000, net cash provided
by financing activities was primarily $17.6 million of net borrowings under our
credit facility, as compared to $4.2 million of net borrowings in the same
period in 1999. The borrowings were used primarily to fund our acquisitions and
to grow our lease fleet. Our cash provided by financing activities in the first
quarter of 2000 was partially offset by $507,000 in principal payments on notes
payable and capitalized lease obligations.
Effective in September 1998, we entered into an Interest Rate Swap
Agreement (the Agreement), under which Mobile Mini is designated as the fixed
rate payer with a base rate of 5.5% per annum. Under the Agreement, we
effectively fixed, for a three year period, the interest rate payable on $30
million of our revolving line of credit so that the rate is based upon a spread
from 5.5%, rather than a spread from the Eurodollar rate.
Since March 1996, our principal source of liquidity has been our credit
facility, which currently consists of an $120 million revolving line of credit
and a term loan with a balance of $5.8 million at March 31, 2000. The interest
rate under our credit facility is determined quarterly, based on our ratio of
funded debt to earnings before interest, taxes, depreciation and amortization
(EBITDA). As of March 31, 2000, we had $89.2 million of outstanding borrowings
under our credit facility and $28.9 million of additional borrowings were
available. Our borrowing rate was 1.25% above the prevailing Eurodollar rate. As
of May 5, 2000, we had $104.6 million of outstanding borrowings under our credit
facility and $15.4 million of additional borrowings were available.
10
<PAGE> 11
We believe that our working capital, together with our cash flow from
operations, borrowing availability under our $120 million credit facility and
other available funding sources will be sufficient to fund our operations for
the next 12 months. We believe that in order to maintain our growth rate we may
be required to obtain additional debt financing and to raise additional equity
capital in the future. However, there is no assurance that we will be able to
continue to obtain debt or equity financing on acceptable terms.
SEASONALITY
Although demand from some of our customers is somewhat seasonal, our
operations as a whole have not been seasonal. Demand for leases of our portable
storage units by large retailers is stronger from September through December
because these retailers need to store more inventory for the holiday season. Our
retail customers usually return these leased units to us early in the following
year. This has caused lower utilization rates for our lease fleet and a marginal
decrease in cash flow during the first quarter of the past several years.
EFFECTS OF INFLATION
Our results of operations for the periods discussed in this Report have
not been significantly affected by inflation.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We seek to reduce earnings and cash flow volatility associated with
changes in interest rates by entering into financial arrangements intended to
provide a hedge against a portion of the risks associated with such volatility.
We continue to have exposure to such risks to the extent they are not hedged.
An interest rate swap agreement is the only instrument we use to manage
interest rate fluctuations affecting our variable rate debt. We currently have
one outstanding interest rate swap agreement under which we pay a fixed rate and
receive a variable interest rate on $30.0 million of debt. At March 31, 2000,
there had been no material changes in the reported market risks since December
31, 1999.
FACTORS THAT MAY AFFECT FUTURE OPERATING RESULTS, AND "SAFE HARBOR" STATEMENT
UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Statements in this Report which include such words as "believe",
"intends" or "anticipates", such as the statement regarding our ability to meet
our obligations and capital needs during the next 12 months, are forward-looking
statements. The occurrence of one or more unanticipated events, however,
including a decrease in cash flow generated from operations, a material increase
in the borrowing rates under our credit facility (which rates are based on the
prime rate or the Eurodollar rates in effect from time to time), a material
increase or decrease in prevailing market prices for used containers, or a
change in general economic conditions resulting in decreased demand for our
products, could cause actual results to differ materially from anticipated
results and have a material adverse effect on our ability to meet our
obligations and capital needs, and cause future operating results and other
events not to occur as presently anticipated. Our annual report, Form 10-K,
filed with the U.S. Securities and Exchange Commission, includes a section
entitled "Factors That May Affect Future Operating Results", which describes
certain factors that may affect our future operating results. That section is
hereby incorporated by reference in this Report. Those factors should be
considered carefully in evaluating an investment in our common stock. If you do
not have a copy of the Form 10-K, you may obtain one by requesting it from the
Company's Investor Relations Department at (480) 894-6311 or by mail to Mobile
Mini, Inc., 1834 West Third Street, Tempe, Arizona 85281. Our filings with the
SEC, including the Form 10-K, may be accessed at the SEC's World Wide Web site
at http://www.sec.gov.
11
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PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBITS
NUMBER DESCRIPTION
27 Selected Financial Data
(b) REPORTS ON FORM 8-K: none
12
<PAGE> 13
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MOBILE MINI, INC.
(Registrant)
Dated: May 9, 2000 /s/ Larry Trachtenberg
--------------------------------
Larry Trachtenberg
Chief Financial Officer &
Executive Vice President
13
<PAGE> 14
EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION OF EXHIBIT
- ------- ----------------------------------
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<CASH> 537,552
<SECURITIES> 0
<RECEIVABLES> 9,720,902
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0
0
<COMMON> 115,087
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</TABLE>
