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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 31, 2005
MOBILE MINI, INC.
(Exact name of registrant as specified in its chapter)
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Delaware
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1-12804
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86-0748362 |
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.) |
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7420 South Kyrene Road, Suite 101, Tempe, Arizona
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85283 |
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(Address of principal executive offices)
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(Zip Code) |
Registrants
telephone number, including area code:
(480) 894-6311
None
(Former name or former address, if changed since last report)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
TABLE OF CONTENTS
Item 2.02 Results of Operations and Financial Condition.
On
November 2, 2005, Mobile Mini, Inc. issued a press release announcing its financial results for
the third quarter ended September 30, 2005. A copy of the press release is furnished as Exhibit
99.01 to this report.
In accordance with general instruction B.2 to Form 8-K, information in this Item 2.02 and the
exhibit attached hereto shall not be deemed filed for purposes of Section 18 of the Securities
Exchange Act of 1934, or otherwise subject to the liabilities of such section, nor shall it be
deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be
expressly set forth by specific reference in such filing.
The press release includes the financial measure EBITDA and certain pro forma financial results.
The EBITDA and other pro forma financial measurements may be deemed a non-GAAP financial measure
under rules of the Securities and Exchange Commission, including Regulation G. We define EBITDA as
net income before interest expense, provision for income taxes, depreciation and amortization, and
debt restructuring expense. We use EBITDA as a financial measure in management decision-making
because we believe it provides useful supplemental information regarding our financial and
liquidity position and facilitate internal comparisons to historical financial position and
operating performance of prior periods and external comparisons to competitors financial position
and operating performance. In addition, several of the financial covenants under our revolving
credit facility are expressed by reference to this financial measure, similarly computed. The pro
forma financial results reported show our operating results absent: (i) an estimated expense of
$1.7 million ($1.0 million after taxes) due to losses sustained as a result of Hurricane Katrina,
which includes certain limited insurance reimbursements; (ii) a one-time, pre-tax gain of $3.2
million or $0.13 per diluted share after tax, which was the result of a settlement of a third party
claim related to litigation that concluded in 2003; and (iii) a $0.5 million tax benefit or $0.03
per diluted share, due to recognition of certain state net operating loss carry forwards that were
previously scheduled to expire in 2005 and 2006, that management now believes are recoverable.
Management reached this conclusion due to the improved results of operations achieved in 2005 and
expected in 2006. The information included for certain periods in 2004 has been reclassified to
conform to the current presentation. We include EBITDA in the earnings announcement to provide
transparency to investors. A reconciliation of net income to EBITDA follows (in thousands), which
includes effects of rounding:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2004 |
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2005 |
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2004 |
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2005 |
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Net income |
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$ |
5,837 |
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$ |
7,623 |
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$ |
13,574 |
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$ |
24,153 |
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Interest expense |
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5,152 |
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5,849 |
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15,114 |
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16,999 |
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Provision for income taxes |
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3,891 |
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4,874 |
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9,049 |
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14,589 |
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Depreciation and
amortization |
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2,895 |
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3,251 |
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8,404 |
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9,439 |
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EBITDA |
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$ |
17,775 |
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$ |
21,597 |
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$ |
46,141 |
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$ |
65,180 |
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For a reconciliation of the pro forma results to actual results for the three and nine months ended
September 30, 2005, please see pages 5 and 6 of the press release, which is furnished as Exhibit
99.01 to this report.
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
On October 31, 2005, Barry J. Feld, resigned as a member of the Board of Directors effective on
November 2, 2005. Mr. Feld resigned due to the increased time and attention required of his
recently assumed position as the Chief Executive Officer and President of Cost Plus, Inc. and
consistent with the internal policies of Cost Plus, Inc.
Item 9.01 Exhibits.
(c) Exhibits.
99.01
Registrants press release dated November 2, 2005.
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 hereunto duly authorized.
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MOBILE MINI, INC.
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Dated: November 2, 2005 |
/s/ Lawrence Trachtenberg
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Name: |
Lawrence Trachtenberg |
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Title: |
Executive Vice President and
Chief Financial Officer |
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