Wednesday, Mobile Mini, Inc. (MINI), a provider of portable storage solutions and mobile office units, reported a decline in earnings for the second quarter, reflecting higher costs and expenses, despite an increase in revenue.
Quarterly net income available to common shareholders dropped to $4.19 million from $4.82 million earned in the year-ago period. Earnings per share was $0.12, compared with $0.14 year-ago.
On a Non-GAAP basis, net income was $6.99 million, compared with $2.02 million in the second quarter of 2008. Non-GAAP earnings per share declined to $0.20, from $0.35 year-ago. On average, six analysts polled by Thomson Reuters expected the company to earn $0.24 per share. Analysts' estimates typically exclude special items.
Total revenues were $94.92 million, compared with revenues of $81.08 million in the second quarter of 2008. Five Wall Street analysts estimated second quarter revenues of $99.37 million.
For the six months ended June 30, 2009, the net income was $10.96 million, compared with $15.47 million year-ago. Earnings per share declined to $0.32 from $0.45 in the year-ago quarter. On a Non-GAAP basis, first half net income was $14.85 million, compared with $22.65 million year-ago. Non-GAAP earnings per share was $0.43, compared with $0.65 in the year-ago period.
Total six-month revenues were $195.08 million, compared with $159.62 million to the same period last year.
MINI is currently trading at $16.04, down $0.91 or 5.37% on a volume of 124k shares.
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