Mobile Mini, Inc. (MINI), a portable storage solutions provider, Thursday reported a fall in its fourth-quarter net income, hurt by one-time charges. Pro-forma earnings per share, however, were higher than last year and also beat consensus estimates.
Net income for fourth quarter dropped to $0.20 million or $0.01 per share, from $12.44 million, or $0.36 per share a year ago. Results for the quarter included one-time charges of $6.76 million pertaining to integration and merger with Mobile Storage Group in June 2008, and $13.67 million related to goodwill impairment related to its U.K. and Netherlands operations. Excluding special items, net income was $18.16 million, or $0.42 per share.
On an average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.38 per share for the fourth quarter. Analysts' estimate typically excludes special items.
Total revenues for the quarter surged 47.2% to $123.0 million from $83.6 million, aided chiefly by a 47.3% increase in Lease revenues totaling $109.4 million from $74.2 million in the year-ago period. Five analysts expected the company to report revenue of $129.43 million in the fourth quarter.
For the full year, net income was $26.30 million, or $0.75 a share, compared to $44.18 million, or $1.22 a share, in 2007. Pro-forma net income for 2008 was $55.28 million, or $1.49 a share, compared to $51.08 million, or $1.41 a share, in 2007. Total revenues increased to $415.40 million from $318.30 million last year.
In order to reduce costs, the company sold its less productive non-core lease assets and eliminated 430 positions during the quarter, bringing annual payroll savings to about $15.2 million, of which $6.6 million is expected to favor the income statement in 2009.
Mark Funk, Mobile Mini's Chief Financial Officer said that the company refrained from providing guidance for 2009 on account of a bleak economic situation.
MINI is currently trading at $10.08, up $0.06 or 0.59%, on the Nasdaq.
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