Wednesday, Mobile Mini, Inc. (MINI), a portable storage solutions provider, reported a decline in first-quarter profit, despite a 27.5% growth in revenues.
The Tempe, Arizona-based company reported first-quarter net income available to common stockholders of $6.78 million or $0.20 per share, down from $10.66 million or $0.31 per share in the same quarter last year. Net income was $8.5 million compared to $10.7 million last year.
On a non-GAAP basis, the company reported net income available to common stockholders of $7.87 million or $0.23 per share for the quarter. Non-GAAP net income was $9.83 million for the quarter.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.28 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues increased 27.5% to $100.16 million from $78.54 million in the comparable quarter last year. Analysts expected the company to report revenue of $109.32 million for the quarter.
Income from operations was $29.26 million, compared to $23.77 million in the prior year quarter. Interest expense for the quarter more than doubled to $15.24 million from $6.1 million last year.
Mobile Mini's chairman, president and chief executive officer, Steven Bunger, said "We've continued to right-size our business for the weak economic conditions in most of our markets. During the first quarter, we made further headcount reductions, for a total of more than 630 since mid-December."
Looking ahead to the full year 2009, the company said it believes to meet the net capital expenditure target range of $15 million - $25 million.
MINI is currently trading at $13.87, down $0.25 or 1.77% on a volume of 115,675 shares on the Nasdaq.
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