Mobile Mini Reports 2012 Third Quarter Results

  Mobile Mini Reports 2012 Third Quarter Results

         Total Revenues Increase 6.0%; Adjusted EBITDA Increases 8.8%

     Seventh Consecutive Comparable Quarter Increase in Leasing Revenues

Business Wire

TEMPE, Ariz. -- November 07, 2012

Mobile Mini, Inc. (NASDAQ GS: MINI) today reported actual and adjusted
financial results for the third quarter and nine months ended September 30,
2012.

Third Quarter 2012 Compared to Third Quarter 2011

  *Total revenues rose 6.0% to $100.9 million from $95.1 million;
  *Leasing revenues rose 9.7% to $90.7 million from $82.6 million;
  *Leasing revenues comprised 89.9% of total revenues compared to 86.9% of
    total revenues;
  *Sales revenues declined to $9.7 million from $11.7 million;
  *Sales margins increased to 37.8% from 34.8%;
  *Adjusted EBITDA was $38.1 million, up 8.8% compared to $35.0 million; the
    adjusted EBITDA margin improved to 37.8% from 36.8%;
  *Adjusted net income rose 35.4% to $12.9 million from $9.5 million; and
  *Adjusted diluted earnings per share increased 38.1% to $0.29 from $0.21.

Other Third Quarter 2012 Highlights

  *Free cash flow was $17.1 million, after $7.7 million of net capex;
  *Net debt was paid down by $14.6 million after payment of $3.1 million in
    financing costs relating primarily to the redemption premiums on the 2015
    Senior Notes;
  *Yield (total lease revenues per unit on rent) increased 6.1% compared to
    the third quarter of 2011 and 4.8% compared to the second quarter of 2012
    primarily due to an increase in trucking and ancillary revenues and a
    year-over-year average rental rate increase of 1.7%;
  *Average utilization rate was 60.6%, up from 57.7% in both the second
    quarter of 2012 and the third quarter of 2011; and
  *Excess availability under our revolver at September 30, 2012 was $422.8
    million.

Non-GAAP reconciliation tables are on page 7 of this news release, and show
the nearest comparable GAAP results to the adjusted results.

Business Overview

This quarter was our seventh consecutive reporting period of comparable
quarter leasing revenue growth and reflects improvement in both yield and
utilization. Leasing revenues of $90.7 million for the quarter were at our
highest level since the fourth quarter of 2008. We are pleased by the gains in
yield which were 6.1% and 4.8% ahead of the 2011 third quarter and 2012 second
quarter, respectively. In fact, average yield was at an all time quarterly
high of $633 per unit. Utilization continued to move in the right direction
averaging 60.6% in this quarter, up from 57.7% in both the same period last
year and the 2012 second quarter. We closed this quarter with utilization at
63.5%, up from 58.9% at the end of June.

Of note, the third quarter benefited from the delivery of 4,700 more holiday
rental units than in the prior year to customers who ordered earlier to ensure
that they would have units for the upcoming holiday season. The additional
year-over-year holiday rental units contributed approximately $2.0 million to
third quarter leasing revenue growth. Even with these early deliveries, we
expect 2012 holiday unit rentals to approximate last year’s levels, with the
current year benefitting from a slightly longer average rental period.

The 8.8% increase in third quarter adjusted EBITDA and 100 basis point
improvement in adjusted EBITDA margin demonstrates the operating leverage in
our business, which achieved 6.0% year-over-year growth in revenues. The 16
new markets we entered since the beginning of 2011 have been successful in
building units on lease and as of this release date, 11 are EBITDA positive.
As these locations mature, our operating leverage should continue to improve.

As discussed on our second quarter conference call, we were evaluating our
consumer initiative and during the third quarter, we decided to exit this
business. The consumer initiative reduced our third quarter adjusted EBITDA by
$0.8 million. Excluding these charges, adjusted EBITDA and adjusted EBITDA
margins would have been $38.9 million and 38.5%, respectively. Costs
associated with this initiative since it was shutdown in August, primarily
related to leased warehouses, have been and will continue to be excluded from
adjusted EBITDA.

As of September 30, 2012, we have generated free cash flow for 19 consecutive
quarters. Third quarter free cash flow of $17.1 million supported a reduction
in debt of $14.6 million, after $7.7 million of net capital expenditures, the
majority of which relate to our U.K. operations as a result of strong business
conditions. That brings the year-to-date debt reduction to $27.0 million,
after payment of $10.6 million of financing costs related to our new Credit
Agreement and redemption premiums on the 2015 Senior Notes, and $19.1 million
of net capital expenditures. Since the acquisition of Mobile Storage Group in
mid-2008, we have generated free cash flow of $297.7 million and paid down
$262.3 million of debt.

As a result of our reduced borrowings and better rates under our new Credit
Agreement, interest expense in the third quarter of 2012 was reduced by nearly
20% or approximately $2.2 million, compared to the same period of 2011. The
redemption on August 2, 2012 of the $150.0 million of 6.875% 2015 Senior Notes
is estimated to produce in excess of $6.6 million in annualized interest
savings based on our current Credit Agreement borrowing rate and debt level.
We continue to have a great deal of financial flexibility with over $420.0
million available under our Credit Agreement after the senior note redemption.

Regarding our strategy and outlook, we are focused on growing our units on
rent while at the same time minimizing cost increases. We expect comparable
period revenue growth in the final quarter of 2012, continuing into 2013.

On the subject of our management transition, Michael Watts, Mobile Mini’s lead
independent director who will become Chairman of the Board upon the year-end
departure of the current Chairman & CEO, Steve Bunger, commented, “The Board
along with Heidrick & Struggles, our executive search firm, is working
diligently to identify and hire a world-class executive to lead Mobile Mini in
its next chapter of success. We look forward to building upon Mobile Mini’s
many strengths including its highly differentiated products, diverse customer
base in North America and Europe, deep team of dedicated employees, and very
solid financial position which we expect to drive further growth and
shareholder value creation in the coming quarters and years.”

EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted SG&A,
adjusted net income, adjusted diluted earnings per share and free cash flow
are non-GAAP financial measures as defined by Securities and Exchange
Commission (“SEC”) rules. Reconciliations of these measurements to the most
directly comparable GAAP financial measures can be found later in this
release.

Conference Call

Mobile Mini will host a conference call today, Wednesday, November 7, 2012 at
12 noon ET to review these results. To listen to the call live, dial (201)
493-6739 and ask for the Mobile Mini Conference Call or go to
www.mobilemini.com and click on the Investors section. Additionally, a slide
presentation that will accompany the call will be posted at www.mobilemini.com
on the Investors section and will be available in advance and after the call.
We will also post the reconciliation of non-GAAP financial measures used in
the slide show to the most directly comparable GAAP financial measures. Please
go to the website 15 minutes early to download and install any necessary audio
software. If you are unable to listen live, a replay of the conference call
can be accessed for approximately 14 days after the call at Mobile Mini’s
website.

Mobile Mini, Inc. is the world’s leading provider of portable storage
solutions through its total lease fleet of approximately 235,000 portable
storage containers and office units with 136 locations in the U.S., United
Kingdom, Canada and The Netherlands. Mobile Mini is included on the Russell
2000^® and 3000^® Indexes and the S&P Small Cap Index.

This news release contains forward-looking statements, particularly regarding
growth, free cash flow, ability to enter new markets, increases in
utilization, the ability to strengthen, grow and expand our operations and
increasing debt pay down, which involve risks and uncertainties that could
cause actual results to differ materially from those currently anticipated.
Risks and uncertainties that may affect future results include those that are
described from time to time in the Company’s SEC filings. These
forward-looking statements represent the judgment of the Company, as of the
date of this release, and Mobile Mini disclaims any intent or obligation to
update forward-looking statements.

                                               
Mobile Mini, Inc. Condensed Consolidated Statements of Income

(Unaudited)/(in 000’s except per share data)/(includes effects of rounding)
                                                    
                       Three Months Ended           Three Months Ended
                       September 30,                September 30,
                         2012       2012             2011          2011
Revenues:              Actual       Adjusted (1)   Actual       Adjusted (1)
Leasing                $ 90,666      $  90,666      $ 82,635      $  82,635
Sales                    9,687          9,687         11,741         11,741
Other                   526         526         765         765     
Total revenues          100,879     100,879     95,141      95,141  
Costs and
expenses:
Cost of sales            6,026          6,026         7,656          7,656
Leasing, selling
and general              56,753         56,753        53,551         52,481
expenses (2)
Integration,
merger and               837            -             291            -
restructuring
expenses (3)
Depreciation and        8,951       8,951       8,889       8,889   
amortization
Total costs and         72,567      71,730      70,387      69,026  
expenses
Income from              28,312         29,149        24,754         26,115
operations
                                                                  
Other income
(expense):
Interest expense         (8,805  )      (8,805  )     (10,983 )      (10,983 )
Debt
restructuring            (2,812  )      -             -              -
expense (4)
Deferred
financing costs          (1,197  )      -             -              -
write-off (5)
Foreign currency        (2      )    (2      )    -           -       
exchange
Income before
provision for            15,496         20,342        13,771         15,132
income taxes
Provision for           4,413       7,436       4,040       5,603   
income taxes (6)
Net income             $ 11,083    $  12,906     $ 9,731     $  9,529   
                                                                  
Earnings per
share:
Basic                  $ 0.25      $  0.29       $ 0.22      $  0.22    
Diluted                $ 0.25      $  0.29       $ 0.22      $  0.21    
                                                                  
Weighted average
number of common
and common
share
equivalents
outstanding:
Basic                   44,686      44,686      43,870      43,870  
Diluted                 45,044      45,044      44,480      44,480  
                                                                  
EBITDA                 $ 37,261    $  38,098     $ 33,643    $  35,004  
                                                                             

      This column represents a non-GAAP presentation even though some
(1)  individual line items presented, such as revenues, are identical under
      both GAAP and the adjusted presentations.
(2)   In 2011, the difference represents one-time costs that are excluded in
      the adjusted presentation.
      Integration, merger and restructuring expenses represent costs relating
(3)   primarily to the restructuring of our operations that are excluded in
      the adjusted presentation.
      Represents the redemption premiums and the unamortized original issuance
(4)   discount on the redemption of $150.0 million of 6.875% Notes originally
      due in 2015. Debt restructuring expense is excluded in the adjusted
      presentation.
(5)   Represents the unamortized deferred financing costs associated with the
      $150.0 million of 6.875% Notes redeemed in August 2012.
      Deferred financing costs write-off is excluded in the adjusted
      presentation.
      Provision for income taxes includes approximately $1.2 million and $1.0
(6)   million in 2012 and 2011, respectively, in income tax benefits related
      to statutory corporate income tax rate reductions in the United Kingdom
      that are excluded in the adjusted presentation.

                                               
Mobile Mini, Inc. Condensed Consolidated Statements of Income

(Unaudited)/(in 000’s except per share data)/(includes effects of rounding)
                                                    
                       Nine Months Ended            Nine Months Ended
                       September 30,                September 30,
                         2012       2012             2011          2011
Revenues:              Actual       Adjusted (1)   Actual       Adjusted (1)
Leasing                $ 251,137     $  251,137     $ 233,736     $  233,736
Sales                    30,241         30,241        32,661         32,661
Other                   1,574       1,574       2,126       2,126   
Total revenues          282,952     282,952     268,523     268,523 
Costs and
expenses:
Cost of sales            18,504         18,504        20,745         20,745
Leasing, selling
and general              166,041        165,902       150,267        148,866
expenses (2)
Integration,
merger and               1,600          -             762            -
restructuring
expenses (3)
Depreciation and        27,096      27,096      26,702      26,702  
amortization
Total costs and         213,241     211,502     198,476     196,313 
expenses
Income from              69,711         71,450        70,047         72,210
operations
                                                                  
Other income
(expense):
Interest income          1              1             -              -
Interest expense         (29,604 )      (29,604 )     (35,459 )      (35,459 )
Debt
restructuring            (2,812  )      -             (1,334  )      -
expense (4)
Deferred
financing costs          (1,889  )      -             -              -
write-off (5)
Foreign currency        (5      )    (5      )    (2      )    (2      )
exchange
Income before
provision for            35,402         41,842        33,252         36,749
income taxes
Provision for           11,918      15,502      11,428      13,813  
income taxes (6)
Net income               23,484         26,340        21,824         22,936
Earnings
allocable to            -           -           (970    )    (1,160  )
preferred
stockholders
Net income
available to           $ 23,484    $  26,340     $ 20,854    $  21,776  
common
stockholders
                                                                  
Earnings per
share:
Basic                  $ 0.53      $  0.59       $ 0.51      $  0.53    
Diluted                $ 0.52      $  0.59       $ 0.49      $  0.51    
                                                                  
Weighted average
number of common
and common
share
equivalents
outstanding:
Basic                   44,601      44,601      40,732      40,732  
Diluted                 45,019      45,019      44,547      44,547  
                                                                  
EBITDA                 $ 96,803    $  98,542     $ 96,747    $  98,910  
                                                                             

      This column represents a non-GAAP presentation even though some
(1)  individual line items presented, such as revenues, are identical under
      both GAAP and the adjusted presentations.
(2)   In 2012, the difference relates to acquisition activity costs that are
      excluded in the adjusted presentation.
      In 2011, the difference represents one-time costs that are excluded in
      the adjusted presentation.
      Integration, merger and restructuring expenses represent costs relating
(3)   primarily to the restructuring of our operations that are excluded in
      the adjusted presentation.
      In 2012, this represents the redemption premiums and the unamortized
      original issuance discount on the redemption of $150.0 million of 6.875%
(4)   Notes originally due in 2015. In 2011, this represents the redemption
      premiums and the unamortized acquisition date discount on the redemption
      of $22.3 million of 9.75% Notes. Debt restructuring expense is excluded
      in the adjusted presentation.
      Represents the unamortized deferred financing costs associated with the
      $150.0 million of 6.875% Notes redeemed in August 2012 and a portion of
(5)   deferred financing costs associated with our prior $850.0 million credit
      agreement which was replaced with our new $900.0 million Credit
      Agreement in February 2012. Deferred financing costs write-off is
      excluded in the adjusted presentation.
      Provision for income taxes includes approximately $1.2 million and $1.0
(6)   million in 2012 and 2011, respectively, in income tax benefits related
      to statutory corporate income tax rate reductions in the United Kingdom
      that are excluded in the adjusted presentation.

                                                        
Mobile Mini, Inc.

Condensed Consolidated Balance Sheets

(in 000’s except par value data)

(includes effects of rounding)
                                                             
                                        September 30, 2012   December 31, 2011
                                        (unaudited)          (audited)
ASSETS
Cash                                    $   916              $   2,860
Receivables, net                            54,480               47,102
Inventories                                 21,850               20,803
Lease fleet, net                            1,029,734            1,018,742
Property, plant and equipment,              82,477               79,875
net
Deposits and prepaid expenses               6,472                7,338
Other assets and intangibles, net           19,020               16,862
Goodwill                                   518,930            514,469    
Total assets                            $   1,733,879       $   1,708,051  
                                                             
                                                             
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable                        $   22,463           $   20,849
Accrued liabilities                         45,260               46,369
Lines of credit                             469,205              345,149
Notes payable                               —                    316
Obligations under capital leases            827                  1,289
Senior Notes, net                           200,000              349,718
Deferred income taxes                      195,803            183,550    
Total liabilities                          933,558            947,240    
                                                             
Commitments and contingencies
                                                             
Stockholders' equity:
Common stock, $.01 par value,
95,000 shares authorize, 47,880
issue and
                                            479                  478
at September 30, 2012 and 47,787
issued and 45,612 outstanding at
December 31, 2011
Additional paid-in capital                  516,739              508,936
Retained earnings                           339,590              316,106
Accumulated other comprehensive             (17,187     )        (25,409    )
loss
Treasury stock, at cost, 2,175             (39,300     )       (39,300    )
shares
Total stockholders' equity                 800,321            760,811    
Total liabilities and                   $   1,733,879       $   1,708,051  
stockholders' equity
                                                             

                                                
                          Three Months Ended         Nine Months Ended

                          September 30,              September 30,
                           2012        2011        2012        2011
                          (In thousands)             (In thousands)
Reconciliation of
EBITDA to net cash                                              
provided
by operating
activities:
EBITDA                    $ 37,261      $ 33,643     $ 96,803      $ 96,747
Interest paid               (5,703  )     (9,726 )     (24,331 )     (33,080 )
Income and
franchise taxes             (133    )     (129   )     (722    )     (719    )
paid
Share-based
compensation                2,090         1,840        5,676         4,561
expense
Gain on sale of             (2,895  )     (3,547 )     (9,451  )     (10,666 )
lease fleet units
Gain on disposal of
property, plant and         (219    )     (15    )     (263    )     (15     )
equipment
Changes in certain
assets and
liabilities,
net of effect of
businesses
acquired:
Receivables                 (7,121  )     (3,756 )     (6,726  )     (6,142  )
Inventories                 (26     )     791          (963    )     424
Deposits and                1,033         60           924           913
prepaid expenses
Other assets and            (159    )     22           (264    )     (96     )
intangibles
Accounts payable
and accrued                663        11,244     (2,319  )   11,877  
liabilities
Net cash provided
by operating              $ 24,791    $ 30,427    $ 58,364    $ 63,804  
activities
                                                                   
                                                                   
Reconciliation of
net income to
EBITDA and
adjusted EBITDA:
Net income                $ 11,083      $ 9,731      $ 23,484      $ 21,824
Interest expense            8,805         10,983       29,604        35,459
Provision for               4,413         4,040        11,918        11,428
income taxes
Depreciation and            8,951         8,889        27,096        26,702
amortization
Debt restructuring          2,812         -            2,812         1,334
expense
Deferred financing         1,197      -          1,889      -       
costs write-off
EBITDA                      37,261        33,643       96,803        96,747
Integration,
merger,                     837           1,361        1,600         2,163
restructuring and
other
Acquisition                -          -          139        -       
expenses
Adjusted EBITDA           $ 38,098    $ 35,004    $ 98,542    $ 98,910  
                                                                   
                                                                   
Reconciliation of
net cash provided
by operating
activities to free
cash flow:
Net cash provided
by operating              $ 24,791      $ 30,427     $ 58,364      $ 63,804
activities
                                                                   
Additions to lease          (13,457 )     (8,381 )     (32,783 )     (19,556 )
fleet
Proceeds from sale
of lease fleet              7,282         9,810        23,399        27,838
units
Additions to
property, plant and         (2,616  )     (1,793 )     (11,171 )     (8,593  )
equipment
Proceeds from sale
of property, plant         1,112      51         1,427      92      
and equipment
Net capital
expenditures,              (7,679  )   (313   )    (19,128 )   (219    )
excluding
acquisitions
                                                              
Free cash flow            $ 17,112    $ 30,114    $ 39,236    $ 63,585  
                                                                   

                                                                                                                                           
                Reconciliation of Adjusted Measurements to Actuals                                   Reconciliation of Adjusted Measurements to Actuals
                Three Months Ended September 30, 2012                                                Three Months Ended September 30, 2011
                (in thousands except per share data)                                                 (in thousands except per share data)
                (includes effects of rounding)                                                       (includes effects of rounding)
                              Integration,                    Deferred                                            Leasing,      Integration,
                              merger          Debt            Financing    Income                    As           selling       merger          Income
                As Adjusted  and            restructuring  costs       Tax      Actual          Adjusted    and general  and            Tax      Actual
                (1)           restructuring   expense         write-off    Benefit                   (1)          expenses      restructuring   Benefit
                              expenses        (4)             (5)          (6)                                    (7)           expenses        (6)
                              (3)                                                                                               (3)
Revenues        $ 100,879     $  -            $  -            $ -          $ -       $ 100,879       $ 95,141     $ -           $   -           $ -       $ 95,141
EBITDA          $ 38,098      $  (837   )     $  -            $ -          $ -       $ 37,261        $ 35,004     $ (1,070 )    $   (291  )     $ -       $ 33,643
EBITDA            37.8    %      (0.8   )%       -              -            -         36.9    %       36.8   %     (1.1   )%       (0.3  )%      -         35.4   %
margin
Operating       $ 29,149      $  (837   )     $  -            $ -          $ -       $ 28,312        $ 26,115     $ (1,070 )    $   (291  )     $ -       $ 24,754
income
Operating
income            28.9    %      (0.8   )%       -              -            -         28.1    %       27.4   %     (1.1   )%       (0.3  )%      -         26.0   %
margin
Pre tax         $ 20,342      $  (837   )     $  (2,812  )    $ (1,197 )   $ -       $ 15,496        $ 15,132     $ (1,070 )    $   (291  )     $ -       $ 13,771
income
Net             $ 12,906      $  (514   )     $  (1,729  )    $ (736   )   $ 1,156   $ 11,083        $ 9,529      $ (658   )    $   (178  )     $ 1,038   $ 9,731
income
Diluted
earnings        $ 0.29        $  (0.01  )     $  (0.04   )    $ (0.02  )   $ 0.03    $ 0.25          $ 0.21       $ (0.01  )    $   -           $ 0.02    $ 0.22
per share
                                                                                                                                                                   

                                                                                                             
                Reconciliation of Adjusted Measurements to Actuals                                                 Reconciliation of Adjusted Measurements to Actuals
                Nine Months Ended September 30, 2012                                                               Nine Months Ended September 30, 2011
                (in thousands except per share data)                                                               (in thousands except per share data)
                (includes effects of rounding)                                                                     (includes effects of rounding)
                                            Integration,
                                                                            Deferred                                             Leasing,      Integration,
                                            merger          Debt                         Income                                  selling       merger          Debt            Income
                As            Acquisition                                   Financing                              As                                                          Tax
                                          and            restructuring              Tax      Actual                       and general  and            restructuring           Actual
                Adjusted      Expenses                                      costs                                  Adjusted                    restructuring                   Benefit
                (1)           (2)           restructuring   expense                      Benefit                   (1)           expenses                      expense         (6)
                                                            (4)             write-off    (6)                                     (7)           expenses        (4)
                                            expenses                        (5)                                                                (3)
                                            (3)
Revenues        $ 282,952    $  -         $  -           $  -           $ -         $ -      $ 282,952       $ 268,523    $ -          $  -           $  -           $ -      $ 268,523
EBITDA          $ 98,542      $  (139  )    $  (1,600  )    $  -            $ -          $ -       $ 96,803        $ 98,910      $ (1,401 )    $  (762   )     $  -            $ -       $ 96,747
EBITDA            34.8    %      -             (0.6    )%      -              -            -         34.2    %       36.8    %     (0.5   )%      (0.3   )%       -              -         36.0    %
margin
Operating       $ 71,450      $  (139  )    $  (1,600  )    $  -            $ -          $ -       $ 69,711        $ 72,210      $ (1,401 )    $  (762   )     $  -            $ -       $ 70,047
income
Operating
income            25.3    %      -             (0.6    )%      -              -            -         24.6    %       26.9    %     (0.5   )%      (0.3   )%       -              -         26.1    %
margin
Pre tax         $ 41,842      $  (139  )    $  (1,600  )    $  (2,812  )    $ (1,889 )     -       $ 35,403        $ 36,749      $ (1,401 )    $  (762   )     $  (1,334  )      -       $ 33,252
income
Net             $ 26,340      $  (85   )    $  (1,043  )    $  (1,729  )    $ (1,162 )   $ 1,163   $ 23,485        $ 22,936      $ (861   )    $  (469   )     $  (820    )    $ 1,038   $ 21,824
income
Diluted
earnings        $ 0.59        $  -          $  (0.03   )    $  (0.04   )    $ (0.03  )   $ 0.03    $ 0.52          $ 0.51        $ (0.02  )    $  (0.01  )     $  (0.01   )    $ 0.02    $ 0.49
per share
                                                                                                                                                                                         

                  This column represents a non-GAAP presentation even though
      (1)  some individual line items presented, such as revenues, are
                  identical under both GAAP and the adjusted presentations.
            (2)   The difference relates to acquisition activity costs that
                  are excluded in the adjusted presentation.
                  Integration, merger and restructuring expenses represent
            (3)   costs relating primarily to the restructuring of our
                  operations that are excluded in the adjusted presentation.
                  In 2012, this represents the redemption premiums and the
                  unamortized original issuance discount on the redemption of
                  $150.0 million of 6.875% Notes originally due in 2015. In
            (4)   2011, this represents the redemption premiums and the
                  unamortized acquisition date discount on the redemption of
                  $22.3 million of 9.75% Notes. Debt restructuring expense is
                  excluded in the adjusted presentation.
                  Represents the unamortized deferred financing costs
                  associated with the $150.0 million of 6.875% Notes redeemed
                  in August 2012 and a portion of deferred financing costs
            (5)   associated with our prior $850.0 million credit agreement
                  which was replaced with our new $900.0 million Credit
                  Agreement in February 2012. Deferred financing costs
                  write-off is excluded in the adjusted presentation.
                  Represents the statutory corporate income tax rate
            (6)   reductions in the United Kingdom that are excluded in the
                  adjusted presentation.
            (7)   Represents one-time costs that are excluded in the adjusted
                  presentation.

This news release includes the financial measures “EBITDA”, “adjusted EBITDA”,
“EBITDA margin”, “adjusted EBITDA margin”, “adjusted SG&A”, “adjusted net
income”, “adjusted diluted earnings per share” and “free cash flow.” These
measurements are deemed “non-GAAP financial measures” under rules of the SEC,
including Regulation G. This non-GAAP financial information may be determined
or calculated differently by other companies.

EBITDA is defined as net income before interest expense, income taxes,
depreciation and amortization, and if applicable, debt restructuring or
extinguishment costs, including any write-off of deferred financing costs. We
typically further adjust EBITDA to ignore the effect of what we consider
transactions or events not related to our core business to arrive at adjusted
EBITDA. The GAAP financial measure that is most directly comparable to EBITDA
is net cash provided by operating activities. EBITDA and adjusted EBITDA
margins are calculated by dividing consolidated EBITDA and adjusted EBITDA by
total revenues. The GAAP financial measure that is most directly comparable to
EBITDA margin is operating margin, which represents operating income divided
by revenues. We present adjusted EBITDA and adjusted EBITDA margin because we
believe they provide useful information regarding our ability to meet our
future debt payment requirements, capital expenditures and working capital
requirements and they provide an overall evaluation of our financial
condition. We include adjusted EBITDA in the earnings announcement to provide
transparency to investors. Adjusted EBITDA has certain limitations as an
analytical tool and should not be used as a substitute for net income, cash
flows, or other consolidated income or cash flow data prepared in accordance
with GAAP or as a measure of our profitability or our liquidity. EBITDA margin
is presented along with the operating margin so as not to imply that more
emphasis should be placed on it than the corresponding GAAP measure.

Free cash flow is defined as net cash provided by operating activities, minus
or plus, net cash used in or provided by investing activities, excluding
acquisitions. Free cash flow is a non-GAAP financial measure and is not
intended to replace net cash provided by operating activities, the most
directly comparable GAAP financial measure. We present free cash flow because
we believe it provides useful information regarding our liquidity and ability
to meet our short-term obligations. In particular, free cash flow indicates
the amount of cash available after capital expenditures for, among other
things, investments in the Company’s existing businesses, debt service
obligations and strategic acquisitions.

Adjusted SG&A, adjusted net income and adjusted diluted earnings per share
permit a comparative assessment of our SG&A expenses, net income and diluted
earnings per share by excluding certain one-time expenses and integration,
merger and restructuring expenses to make a more meaningful comparison of our
operating performance.

Earlier in this release, we have provided a reconciliation of these adjusted
measurements to actual results along with a reconciliation of EBITDA to net
cash provided by operating activities, net income to EBITDA and adjusted
EBITDA and net cash provided by operating activities to free cash flow.

Contact:

Mobile Mini, Inc.
Mark Funk, 480-477-0241
Executive VP & Chief Financial Officer
www.mobilemini.com
-or-
Investor Relations Counsel:
The Equity Group Inc.
Linda Latma, 212-836-9609
Fred Buonocore, 212-836-9607