Mobile Mini, Inc. (MINI) has reported 104.83 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $19.47 million, or $0.44 a share in the quarter, compared with $9.50 million, or $0.21 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $21.18 million, or $0.44 a share compared with $18.44 million or $0.21 a share, a year ago. Revenue during the quarter dropped 3.07 percent to $130.39 million from $134.52 million in the previous year period. Gross margin for the quarter expanded 26 basis points over the previous year period to 96.71 percent. Total expenses were 73.39 percent of quarterly revenues, down from 85.13 percent for the same period last year. This has led to an improvement of 1174 basis points in operating margin to 26.61 percent.
Operating income for the quarter was $34.70 million, compared with $20.01 million in the previous year period.
However, the adjusted operating income for the quarter stood at $37.45 million compared to $36.66 million in the prior year period. At the same time, adjusted operating margin improved 147 basis points in the quarter to 28.72 percent from 27.25 percent in the last year period.
Erik Olsson, Mobile Minis president and chief executive officer, remarked, "We continued to drive portable storage pricing, with a solid 2.9% increase this quarter compared to the prior-year period, marking the sixteenth consecutive quarter of price increases, resulting in total year-over-year rental revenue growth of 3.3% in the fourth quarter of 2016. North American core activations increased 2.1% over the prior-year period, demonstrating that we are gaining traction in the overall development and success of our salesforce. The development of our Inside Sales Representatives through revised hiring processes, incremental sales management and focused training remains an immediate priority and I am pleased to say that we saw stabilization of turnover during the quarter."
Operating cash flow declinesMobile Mini, Inc. has generated cash of $136.24 million from operating activities during the year, down 10.84 percent or $16.57 million, when compared with the last year. The company has spent $88.15 million cash to meet investing activities during the year as against cash outgo of $14.42 million in the last year. It has incurred net capital expenditure of $85.27 million on net basis during the year, up 568.50 percent or $72.51 million from year ago.
The company has spent $44.85 million cash to carry out financing activities during the year as against cash outgo of $140.58 million in the last year period.
Cash and cash equivalents stood at $4.14 million as on Dec. 31, 2016, up 156.48 percent or $2.52 million from $1.61 million on Dec. 31, 2015.
Debt moves up marginally
Mobile Mini has witnessed an increase in total debt over the last one year. It stood at $937.08 million as on Dec. 31, 2016, up 3.71 percent or $33.54 million from $903.54 million on Dec. 31, 2015. Mobile Mini has witnessed an increase in short-term debt over the last one year. Total debt was 46.74 percent of total assets as on Dec. 31, 2016, compared with 45.65 percent on Dec. 31, 2015. Debt to equity ratio was at 1.27 as on Dec. 31, 2016, up from 1.18 as on Dec. 31, 2015. Interest coverage ratio improved to 4.24 for the quarter from 2.24 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
