Mobile Mini (MINI) has reported 9.09 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $12.71 million, or $0.29 a share in the quarter, compared with $13.98 million, or $0.31 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $13.72 million, or $0.31 a share compared with $15.98 million or $0.35 a share, a year ago.
Revenue during the quarter dropped 3.37 percent to $128.85 million from $133.34 million in the previous year period. Gross margin for the quarter expanded 25 basis points over the previous year period to 96.98 percent. Total expenses were 79.30 percent of quarterly revenues, up from 77.15 percent for the same period last year. That has resulted in a contraction of 216 basis points in operating margin to 20.70 percent.
Operating income for the quarter was $26.67 million, compared with $30.47 million in the previous year period.
However, the adjusted operating income for the quarter stood at $28.32 million compared to $33.69 million in the prior year period. At the same time, adjusted operating margin contracted 329 basis points in the quarter to 21.97 percent from 25.26 percent in the last year period.
Erik Olsson, Mobile Mini's President and chief executive officer, remarked, "We continue to be strongly positioned in both the portable storage and specialty containment markets. Portable storage pricing increased a solid 2.4% this quarter compared to the prior-year period, marking the fifteenth quarter in a row we have achieved year-over-year increases. To drive additional top-line growth, our immediate focus is on executing our salesforce model and providing the tools to our inside sales representatives to ensure their success. I am pleased to say that we saw an improvement in ISR headcount towards the end of the quarter, reaching a total of 214 ISRs as of today."
Operating cash flow declinesMobile Mini has generated cash of $96.02 million from operating activities during the nine month period, down 15.56 percent or $17.70 million, when compared with the last year period. The company has spent $68.30 million cash to meet investing activities during the nine month period as against cash inflow of $8.97 million in the last year period
The company has spent $19.51 million cash to carry out financing activities during the nine month period as against cash outgo of $124.59 million in the last year period.
Cash and cash equivalents stood at $9.52 million as on Sep. 30, 2016, up 455.87 percent or $7.81 million from $1.71 million on Sep. 30, 2015.
Debt increases substantiallyMobile Mini has witnessed an increase in total debt over the last one year. It stood at $949.23 million as on Sep. 30, 2016, up 296.10 percent or $709.58 million from $239.64 million on Sep. 30, 2015. Mobile Mini has witnessed an increase in short-term debt over the last one year. It stood at $949.23 million as on Sep. 30, 2016, up 296.10 percent or $709.58 million from $239.64 million on Sep. 30, 2015. Total debt was 47.07 percent of total assets as on Sep. 30, 2016, compared with 11.95 percent on Sep. 30, 2015. Debt to equity ratio was at 1.28 as on Sep. 30, 2016, up from 0.31 as on Sep. 30, 2015. Interest coverage ratio deteriorated to 3.31 for the quarter from 3.40 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
