Mobile Mini, Inc. Announces Agreement to Merge with Mobile Storage Group

Business Wire, Feb 22, 2008

Mr. Bunger continued, "One of the big advantages of the merger will be our ability to more easily move available units within our fleet to where they are needed and therefore we look forward to a significant reduction in capital expenditures. Going forward, the combined companies should be free cash flow positive. We are also delighted that in addition to Doug Waugaman, several key Mobile Storage Group executives are set to sign employment agreements with our combined company upon closing."

He continued, "Moving forward, some of the metrics, such as internal growth rate, that we previously used in our quarterly reporting will become less relevant due to the scale, size and depth of our operations and industry position following the merger. While we expect first quarter 2008 EBITDA to be slightly below last year, we are confident that we will be able to achieve our prior 2008 diluted EPS guidance of between $1.50 and $1.60, excluding the impact of the Mobile Storage Group transaction.

Lawrence Trachtenberg, Mobile Mini's Executive Vice President & CFO noted, "The above 2008 guidance does not factor in the combination with Mobile Storage Group, although we expect the merger to be slightly accretive in 2008 before merger related expenses. We need to point out that there will be a one-time charge, which we are currently estimating at between $19 million and $20 million, pre-tax, relating to the business combination, the consolidation of branches and the integration of the two companies, which we will record when the transaction closes. The integration and consolidation benefits, including $25 million or more in cost savings, should be fully apparent in 2009. Additionally, the $1 billion revolving credit facility that we have secured provides us with ample borrowing capacity, even after the repayment of Mobile Storage Group's outstanding indebtedness and the cash portion of the purchase price."

EBITDA and pro forma financial measures, including those that are forward-looking, are non-GAAP financial measures as defined by Securities and Exchange Commission ("SEC") rules. The method of reconciliation of these measures to the most directly comparable GAAP financial measures can be found in the Company's report on Form 8-K filed with the SEC on the date of this release.

Conference Call

As previously announced, Mobile Mini will host a conference call today, at 8:30 am Eastern Time. To listen to the live call, dial 706-679-0885 and ask for the Mobile Mini Conference Call or go to www.mobilemini.com and click on the Investors section. Please go to the website 15 minutes early to download and install any necessary audio software. If you are unable to listen live, the conference call can be accessed for approximately 14 days at Mobile Mini's website.

Mobile Mini, Inc. is the world's leading provider of portable storage solutions through its total fleet of over 165,000 portable storage units and portable offices with 66 branches in U.S., United Kingdom, Canada and The Netherlands. Mobile Mini is included on the Russell 2000[R] and 3000[R] Indexes and the S&P Small Cap Index.