Form 11-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
For the fiscal year ended: December 31, 2009
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file Number 1-12804
MOBILE MINI, INC. PROFIT SHARING PLAN AND TRUST
(Full title of the Plan)
MOBILE MINI, INC.
(Name of the issuer of the securities held pursuant to the Plan)
7420 S. KYRENE ROAD, SUITE 101
TEMPE, ARIZONA 85283
(Address of principal executive office of the issuer)
MOBILE MINI, INC.
PROFIT SHARING PLAN AND TRUST
Financial Statements
And
Supplemental Schedule
December 31, 2009 and 2008
MOBILE MINI, INC.
PROFIT SHARING PLAN AND TRUST
Table of Contents
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* |
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Other Schedules required by the Department of Labors Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because
they are not applicable. |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Audit Committee and Administrative Committee of
MOBILE MINI, INC. PROFIT SHARING PLAN AND TRUST
We have audited the accompanying statements of net assets available for benefits of Mobile Mini,
Inc. Profit Sharing Plan and Trust (the Plan) as of December 31, 2009 and 2008, and the related
statement of changes in net assets available for benefits for the year ended December 31, 2009.
These financial statements are the responsibility of the Plans management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement. The
Plan is not required to have, nor were we engaged to perform, an audit of its internal control over
financial reporting. Our audit included consideration of internal control over financial reporting
as a basis for designing audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the Plans internal control over
financial reporting. Accordingly we express no such opinion. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the net assets available for benefits of Mobile Mini, Inc. Profit Sharing Plan and Trust
as of December 31, 2009 and 2008, and the changes in net assets available for benefits for the year
ended December 31, 2009 in conformity with U.S. generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements
taken as a whole. The supplemental Schedule of Assets (Held at End of Year) is presented for the
purpose of additional analysis and is not a required part of the basic financial statements, but is
supplementary information required by the Department of Labors Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental
schedule is the responsibility of the Plans management. The supplemental information has been
subjected to the auditing procedures applied in the audits of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
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/s/ Mayer Hoffman McCann P.C.
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Phoenix, Arizona |
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June 25, 2010 |
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1
MOBILE MINI, INC.
PROFIT SHARING PLAN AND TRUST
Statements of Net Assets Available for Benefits
as of December 31, 2009 and 2008
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2009 |
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2008 |
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Assets: |
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Investments at fair value |
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$ |
9,654,995 |
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$ |
8,806,722 |
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Participant loans |
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450,108 |
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617,107 |
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Total investments at fair value |
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10,105,103 |
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9,423,829 |
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Total assets |
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10,105,103 |
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9,423,829 |
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Liabilities: |
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Excess employee deferrals |
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(131,476 |
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(72,055 |
) |
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Net assets available for benefits, at fair value |
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9,973,627 |
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9,351,774 |
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Adjustment from fair value to contract value for
fully benefit-responsive investment contracts |
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(31,566 |
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65,251 |
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Net assets available for benefits |
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$ |
9,942,061 |
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$ |
9,417,025 |
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The accompanying notes are
an integral part of these statements.
2
MOBILE MINI, INC.
PROFIT SHARING PLAN AND TRUST
Statement of Changes in Net Assets Available for Benefits
for the Year Ended December 31, 2009
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Additions to net assets attributed to: |
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Contributions: |
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Participant |
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$ |
1,258,324 |
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Rollover |
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9,465 |
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Company |
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162,315 |
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Total contributions |
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1,430,104 |
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Investment income |
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Net appreciation in fair value of investments |
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1,110,582 |
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Interest and dividends |
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121,777 |
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Total investment income |
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1,232,359 |
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Total additions |
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2,662,463 |
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Deductions from net assets attributed to: |
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Benefits paid to participants |
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2,134,091 |
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Administrative fees |
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3,336 |
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Total deductions |
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2,137,427 |
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Net increase in net assets available for benefits |
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525,036 |
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Net assets available for benefits: |
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Beginning of year |
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9,417,025 |
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End of year |
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$ |
9,942,061 |
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The accompanying notes are an integral part of these statements.
3
MOBILE MINI, INC.
PROFIT SHARING PLAN AND TRUST
Notes to Financial Statements
Note 1 Plan Description
The following is only a general description of the Mobile Mini, Inc. Profit Sharing Plan and Trust
(the Plan). Participants should refer to the Plan agreement for a more complete description of
the Plans provisions.
General The Plan is a defined contribution plan which was originally adopted by Mobile Mini, Inc.
(the Company or Plan Sponsor) in 1994 and has been amended from time to time since that date.
Participation in the Plan is open to all eligible employees of the Company (individually,
Participant and collectively, Participants). The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA).
Effective January 1, 2008, Participants have the ability to request loans, hardship withdrawals or
in-service withdrawals from their vested account balances during quarterly blackout periods. Only
funds from an active employees other investment options (not Mobile Mini stock in the Plan) can be
used to provide the funds for the loan or withdrawal.
Trustee The Plan has engaged Capital Bank & Trust (the Trustee or CB&T) as Trustee to the
Plan. The Plan has engaged American Funds Distributors, Inc., to provide recordkeeping, custodial
and administrative services to the Plan, and all Plan assets are held in trust with the Trustee.
Eligibility Employees are eligible to participate in the Plan upon meeting the following
criteria: (1) one year of service and (2) having attained age 21. Employees of acquired
companies, who meet the eligibility requirements of the Plan, may participate immediately upon
acquisition. There were 644 and 699 active participants in the Plan as of December 31, 2009 and
2008, respectively.
Contributions Participants may contribute any percentage of their annual compensation on a
before-tax basis, provided the amounts do not exceed the annual limit imposed by the Internal
Revenue Service (IRS). Such contributions are withheld by the Company from each Participants
compensation and deposited with the Trustee to be applied to the appropriate fund in accordance
with the Participants directives. The Company provides a discretionary match of 25% of the first
4%, not to exceed 1% of gross compensation and $2,000 annually. At its sole discretion, the
Company can make an additional discretionary profit sharing contribution to Participants who are
employed by the Company on the last day of the plan year or have more than 500 hours of service for
the plan year. There was no discretionary profit sharing contribution in 2009. Company
contributions are invested directly in the Companys common stock. The employees then have the
right to diversify these investments. Participant and Company contributions made on behalf of
highly compensated employees may be limited pursuant to non-discrimination rules set forth in the
Plan document and the Internal Revenue Code of 1986, as amended (the Code).
Participant Accounts Separate accounts are maintained for each Participant and each Participants
account is credited with the Participants contribution and an allocation of the Company
discretionary contributions. Plan earnings are allocated to each Participants account in
proportion to the average daily balance in each fund option. The Company discretionary contribution to date has been invested
solely in common stock of the Plan Sponsor and is considered non-participant-directed.
4
MOBILE MINI, INC.
PROFIT SHARING PLAN AND TRUST
Notes to Financial Statements
Note 1 Plan Description (continued)
As of December 31, 2009 and 2008, each Participant may elect to have his or her contributions
invested in any one or any combination of nine investment funds. These funds include:
INVESCO Stable Value Fund which seeks preservation of principal and interest income
reasonably obtained under prevailing market conditions and rates, consistent with seeking to
maintain required liquidity.
American Balanced Fund which seeks conservation of capital, current income and long-term
growth of capital and income by investing in stocks, bonds and other fixed-income
securities.
EuroPacific Growth Fund which seeks long-term growth of capital by investing primarily in
stocks of issuers located in Europe and the Pacific Basin.
Investment Company of America Fund which seeks to provide long-term growth of capital and
income, placing greater emphasis on future dividends than on current income.
Allianz Renaissance Fund which seeks long-term capital growth and current income.
Growth Fund of America which seeks long-term growth of capital through a diversified
portfolio of common stocks.
Bond Fund of America which seeks the highest level of current income that is consistent with
preservation of capital.
Oppenheimer Small Cap Value Fund which seeks capital appreciation.
Mobile Mini, Inc. Common Stock which invests in the common stock of Mobile Mini, Inc.
Vesting Participants in the Plan are 100% vested at all times with respect to their own
contributions to the Plan and the earnings thereon. With respect to Company contributions and the
earnings on those contributions, the vesting schedule is based on each Participants length of
employment with the Company, with 20% vesting per year of service increasing to 100% vested at the
end of the fifth year of service. For the years ended December 31, 2009 and 2008, forfeited
nonvested accounts totaled $6,909 and $952, respectively. During 2009 and 2008, $3,318 and
$12,430, respectively, of forfeited nonvested accounts were used to pay administrative expenses.
Administration The Plan is sponsored by the Company. Operating and administrative expenses
incurred in the administration of the Plan are the responsibility of the Plan, unless assumed by
the Company. During 2009, forfeited nonvested accounts were used to pay all Plan administrative
and operating expenses.
5
MOBILE MINI, INC.
PROFIT SHARING PLAN AND TRUST
Notes to Financial Statements
Note 1 Plan Description (continued)
Distributions Distributions from the Plan are available upon any of the following: (1) termination
of employment with the Company; (2) retirement and in-service distributions upon or following age
59 1/2 and (3) disability or death. The Participant (or the designated beneficiary) will receive a
lump-sum distribution of the vested value of the Participants account. Distributions from the
Plan will normally be taxed as ordinary income for income tax purposes, unless the Participant (or
the designated beneficiary) elects to rollover his or her distributions into an Individual
Retirement Account or another qualified employer plan.
Loans to Participants The Plan allows participants to obtain loans of their vested account
balances, the amounts of which are subject to specific limitations set forth in the Plan document
and the Code. Participant loans as of December 31, 2009 and 2008 represent the aggregate amount of
principal and accrued interest outstanding on such loans at each year-end. As of December 31,
2009, participant loans carried interest rates ranging from 4.25% to 9.25%, with maturities of 15
years or less. Principal and interest are paid ratably through payroll deductions.
Amendment and Termination of the Plan The Company anticipates that the Plan will continue without
interruption; the Company, however, reserves the right to amend or terminate the Plan. No
amendment or termination may deprive any person of rights accrued prior to the enactment of such an
amendment or termination. No amendment shall permit any part of the assets of the Plan to revert
to the Company or be used or diverted for purposes other than for the exclusive benefit of the
Participants. If the Plan should be terminated or partially terminated, the amount in each
Participants account as of the date of such termination (after proper adjustment for all expenses,
earnings and allocations) becomes fully vested and non-forfeitable. Such amounts are distributable
by the Trustee to the Participants.
In 2008, there was a partial plan termination that resulted from a reduction in the Companys work
force that represented over 20% of the Plan participants.
Note 2 Significant Accounting Policies
Method of Presentation The accompanying financial statements have been prepared on the accrual
basis of accounting in accordance with accounting principles generally accepted in the United
States of America (GAAP). The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at December 31, 2009 and 2008
and the reported amounts of additions to and deductions from net assets for the year ended December
31, 2009. Actual results could differ from those estimates.
6
MOBILE MINI, INC.
PROFIT SHARING PLAN AND TRUST
Notes to Financial Statements
Note 2 Significant Accounting Policies (continued)
Risks and Uncertainties The Plan invests in various investment securities. Investment securities
are exposed to various risks such as interest rate, market and credit risks. Due to the general
level of risk associated with certain investment securities, it is reasonably possible that changes
in the values of investments could occur and that such changes could materially affect participants account
balances and the amounts reported in the statements of net assets available for benefits,
particularly given recent volatility in the financial markets and the banking system. These and
other economic events may have a significant adverse impact on investment portfolios in the near
term.
Concentration of Credit Risk Each investment fund is diversified through a portfolio containing a
wide variety of investments that fit the particular investment strategy and targeted composition.
Further diversification is available to Participants through participation in more than one fund.
Investment Valuation The Plans investments are stated at fair market value and measured daily
based on quoted market prices. Investments in the various investment funds are reported at fair
value as measured by CB&T based on net asset value of shares held by the Plan at year-end. Loans
to Participants are valued at amortized cost, which approximates fair value.
Investment contracts held by defined contribution plans are required to be reported at fair value,
except fully benefit-responsive investment contracts are reflected at contract value, since it
represents the amount at which participants can execute transactions in the Plan. In order to
reflect investment contracts at contract value, an adjustment from net assets at fair value to
contract value is reflected in the accompanying statements of net assets available for benefits.
The Plan invests in fully benefit-responsive investment contracts held in the INVESCO Stable Value
Fund. The INVESCO Stable Value Fund is a collective trust.
Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on
the ex-dividend date. Interest income is recorded on the accrual basis. Net appreciation includes
the Plans gains and losses on investments bought and sold as well as held during the year.
Net Appreciation (Depreciation) in Fair Value The Plan presents in the statement of changes in net
assets available for benefits the net appreciation (depreciation) in the fair value of its
investments, which consists of realized gains and losses and unrealized appreciation (depreciation)
on investments.
Benefits Benefits are recorded when paid.
New Accounting Pronouncements
Fair Value Measurements In April and September 2009, the Financial Accounting Standards Board
(FASB) issued guidance which (i) provided additional guidance for estimating fair value when the
volume and level of activity for the asset or liability have significantly decreased, (ii) provided
guidance on identifying circumstances that indicate a transaction is not orderly, (iii) permitted,
as a practical expedient, entities to measure the fair value of certain investments based on the
net asset value per share and (iv) expanded the required disclosures about fair value measurements.
The adoption of this guidance did not have a material effect on the Plans net assets available
for benefits or the changes in net assets available for benefits.
7
MOBILE MINI, INC.
PROFIT SHARING PLAN AND TRUST
Notes to Financial Statements
Note 2 Significant Accounting Policies (continued)
FASB Codification In June 2009, the FASB issued new codification standards that represent the
source of authoritative U.S. generally accepted accounting principles (GAAP) recognized by the
FASB to be applied by non-governmental entities. Rules and interpretive releases of the Securities
and Exchange Commission (SEC) under authority of federal securities laws are also sources of
authoritative GAAP for SEC registrants. The codification supersedes all non-SEC accounting and
reporting standards that existed prior to the codification. All other non-grandfathered, non-SEC
accounting literature not included in the codification is non-authoritative. The new codification
standards were effective for 2009.
Fair Value Disclosures In January 2010, the FASB issued guidance that expanded the required
disclosures about fair value measurements. In particular, this guidance requires (i) separate
disclosure of the amounts of significant transfers in and out of Level 1 and Level 2 fair value
measurements along with the reasons for such transfers, (ii) information about purchases, sales,
issuances and settlements to be presented separately in the reconciliation for Level 3 fair value
measurements, (iii) fair value measurement disclosures for each class of assets and liabilities and
(iv) disclosures about the valuation techniques and inputs used to measure fair value for both
recurring and nonrecurring fair value measurements for fair value measurements that fall in either
Level 2 or Level 3. This guidance is effective for annual reporting periods beginning after
December 15, 2009, except for (ii) above, which is effective for fiscal years beginning after
December 15, 2010. The Company determined the adoption of this guidance will not have a material
effect on the Plans net assets available for benefits or the changes in net assets available for
benefits.
Note 3 Fair Value Measurements
FASB Accounting Standards Codification (ASC) 820 Fair Value Measurement and Disclosures
establishes a framework for measuring fair value. That framework provides a fair value hierarchy
that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for identical assets or
liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3
measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described as
follows:
Level 1 |
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Inputs to the valuation methodology are unadjusted quoted prices
for identical assets or liabilities in active markets that the
Plan has the ability to access. |
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Level 2 |
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Inputs to the valuation methodology include quoted prices for
similar assets and liabilities in active markets; quoted prices
for identical or similar assets or liabilities in inactive
markets; inputs other than quoted prices that are observable for
the asset or liability; inputs that are derived principally from
or collaborated by observable market data by correlation or other
means. If the asset or liability has a specified (contractual)
term, the level 2 input must be observable for substantially the
full term of the asset or liability. |
Level 3 |
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Inputs to the valuation methodology are unobservable and significant to the fair value
measurement. |
8
MOBILE MINI, INC.
PROFIT SHARING PLAN AND TRUST
Notes to Financial Statements
Note 3 Fair Value Measurements (continued)
The asset or liabilitys fair value measurement level within the fair value hierarchy is based on
the lowest level of any input that is significant to the fair value measurement. Valuation
techniques used need to maximize the use of observable inputs and minimize the use of unobservable
inputs.
Following is a description of the valuation methodologies used for assets measured at fair value.
There have been no changes to methodologies used at December 31, 2009 and 2008.
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Common stock:
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Valued at the closing price reported on the active market on which the individual
securities are traded. |
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Mutual Funds:
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Valued at the net asset value (NAV) of shares held by the Plan at year end. |
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Collective trust:
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Valued at fair value based on the change in present value of the contracts
replacement cost. |
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Participant loans:
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Valued at amortized cost, which approximates fair value. |
The preceding methods described may produce a fair value calculation that may not be indicative of
the net realizable value or reflective of future fair value. Furthermore, although the Plan
believes its valuation methods are appropriate and consistent with other market participants, the
use of different methodologies or assumptions to determine the fair value of certain financial
instruments could result in a different fair value measurement at the reporting date.
9
MOBILE MINI, INC.
PROFIT SHARING PLAN AND TRUST
Notes to Financial Statements
Note 3 Fair Value Measurements (continued)
The following tables set forth by level, within the fair value hierarchy, the Plans investments at
fair value as of December 31, 2009 and 2008:
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Investments at Fair Value as of December 31, 2009 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Common stock: |
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Mobile Mini, Inc.
common stock fund |
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$ |
2,153,240 |
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$ |
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$ |
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$ |
2,153,240 |
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Mutual funds: |
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Growth funds |
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3,628,738 |
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3,628,738 |
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Growth and income funds |
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1,395,306 |
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1,395,306 |
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Balanced funds |
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615,379 |
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615,379 |
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Bond funds |
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209,567 |
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209,567 |
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Total mutual funds |
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5,848,990 |
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5,848,990 |
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Collective trust |
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1,652,765 |
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1,652,765 |
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Participant loans |
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450,108 |
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450,108 |
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Total investments at fair value |
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$ |
8,002,230 |
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$ |
1,652,765 |
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$ |
450,108 |
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$ |
10,105,103 |
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Investments at Fair Value as of December 31, 2008 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Mutual funds |
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$ |
4,922,473 |
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$ |
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$ |
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$ |
4,922,473 |
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Collective trust |
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1,360,812 |
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1,360,812 |
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Mobile Mini, Inc. Common Stock Fund |
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2,523,437 |
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2,523,437 |
|
Participant loans |
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617,107 |
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617,107 |
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Total investments at fair value |
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$ |
7,445,910 |
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$ |
1,360,812 |
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|
$ |
617,107 |
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$ |
9,423,829 |
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The table below sets forth a summary of changes in the fair value of the Plans level 3 investments
for the year ended December 31, 2009.
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Level 3 Investments |
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Year Ended December 31, 2009 |
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Balance, beginning of year |
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$ |
617,107 |
|
Purchases, issuances and settlements |
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(166,999 |
) |
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Balance, end of year |
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$ |
450,108 |
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10
MOBILE MINI, INC.
PROFIT SHARING PLAN AND TRUST
Notes to Financial Statements
Note 4 Investments
Investments consist of the following at December 31, 2009 and 2008:
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|
|
|
|
|
|
|
|
|
2009 |
|
|
2008 |
|
INVESCO Stable Value Fund |
|
$ |
1,652,765 |
* |
|
$ |
1,360,812 |
* |
American Balanced Fund |
|
|
615,379 |
* |
|
|
496,309 |
* |
EuroPacific Growth Fund |
|
|
1,433,666 |
* |
|
|
1,179,016 |
* |
Investment Company of America Fund |
|
|
1,395,306 |
* |
|
|
1,243,227 |
* |
Growth Fund of America |
|
|
1,685,913 |
* |
|
|
1,461,486 |
* |
Allianz Renaissance Fund |
|
|
195,046 |
|
|
|
139,104 |
|
Oppenheimer Small Cap Value Fund |
|
|
314,113 |
|
|
|
203,174 |
|
Bond Fund of America |
|
|
209,567 |
|
|
|
200,157 |
|
Participant Loans |
|
|
450,108 |
|
|
|
617,107 |
* |
|
|
|
|
|
|
|
|
|
|
7,951,863 |
|
|
|
6,900,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mobile Mini, Inc. Common Stock Fund: |
|
|
|
|
|
|
|
|
Participant-directed |
|
|
1,554,832 |
|
|
|
1,842,971 |
|
Non-participant-directed |
|
|
598,408 |
|
|
|
680,466 |
|
|
|
|
|
|
|
|
Total Mobile Mini, Inc. Common Stock Fund |
|
|
2,153,240 |
* |
|
|
2,523,437 |
* |
|
|
|
|
|
|
|
|
|
$ |
10,105,103 |
|
|
$ |
9,423,829 |
|
|
|
|
|
|
|
|
|
|
|
* |
- |
Represents 5% or more of investments in the Plans net assets at the indicated date. |
During 2009, the Plans investments (including gains and losses on investments bought, sold and held during the year) appreciated in value by $1,110,582
as follows:
|
|
|
|
|
|
|
2009 |
|
Mobile Mini, Inc. Common Stock Fund |
|
$ |
(166,752 |
) |
Mutual Funds |
|
|
1,277,334 |
|
|
|
|
|
|
|
$ |
1,110,582 |
|
|
|
|
|
11
MOBILE MINI, INC.
PROFIT SHARING PLAN AND TRUST
Notes to Financial Statements
Note 4 Investments (continued)
All of the Plans investment funds are mutual funds except the Mobile Mini, Inc. Common Stock and
INVESCO Stable Value Fund.
Note 5 Non-participant-directed Investments
Information about the net assets and significant components of the changes in net assets relating
to non-participant-directed investments for the year ended December 31, 2009 is presented as
follows:
|
|
|
|
|
|
|
2009 |
|
|
Changes in non-participant-directed net assets: |
|
|
|
|
Investment income |
|
$ |
(45,427 |
) |
Benefits paid |
|
|
(165,132 |
) |
Company discretionary contributions |
|
|
162,315 |
|
Transfers to participant-directed investments |
|
|
(33,814 |
) |
|
|
|
|
Decrease in net assets |
|
|
(82,058 |
) |
|
|
|
|
|
Net assets invested in Mobile Mini, Inc. Common Stock Fund: |
|
|
|
|
Beginning of year |
|
|
680,466 |
|
|
|
|
|
End of year |
|
$ |
598,408 |
|
|
|
|
|
Non-participant-directed investments consist of investments in the Companys common stock. After
the initial investment in the common stock by the Company, participants have the option of
transferring their respective balance in the Companys common stock to an investment option of
their choosing.
Note 6 Excess Employee Deferrals
The Plan failed to meet non-discrimination tests in accordance with the IRS regulations during the
2009 and 2008 Plan years, and it was determined certain participants would be refunded a portion of
their contributions. The amount accrued for at December 31, 2009 and 2008 and refunded in 2010 and
2009 was $131,476 and $72,055, respectively.
12
MOBILE MINI, INC.
PROFIT SHARING PLAN AND TRUST
Notes to Financial Statements
Note 7 Tax Status of the Plan
The Plan is a non-standardized prototype plan developed by the Trustee of the Plan. The
non-standardized prototype plan obtained its latest opinion letter on March 31, 2008, in which the
IRS stated that the non-standardized prototype plan, as then designed, was in compliance with the
applicable requirements of the Code. The non-standardized prototype plan has been amended since
receiving the opinion letter consisting primarily of changes to regulations. However, the Plan administrator and
the Plans tax counsel believe that the Plan is currently designed and being operated in compliance
with the applicable requirements of the Code and that the Plan was qualified and the related trust
remains tax-exempt at December 31, 2009. Accordingly, no provision for income taxes has been made
in the accompanying financial statements.
Note 8 Parties in Interest
Certain investments of the Plan are shares of funds managed by the Trustee. In addition, the Plan
holds an investment in the Companys common stock. These transactions are considered exempt
party-in-interest transactions. The entire 2009 employer discretionary contribution was invested
in the Companys common stock. The administrative fees of $3,336 for the 2009 plan year are
considered exempt party-in-interest transactions.
Note 9 Subsequent Events
Beginning January 1, 2010, the Company suspended its discretionary matching contributions. The
Plan has evaluated subsequent events through the date that the financial statements were available
to be issued.
13
MOBILE MINI, INC.
PROFIT SHARING PLAN AND TRUST
Employer Identification Number 86-0748362
Plan Number 001
Schedule H, line 4(i); Schedule of Assets (Held at End of Year)
As of December 31, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) Description of investment, |
|
|
|
|
|
|
|
|
|
(b) Identity of issue, |
|
including maturity date, |
|
|
|
|
|
|
|
|
|
borrower, lessor, |
|
interest rate, collateral, |
|
|
|
|
|
(e) Current |
|
(a) |
|
or similar party |
|
par or maturity value |
|
(d) Cost |
|
|
Value |
|
|
* |
|
INVESCO |
|
INVESCO Stable Value Fund |
|
$ |
*** |
|
|
$ |
1,652,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
American Funds |
|
American Balanced Fund |
|
|
*** |
|
|
|
615,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
American Funds |
|
EuroPacific Growth Fund |
|
|
*** |
|
|
|
1,433,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
American Funds |
|
Investment Company of America Fund |
|
|
*** |
|
|
|
1,395,306 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
American Funds |
|
Growth Fund of America |
|
|
*** |
|
|
|
1,685,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
Allianz |
|
Allianz Renaissance Fund |
|
|
*** |
|
|
|
195,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
Oppenheimer |
|
Oppenheimer Small Cap Value Fund |
|
|
*** |
|
|
|
314,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
American Funds |
|
Bond Fund of America |
|
|
*** |
|
|
|
209,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** |
|
Mobile Mini, Inc. |
|
Common stock of plan sponsor |
|
|
2,089,005 |
|
|
|
2,153,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Participant loans |
|
Various rates of interest ranging from 4.25% to 9.25%, maturity dates through July 2024, and collateralized by the
participants account balance. |
|
|
-0- |
|
|
|
450,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10,105,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
- |
Indicates a party-in-interest to the Plan for which statutory exemptions exist. |
|
** |
- |
Investment qualifies as a party-in-interest to the Plan. |
|
*** |
- |
Investments are participant directed, therefore disclosure of cost is not required. |
See Report of Independent Registered Public Accounting Firm
15
SIGNATURE
|
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the Plan Administrator has duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized. |
|
|
|
|
|
|
MOBILE MINI, INC. PROFIT SHARING PLAN AND TRUST
|
|
June 25, 2010 |
By: |
/s/ Mark E. Funk
|
|
|
|
Mark E. Funk |
|
|
|
Executive Vice President,
Chief Financial Officer of Mobile Mini, Inc. |
|
16