- Company delivers 10% OIBDA growth on a constant currency basis; results supported by solid storage revenue internal growth and continued gross margin gains
- 2009 guidance refined; OIBDA and cash flow outlook raised to reflect strong year-to-date operating performance
- Strong cash flows increase liquidity; consolidated leverage ratio decreases to 3.4 times net debt to EBITDA
- Earnings are $0.21 per diluted share, $0.24 per diluted share excluding impacts from foreign currency rate changes and other discrete tax items
BOSTON--(BUSINESS WIRE)-- Iron Mountain Incorporated (NYSE: IRM), the global leader in information protection and storage services, today reported its financial results for the third quarter ended September 30, 2009. The Company announced reported operating income and operating income before depreciation and amortization (OIBDA) growth of 5% and 6%, respectively, compared to the third quarter of 2008 (see Appendix B). OIBDA growth was 10% on a constant currency basis. These results were driven by continued focus on sustainable operating improvements and supported by storage revenue internal growth of 7%, which more than offset forecasted weakness in service internal revenue growth. Incorporating its solid operating performance, the Company raised its full year OIBDA and cash flow outlook and refined its revenue outlook to reflect year-to-date results. Backed by increased cash flows from operations, controlled capital expenditures, and recent financing activities, Iron Mountain ended the quarter with greater liquidity comprised of cash and availability under its revolving credit facility of more than $1 billion.
“Iron Mountain is a resilient, diversified business that continues to post solid results,” said Bob Brennan, President and CEO. “We have a strong foundation upon which we are building long-term growth platforms. Our disciplined management approach continues to drive solid profit performance through improved execution and is serving us particularly well in this challenging economy. We are on track to deliver solid full year results in 2009.”
Iron Mountain reported total internal revenue growth of 2% in the third quarter compared to the prior year period supported by storage revenue internal growth of 7%. Solid storage revenue internal growth in the North American Physical and International Physical business segments offset economic pressures on digital revenues and activity-based service revenues related to the handling and transportation of items in storage and secure shredding. As expected, complementary service revenues decreased year-over-year, due primarily to lower recycled paper prices and softness in the more discretionary revenues, such as project revenues and fulfillment services. OIBDA of $224 million for the quarter was supported by higher gross profit margins. Included in OIBDA for the third quarter is a benefit of $5 million resulting from certain vehicle leases being classified as capital leases in 2009. These leases previously met the requirements to be considered operating leases. The year-over-year weakening of major foreign currencies against the U.S. dollar reduced reported growth rates by approximately 4% compared to the third quarter of 2008. See the appendices at the end of this press release for Selected Financial Data, a discussion of non-GAAP measures and additional information regarding the Company’s results.
Net income attributable to Iron Mountain Incorporated (see Appendix A) for the quarter was $43 million, or $0.21 per diluted share, driven by higher operating income and reduced other expense, net compared to the same prior year period. The effective tax rate for the third quarter was impacted by net foreign currency gains and the associated tax expense and several discrete tax items that decreased earnings by $0.03 per diluted share.
For the complete press release:
investors.ironmountain.com/phoenix.zhtml?c=91787&p=irol-newsArticle&ID=1348093&highlight= ###
Iron Mountain
Iron Mountain, Incorporated (NYSE: IRM) helpt bedrijven in de gehele wereld bij het verlagen van de kosten en risico’s die komen kijken bij informatiebescherming en opslag. Het bedrijf biedt oplossingen voor bestandsbeheer en databescherming en heeft de expertise en ervaring om complexe informatie-uitdagingen aan te gaan. Dit zijn bijvoorbeeld stijgende opslagkosten, aansprakelijkheid, compliancy en disaster recovery. Iron Mountain is opgericht in 1951 en biedt zijn diensten aan meer dan 140.000 bedrijven in de Verenigde Staten, Canada, Europa, Latijns-Amerika en de Pacific. Voor meer informatie:
www.ironmountain.nl/news.
Noot voor de redactie, niet voor publicatie:
Voor meer informatie:
Lammers van Toorenburg Benelux PR
Charly Lammers van Toorenburg / Lianne van Dijk
Tel.: 030-656 5070
E-mail:
ironmountain@lvtpr.nl Iron Mountain Benelux
Seth Haringa
Commercial Executive Benelux
Tel.: 010-425 4444
E-mail:
s.haringa@ironmountain.nl