Iron Mountain Reports First Quarter 2010 Financial Results Company delivers 7% revenue growth and 11% increase in Adjusted OIBDA

Posted on Apr 29, 2010 in Records Management News

Iron Moun­tain Reports First Quar­ter 2010 Finan­cial Results
Com­pany deliv­ers 7% rev­enue growth and 11% increase in Adjusted OIBDA

BOSTON, Apr 29, 2010 (BUSINESS WIRE) — –First quar­ter Adjusted EPS increases 19% to $0.23 per diluted share com­pared to Q1/2009; reported earn­ings are $0.12 per diluted share

–Com­pany on track towards solid full-year per­for­mance; refines 2010 guid­ance to reflect impacts of Chilean earthquakes

Iron Moun­tain Incor­po­rated /quotes/comstock/13*!irm/quotes/nls/irm (IRM 26.31, –1.69, –6.04%) , an infor­ma­tion man­age­ment ser­vices com­pany, today reported its finan­cial results for the first quar­ter ended March 31, 2010. The Com­pany announced 7% rev­enue growth, in line with expec­ta­tions, and strong Adjusted OIBDA (defined below) and oper­at­ing income growth of 11% and 9%, respec­tively, com­pared to the first quar­ter of 2009 (see Appen­dix B). These results were sup­ported by improved inter­nal rev­enue growth of 4% and sus­tain­able ben­e­fits from oper­a­tional ini­tia­tives which drove strong gross mar­gin gains. Solid oper­at­ing profit gains and con­trolled cap­i­tal expen­di­tures drove $54 mil­lion of free cash flow before acqui­si­tions and dis­cre­tionary invest­ments (FCF) in the first quar­ter (See Appen­dix B). The Com­pany refined its full-year 2010 out­look to reflect the impacts of the recent earth­quakes on its Chilean business.

“Iron Moun­tain deliv­ered improved rev­enue growth and con­tin­ued strong profit gains and cash flow in the first quar­ter. We are on track towards solid full-year finan­cial per­for­mance,” said Bob Bren­nan, pres­i­dent and CEO. “We remain focused on improv­ing our growth tra­jec­tory in 2010 by dri­ving aggres­sively against new busi­ness oppor­tu­ni­ties while advanc­ing our long-term strate­gic agenda.”

Key Finan­cial High­lights — Q1 2010

Iron Moun­tain reported total con­sol­i­dated rev­enues of $777 mil­lion for the first quar­ter, a 7% increase over the prior year period, sup­ported by 4% total inter­nal rev­enue growth. Stor­age rev­enue inter­nal …
Read more here … http://www.marketwatch.com/story/iron-mountain-reports-first-quarter-2010-financial-results-2010–04-29?reflink=MW_news_stmp

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