Iron Mountain’s Biggest Shareholder Backs Activist Investor

Posted on Mar 23, 2011 in Records Management News

Iron Mountain’s Biggest Share­holder Backs Activist Investor
BY ANUPREETA DAS

Davis Advi­sors, the largest share­holder of document-storage com­pany Iron Moun­tain Inc., plans to sup­port activist investor Elliott Man­age­ment Corp.‘s four board nominees.

Davis Advi­sors, a Tus­con, Ariz.-based money man­ager, owns around one-fifth of Iron Moun­tain, which has a mar­ket cap­i­tal­iza­tion of about $6 bil­lion. Boston-based Iron Moun­tain stores and archives busi­ness doc­u­ments and other data for cor­po­rate clients, much of it in warehouses.

Ear­lier this month, Elliott made pub­lic a cam­paign to pres­sure Iron Moun­tain to con­vert itself into a real-estate invest­ment trust.

Elliott, which owns less than 5% of Iron Moun­tain, has said the …

Read more here:

http://online.wsj.com/article/SB10001424052748703410604576217072839591728.html

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Recall Acquires Shred-it’s US-Based Document Storage Business

Posted on Mar 2, 2011 in Records Management News

Busi­ness­Wire · Tues­day, Mar. 1, 2011

Recall, a global leader in doc­u­ment stor­age, secure doc­u­ment destruc­tion, dig­i­tal solu­tions and data pro­tec­tion, announced today it has acquired the US-based doc­u­ment stor­age busi­ness, oper­at­ing under the Secu­rit trade name, from Shred-it Inter­na­tional Inc.

Head­quar­tered in Canada and founded in 1988, Shred-it is a privately-owned infor­ma­tion secu­rity com­pany oper­at­ing in 16 coun­tries. Recall acquired the doc­u­ment stor­age busi­ness in the United States, while Shred-it will con­tinue to own and oper­ate its records man­age­ment busi­ness in Canada.

Recall North Amer­ica Pres­i­dent Mark Wes­ley said, “This acqui­si­tion sup­ports our growth strat­egy, and will expand our foot­print in Recall’s largest region. Recall makes sig­nif­i­cant invest­ments every year to improve our oper­a­tions, enhance secu­rity and safety and develop new ser­vices to meet our cus­tomers chang­ing needs. We believe our newly acquired cus­tomers will ben­e­fit from these invest­ments as well as our expe­ri­ence as a global leader in this industry.”

“This is a strate­gic oppor­tu­nity for Recall as these three mar­kets are attrac­tive, and the acqui­si­tion will allow us to lever­age exist­ing infra­struc­ture to bet­ter serve and expand our cus­tomer base. The cul­tures of Recall and Shred-it have a sim­i­lar focus on cus­tomer ser­vice and sup­port, and together we have jointly com­mu­ni­cated the change in own­er­ship to these customers.”

Shred-it Pres­i­dent and CEO Vince De Palma said, “We have decided to divest our US records man­age­ment busi­ness, redi­rect­ing our resources and cap­i­tal to our core doc­u­ment destruc­tion busi­ness and Cana­dian records man­age­ment businesses.”

About Recall

Recall is a global leader in man­ag­ing infor­ma­tion in mul­ti­ple for­mats through­out its life­cy­cle. Recall has approx­i­mately 300 ded­i­cated oper­a­tion cen­ters, span­ning five con­ti­nents, in over 20 coun­tries, ser­vic­ing nearly 80,000 cus­tomers world­wide and is owned by Bram­bles Lim­ited. For more infor­ma­tion, please visit us at recall.com.

Con­tacts

Recall
Tania Gar­cia, +1 770–776-1082
Global Direc­tor, Mar­ket­ing
tania.garcia@recall.com

Iron Mountain Reports Second Quarter 2010 Financial Results

Posted on Jul 29, 2010 in Records Management News

July 29, 2010, 6:00 a.m. EDT

Com­pany deliv­ers strong finan­cial per­for­mance high­lighted by an 8% increase in Adjusted OIBDA; Reported rev­enue growth is 5% for the quarter

BOSTON, Jul 29, 2010 (BUSINESS WIRE) — –Sec­ond quar­ter Adjusted EPS increases 13% to $0.28 per diluted share com­pared to Q2/2009; reported earn­ings are $0.20 per diluted share

–Com­pany main­tains full year 2010 profit growth out­look; adjusts rev­enue out­look to reflect for­eign cur­rency rate changes and con­sis­tent inter­nal growth trends

Iron Moun­tain Incor­po­rated (IRM 24.06, –1.39, –5.46%) , an infor­ma­tion man­age­ment com­pany, today reported its finan­cial results for the sec­ond quar­ter ended June 30, 2010. The Com­pany announced rev­enue, Adjusted OIBDA (defined below) and oper­at­ing income growth of 5%, 8% and 9%, respec­tively, com­pared to the sec­ond quar­ter of 2009 (see Appen­dix B). These results were sup­ported by con­tin­ued ben­e­fits from oper­a­tional improve­ment ini­tia­tives that drove sub­stan­tial gross mar­gin gains. Solid oper­at­ing profit gains and con­trolled cap­i­tal expen­di­tures drove $141 mil­lion of free cash flow before acqui­si­tions and dis­cre­tionary invest­ments (FCF) on a year-to-date basis (See Appen­dix B). The Com­pany main­tained its full-year 2010 out­look for profit growth and adjusted its rev­enue out­look to reflect the impacts of recent for­eign cur­rency exchange rate fluc­tu­a­tions and con­sis­tent inter­nal growth trends.

“Iron Moun­tain con­tin­ued to demon­strate the attrac­tive­ness of its busi­ness model by deliv­er­ing strong profit and cash flow per­for­mance despite macro­eco­nomic fac­tors that are con­strain­ing top line growth,” said Bob Bren­nan, pres­i­dent and CEO. “Oper­a­tionally, the busi­ness is run­ning very well, gen­er­at­ing the nec­es­sary resources to invest in our growth agenda and posi­tion­ing the Com­pany well to deliver con­sid­er­able incre­men­tal value when the econ­omy improves.”

Key Finan­cial High­lights — Q2 2010

Iron Moun­tain reported total con­sol­i­dated rev­enues of $780 mil­lion for the sec­ond quar­ter, a 5% increase over the prior year period, sup­ported by 2% total inter­nal rev­enue growth. Stor­age rev­enue inter­nal growth was con­sis­tent at 3%, with gains mod­er­ated by eco­nomic fac­tors, which have con­strained stor­age vol­ume growth in recent quar­ters. Total ser­vice rev­enues grew 1%, reflect­ing solid growth in com­ple­men­tary ser­vice rev­enues sup­ported by recent increases in recy­cled paper prices. Core ser­vice rev­enue growth was (1)% as a result of lower activ­ity lev­els caused by the weak econ­omy. The year-over-year strength­en­ing of major for­eign cur­ren­cies against the U.S. dol­lar increased the rev­enue growth rates by approx­i­mately 2% com­pared to the sec­ond quar­ter of 2009. This increase was less than orig­i­nally fore­casted due to the recent strength­en­ing of the U.S. dollar.

The Com­pany reported gross prof­its (exclud­ing depre­ci­a­tion and amor­ti­za­tion) of $471 mil­lion with its gross profit mar­gin improv­ing from 58.1% in the sec­ond quar­ter of 2009 to 60.4% in the sec­ond quar­ter of 2010. Sus­tain­able ben­e­fits from pro­duc­tiv­ity improve­ments and pric­ing gains, par­tic­u­larly in the Company’s North Amer­i­can and Inter­na­tional Phys­i­cal Busi­ness seg­ments drove higher stor­age and ser­vice gross margins.

Adjusted oper­at­ing income before depre­ci­a­tion and amor­ti­za­tion (Adjusted OIBDA) for the quar­ter was $236 mil­lion, up 8% on a reported basis com­pared to the sec­ond quar­ter of 2009. Exclud­ing the impacts of for­eign cur­rency rate changes, sec­ond quar­ter Adjusted OIBDA grew 7%. Sell­ing, gen­eral and admin­is­tra­tive costs in the sec­ond quar­ter were up 9% com­pared to the prior year period. Exclud­ing the impacts of the for­eign cur­rency rate changes, these over­head costs increased 8%, dri­ven by busi­ness growth, the acqui­si­tion of Mimosa Sys­tems, Inc. in Feb­ru­ary 2010 and invest­ments against growth ini­tia­tives. These increases were par­tially off­set by lower incen­tive com­pen­sa­tion expense.

Oper­at­ing income for the sec­ond quar­ter of 2010 was $150 mil­lion, up 9% on a reported basis com­pared to the same period in 2009 reflect­ing the Adjusted OIBDA gains described above.

Net income attrib­ut­able to Iron Moun­tain Incor­po­rated for the quar­ter was $41 mil­lion, or $0.20 per diluted share, com­pared to $88 mil­lion, or $0.43 per diluted share, for the sec­ond quar­ter of 2009. The decreased reported earn­ings were impacted by a higher effec­tive tax rate, reflect­ing the impact of dis­crete tax items and a $22 mil­lion decrease in Other Income due to for­eign cur­rency rate changes within the quar­ter, which more than off­set the higher oper­at­ing income in the sec­ond quar­ter of 2010 com­pared to the same prior year period. The struc­tural tax rate for the sec­ond quar­ter was 39%. The impact of dis­crete tax items, pri­mar­ily related to for­eign cur­rency rate changes, added another 15 per­cent­age points to the effec­tive tax rate in the quar­ter. Adjusted EPS for the quar­ter was $0.28 per diluted share, an increase of 13% com­pared to the same prior year period. (See Appen­dix B)

Net income for the sec­ond quar­ter of 2010 included $4 mil­lion of Other Expense com­pared to $18 mil­lion of Other Income included in net income for the sec­ond quar­ter of 2009. Both the $4 mil­lion of Other Expense and $18 mil­lion of Other Income reported in the sec­ond quar­ter of 2010 and 2009, respec­tively, were related to for­eign cur­rency rate changes.

Cap­i­tal expen­di­tures exclud­ing real estate incurred in the first six-months of 2010 totaled $103 mil­lion, or 6.6% of rev­enues. The Com­pany is sus­tain­ing cap­i­tal effi­ciency gains reflect­ing ongo­ing con­trol over spend­ing lev­els and ben­e­fits from mod­er­at­ing growth rates.

The Company’s FCF for the six months ended June 30, 2010 was $141 mil­lion com­pared to $121 mil­lion for the six months ended June 30, 2009. Higher oper­at­ing income in the first half of 2010 com­pared to the same prior year period drove the year-over-year increase in FCF. The Company’s liq­uid­ity posi­tion remains strong. As of June 30, 2010, the Com­pany had nearly $1.1 bil­lion of liq­uid­ity, includ­ing cash of $340 mil­lion and avail­abil­ity under its revolv­ing credit facil­ity of $750 mil­lion. The Company’s con­sol­i­dated lever­age ratio of net debt to EBITDA (as defined by its senior credit facil­ity) was 3.1 times at June 30, 2010. This ratio is well below the covenant lim­i­ta­tion of 5.5 times included in its senior credit facility.

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.

Div­i­dends and Share Repurchases

On June 4, 2010, the Com­pany announced that its board of direc­tors declared a quar­terly div­i­dend of $0.0625 per share for share­hold­ers of record as of June 25, 2010, which was paid on July 15, 2010. For the period April 1, 2010 to June 30, 2010, the Com­pany repur­chased 1.8 mil­lion shares of its com­mon stock for a total aggre­gate pur­chase price of approx­i­mately $44 mil­lion under its $150 mil­lion share repur­chase pro­gram. As of June 30, 2010, the Com­pany has repur­chased an aggre­gate of 2.2 mil­lion shares for a total cost of approx­i­mately $54 mil­lion leav­ing approx­i­mately $96 mil­lion in aggre­gate pur­chase price avail­able under the share repur­chase program.

Acqui­si­tions

Dur­ing the sec­ond quar­ter, as part of Iron Mountain’s efforts to expand its Euro­pean pres­ence, the Com­pany acquired full own­er­ship of its exist­ing minority-owned busi­ness in Greece. Iron Mountain’s acqui­si­tion strat­egy focuses on acquir­ing attrac­tive busi­nesses that pro­vide a solid plat­form for future growth, expand the Company’s geo­graphic foot­print and ser­vice offer­ings and enhance its exist­ing operations.

Finan­cial Per­for­mance Outlook

For 2010, the Com­pany is main­tain­ing its 2010 profit growth out­look. Expec­ta­tions for full year reported Adjusted OIBDA growth of 7% to 11% remain unchanged as do the expec­ta­tions for double-digit Adjusted EPS growth. With respect to rev­enues, the Com­pany adjusted its full year guid­ance to reflect for­eign cur­rency rate changes and con­sis­tent inter­nal growth trends. The recent year-over-year strength­en­ing of the U.S. dol­lar against the major cur­ren­cies is expected to decrease reported results by approx­i­mately 1% in the sec­ond half of 2010. Macro­eco­nomic trends have con­strained top line growth dur­ing the first half of 2010. It is expected that these trends will con­tinue for the bal­ance of the year con­strain­ing inter­nal rev­enue growth below the improved inter­nal growth range of 4% to 6% orig­i­nally tar­geted for 2010. The Com­pany now expects reported rev­enue growth to be in the range of 4% to 5% sup­ported by inter­nal growth of approx­i­mately 3%, con­sis­tent with recent trends, with acqui­si­tion rev­enues and the impact of year-over-year for­eign cur­rency rate changes adding between 1% and 2% to growth based on recent exchange rates. The Com­pany is low­er­ing its expected cap­i­tal expen­di­tures for the year to approx­i­mately $280 mil­lion reflect­ing refine­ments to its cap­i­tal spend­ing plans. The cal­cu­la­tion of Adjusted EPS assumes a 39% struc­tural tax rate and 204 mil­lion shares out­stand­ing. This guid­ance is based on cur­rent expec­ta­tions and does not include the poten­tial impact of any future acqui­si­tions (dol­lars in millions):

Quar­ter End­ing Year End­ing Full Year Out­look
Sep­tem­ber 30, 2010 Decem­ber 31, 2010 % Growth vs. 2009
—————— —————- ———————
Low High Low High As Reported FX Neu­tral
——— ——— ——– ——– ———– ———-
Rev­enues $ 780 $ 800 $3,120 $3,160 4% — 5% 3% — 4%
Oper­at­ing Income 149 159 583 613 6% — 12% 5% — 11%
Depre­ci­a­tion & Amor­ti­za­tion 87 347
Adjusted OIBDA 236 246 930 960 7% — 11% 6% — 10%
Adjusted EPS $1.07 $1.16 10% — 20%
Cap­i­tal Expen­di­tures 280

Iron Mountain’s con­fer­ence call to dis­cuss its sec­ond quar­ter 2010 finan­cial results and third quar­ter and full year 2010 out­look will be held today at 8:30 a.m. East­ern Time. The Com­pany will simul­cast the con­fer­ence call on its Web site at www.ironmountain.com, the con­tent of which is not part of this earn­ings release. A slide pre­sen­ta­tion pro­vid­ing sum­mary finan­cial and sta­tis­ti­cal infor­ma­tion that will be dis­cussed on the con­fer­ence call will also be posted to the Web site and avail­able for real-time view­ing. The slide pre­sen­ta­tion and replays of the con­fer­ence call will be avail­able on the Web site for future reference.

Read more: http://www.marketwatch.com/story/iron-mountain-reports-second-quarter-2010-financial-results-2010–07-29?reflink=MW_news_stmp

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Archive Systems Announces ASPEN Release 9.7

Posted on Jun 16, 2010 in Records Management News

FAIRFIELD, NJ, June 15, 2010 /24-7PressRelease/ — Archive Sys­tems, a lead­ing provider of doc­u­ment man­age­ment ser­vices, today intro­duced ASPEN Release 9.7, which com­bines ASPEN Accounts Payable and ASPEN Vir­tual File Room (VFR) onto one plat­form. This pro­vides com­pa­nies with a sin­gle solu­tion to man­age all of their doc­u­ments while incor­po­rat­ing work flow into spe­cific processes.

ASPEN is a com­pre­hen­sive Software-as-a-Service (SasS) plat­form that inte­grates doc­u­ment receipt, doc­u­ment imag­ing and data cap­ture, Web-based image host­ing, and work­flow man­age­ment ser­vices for a com­plete services-based solu­tion. ASPEN Accounts Payable is a SaaS-based solu­tion that auto­mates the AP process by incor­po­rat­ing industry-tested work flows, processes, and method­ol­ogy that opti­mize both the con­trols and effi­cien­cies of the AP process. ASPEN Vir­tual File Room (VFR) is a subscription-based doc­u­ment man­age­ment ser­vice that enables depart­ments or entire enter­prises to cap­ture, store, retrieve, man­age and share doc­u­ments online.

The lat­est release is designed to increase effi­ciency, reduce oper­at­ing costs and free resources for higher value tasks that improve the bot­tom line. The enhanced new fea­tures and func­tion­al­ity pro­vide users with more robust search capa­bil­i­ties, online index­ing, improved per­for­mance, and advanced doc­u­ment upload­ing. Inte­grat­ing the two solu­tions on a com­mon plat­form pro­vides the addi­tional ben­e­fit of tying busi­ness process with the nec­es­sary sup­port­ing doc­u­ments. An exam­ple of this is tying the Account Payable process to a Ven­dor File, which allows the AP processer to access all the needed doc­u­ments to make deci­sions effi­ciently and accurately.

“We con­tinue to expand the ASPEN plat­form to pro­vide our clients with a com­pre­hen­sive solu­tion that meets their needs for on-demand doc­u­ment man­age­ment and process improve­ment. With this newest ASPEN release, com­bined with our records man­age­ment ser­vices, we are paving the way for the paper­less future,” said Paul Gia­r­dina, CMO of Archive Systems.

About Archive Sys­tems, Inc.
Archive Sys­tems deliv­ers prod­ucts and ser­vices that enable orga­ni­za­tions to man­age paper and dig­i­tal doc­u­ments. The com­pany pro­vides a bridge to a paper­less future by unit­ing tra­di­tional records man­age­ment ser­vices with cloud-based Vir­tual File Room technology.

Records man­age­ment ser­vices range from phys­i­cal records stor­age and secure doc­u­ment shred­ding to dig­i­tal doc­u­ment con­ver­sion ser­vices and on-demand vir­tual file deliv­ery. Archive Sys­tems’ flag­ship doc­u­ment man­age­ment plat­form, ASPEN, auto­mates and opti­mizes com­plex document-based processes, and man­ages the flow of work through­out an organization.

ASPEN Accounts Payable com­bines AP best prac­tices with Zero­Touch AP imag­ing and work flow. Addi­tional ASPEN Vir­tual File Room appli­ca­tions sup­port doc­u­ment cen­tric areas such as human resources, ven­dor man­age­ment, and con­tract and lease man­age­ment. These tech­nolo­gies, com­bined with Archive Sys­tems’ doc­u­ment ser­vices, cap­ture, store, route, and archive doc­u­ments online – improv­ing effi­ciency and accu­racy while low­er­ing costs.

Archive Sys­tems is chang­ing the way the world man­ages doc­u­ments. For more infor­ma­tion, please visit www.archivesystems.com.

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PRESS RELEASE June 14, 2010, Cintas Issues Tips to Reduce Risk and Liability Using Electronic Medical Records for Healthcare Risk Management Week

Posted on Jun 14, 2010 in Records Management News

CINCINNATI, Jun 14, 2010 (BUSINESS WIRE) — Accord­ing to the 2010 Health­care Infor­ma­tion and Man­age­ment Sys­tems Soci­ety (HIMSS) Ana­lyt­ics Report: Secu­rity of Patient Data, the num­ber of health­care orga­ni­za­tions that reported a breach in data secu­rity increased by 6 per­cent in 2010, total­ing 19 per­cent. As more health­care orga­ni­za­tions migrate to elec­tronic med­ical records (EMRs), it’s impor­tant to take the proper steps to reduce risk and pre­vent med­ical lia­bil­ity suits. In con­junc­tion with Health­care Risk Man­age­ment Week tak­ing place June 14–18, Cin­tas today issued top tips to help health­care orga­ni­za­tions pro­tect the pri­vacy and secu­rity of health infor­ma­tion while remain­ing com­pli­ant with gov­ern­ment stan­dards using EMRs.

Cin­tas’ tips for main­tain­ing secure and com­pli­ant EMRs include:

1. Col­lab­o­ra­tion. The most suc­cess­ful, secure med­ical health­care record pro­grams are the result of a col­lab­o­ra­tive process. In hos­pi­tals, it’s crit­i­cal to include the chief secu­rity offi­cer, chief finan­cial offi­cer, chief med­ical offi­cer and med­ical records direc­tor to out­line and define a com­pre­hen­sive pro­gram that meets the needs of the entire orga­ni­za­tion and pro­vides max­i­mum secu­rity for patient files. Like­wise, smaller health­care orga­ni­za­tions must include rel­e­vant senior staff mem­bers to develop and exe­cute a suc­cess­ful program.

2. Dig­i­tize infor­ma­tion. Dig­i­tiz­ing health­care records is the first step to ensure com­pli­ance with evolv­ing indus­try reg­u­la­tions. By part­ner­ing with a ven­dor that pro­vides secure doc­u­ment imag­ing and scan­ning ser­vices, physi­cians and clin­i­cians will have real-time access to a patient’s entire med­ical his­tory. Fur­ther, health­care orga­ni­za­tions will increase secu­rity through unique user iden­ti­fi­ca­tion to pre­vent unau­tho­rized access and min­i­mize risk of reg­u­la­tory expo­sure, fines and penalties.

3. Cre­ate a strict secu­rity pol­icy with pass­word restric­tions. Ensure autho­rized physi­cians and staff mem­bers have their own pass­words and are unable to share. This will ensure an accu­rate audit trail if an inci­dent is to occur. It’s also impor­tant to limit access to records. Cre­ate dif­fer­ent lev­els of secu­rity based on the job func­tions of staff mem­bers. Only those work­ing directly with the patient should have the abil­ity to mod­ify records.

4. Pro­tect health­care records through­out their entire life­cy­cle. Since med­ical records require long-term reten­tion with a low vol­ume of retrieval, it’s impor­tant to uti­lize a secure doc­u­ment man­age­ment provider that has the capa­bil­ity to pro­tect patient data infor­ma­tion from the cra­dle to grave. By select­ing a ven­dor that pro­vides imag­ing, stor­age and shred­ding ser­vices, a health­care orga­ni­za­tion can ensure both their elec­tronic and phys­i­cal med­ical records live in a secure envi­ron­ment and can be prop­erly destroyed if required.

5. Train staff regard­ing proper doc­u­men­ta­tion and reten­tion prac­tices. Incom­plete and improper doc­u­men­ta­tion and reten­tion may lead to dam­ag­ing finan­cial and com­pli­ance issues. In addi­tion, a staff mem­ber asso­ci­ated with improper doc­u­men­ta­tion may be held liable in a mal­prac­tice case. To pro­tect one­self, the orga­ni­za­tion and staff against alle­ga­tions of neg­li­gent care and com­pli­ance vio­la­tions, it’s impor­tant to pro­vide con­tin­u­ous train­ing to ensure that files are always com­plete, securely main­tained and prop­erly destroyed if required.

6. Have a dis­as­ter recov­ery pro­gram in place. Cat­a­strophic events can and will take place. It is crit­i­cal to ensure a hospital’s dig­i­tal repos­i­tory is backed up and can be recre­ated if necessary.

“As more health­care orga­ni­za­tions adopt EMR sys­tems, it’s impor­tant to iden­tify and work to alle­vi­ate poten­tial risks before they occur,” said Tom Griga, Global Health­care Man­ager, Cin­tas Doc­u­ment Man­age­ment. “Health­care Risk Man­age­ment Week is an opti­mal time to reflect on your organization’s prac­tices to ensure it is using up-to-date effi­cient and secure processes to pro­tect patients and the orga­ni­za­tion from falling vic­tim to a data breach.”

Cin­tas offers per­son­al­ized doc­u­ment man­age­ment con­sul­ta­tion, as well as secure doc­u­ment shred­ding, stor­age and imag­ing pro­grams. Its ser­vices are designed to pro­vide busi­nesses with data pri­vacy and secu­rity, com­pli­ance with reg­u­la­tory require­ments and more effi­cient con­trol and access to infor­ma­tion. Cin­tas is the first North Amer­i­can AAA NAID-certified and PCI DSS com­pli­ant doc­u­ment man­age­ment provider.

For more infor­ma­tion on Cin­tas’ doc­u­ment man­age­ment pro­grams, please visit www.cintas.com/documentmanagement.

About Cin­tas Corporation:

Head­quar­tered in Cincin­nati, Ohio, Cin­tas Cor­po­ra­tion pro­vides highly spe­cial­ized ser­vices to busi­nesses of all types. Cin­tas designs, man­u­fac­tures and imple­ments cor­po­rate iden­tity uni­form pro­grams, and pro­vides entrance mats, restroom sup­plies, pro­mo­tional prod­ucts, first aid and safety prod­ucts, fire pro­tec­tion ser­vices and doc­u­ment man­age­ment ser­vices to approx­i­mately 800,000 busi­nesses. Cin­tas is a pub­licly held com­pany traded over the Nas­daq National Mar­ket under the sym­bol CTAS, and is a Nasdaq-100 com­pany and com­po­nent of the Stan­dard & Poor’s 500 Index.