This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Iron Mountain Management Discusses Q2 2012 Results - Earnings Call Transcript

As I said, we'll update you on the REIT process, where the only significant news, which we did announce on our press release, is that we have submitted formally our request to the IRS for a private letter ruling. And as you know, that we are going to be relatively silent and absolutely not to speak to any details on that while we let them do their work and so forth.

So let me talk a little bit about the operating results. Storage, which is the key driver and everything we focused on in our business had good 6% constant dollar revenue growth, which was about 4% of that, 4 points out of 6 was internal growth on the balance from acquisitions. Service trends remain consistent within the past year or 2. There were some puts and takes, but constant dollars service growth was about flat excluding the impacts of the lower paper -- recycled paper prices. Recycled paper prices in the quarter were the major issue to us, with the 37% decline from last year, and it reduced reported service revenue growth by a negative 4% but also total revenue growth by 1.5 points.

North America, as we had planned and as we communicated, sustained good strong margins of 42% and adjusted OIBDA levels while posting 2% internal growth of storage. But total revenue growth in North America felt the brunt of recycled paper trends, it's hard to say, as North America accounts for about 85% of that total recycled paper volume. International had strong storage growth at 13% in constant dollars, which was 8% internal and the balance from acquisitions. They had some slight softness we experienced in International and service trends, which we suspect is part of the slowdown globally, particularly in the U.K. and in Europe and in their economies. But those trends were only slight. And as I said, overall as a company, our service revenues were about flat.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.21 -0.44%
FB $117.80 -0.22%
GOOG $701.26 0.80%
TSLA $211.34 -5.00%
YHOO $36.94 2.61%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs