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Iron Mountain Incorporated Hosts Annual Investor Day

Stocks in this article: IRM

In FY 2013 Preliminary Outlook table, Operating Adjusted EPS should read $1.29 - $1.40 (sted $1.31 - $1.44) and Reported Adjusted EPS should read $1.09 - $1.29 (sted $1.11 - $1.33).

The corrected release reads:

IRON MOUNTAIN INCORPORATED HOSTS ANNUAL INVESTOR DAY

Topics to Include Long-Term Business, Investment and Capital Allocation Strategies, Opportunities as a REIT and Additional Information on Conversion

Company Reiterates Full Year 2012 Guidance Ranges and Provides Preliminary Outlook for 2013

Iron Mountain Incorporated (NYSE: IRM), the information management company, is hosting an Investor Day today in New York City. This gathering of Company management, investors and securities analysts features management presentations covering a variety of important topics related to the Company’s strategy, execution and financial performance. During the presentations, the Company will describe its long-term strategy and provide additional information on its potential conversion to a Real Estate Investment Trust (“REIT”). The Company also will preview expectations for its 2013 financial performance while reiterating its 2012 outlook.

In a separate news release, the Company announced that its Board of Directors declared a special dividend of $700 million, or approximately $4.07 per share based on the number of shares currently outstanding. This special dividend represents the initial distribution to satisfy the requirement that the Company pay to stockholders its accumulated earnings and profits (“E&P”) should the Company be successful in its planned conversion to a REIT.

For 2012, the Company’s outlook is tracking within its most recently issued guidance ranges. The Company will provide more detail related to its 2012 outlook when it reports third quarter financial results on October 31, 2012. The Company increased its expected range of REIT conversion costs in 2012 based on the current pace of its implementation programs.

The Company is confirming the following financial performance expectations previously issued on July 26, 2012 (dollars in millions, except per share data):

   
FY 2012 Outlook    
Operating 1 Items Reported   C$ Growth 1 (ex Paper)
Revenues $2,990-$3,040 $2,990-$3,040 2% - 4%
 

Adjusted OIBDA

$890 - $930

$(25)-$(30)

$860 - $905

(1)% - 3%

Adjusted EPS $1.20 - $1.36 $(0.09)-$(0.10) $1.10 - $1.27
FCF $320 - $360 $(105)-$(110) $210 - $255
 

Capital Expenditures

~$225

$10

~$235

 
1 Excludes costs associated with the Company’s 2011 proxy contest, the work of the Special Committee of the Board of Directors and the proposed REIT conversion.

During Investor Day, Iron Mountain also will preview its outlook for its 2013 financial performance. The Company is planning for consistent revenue trends including sustained storage rental growth of approximately 3% and flat service revenues. Adjusted OIBDA is expected to grow in line with revenues. North America is expected to sustain its profit levels, and gains from international margin expansion will be reinvested to support long-term storage rental growth. The 2013 Adjusted EPS outlook range was calculated assuming the current 172 million shares outstanding and does not include any impacts from the separately announced E&P distribution scheduled for later this year. This preliminary guidance does not include any projected impact from potential future acquisitions. The Company is targeting continued improvement in capital efficiency and is planning to invest $30 million to expand its underground wholesale data center space in support of additional rental revenues. As expected, the majority of the expenditures associated with the REIT conversion will be made in 2013.

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