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TheStreet Open House

Iron Mountain Reports Fourth Quarter And Full-Year 2012 Financial Results

Stocks in this article: IRM

Iron Mountain Incorporated (NYSE: IRM), the storage and information management company, today reported financial and operating results for the fourth quarter and year ended December 31, 2012. Total revenues for the quarter were $758 million, up 2.2% compared with last year, driven by solid storage rental growth. On a constant dollar (C$) basis, total revenue growth for the fourth quarter was 2.5%, reflecting solid storage rental gains of 4.8%, offset by a modest 0.5% decline in total service revenues. Adjusted OIBDA for the fourth quarter was $207 million and Adjusted EPS was $0.20 per share ($0.15 per share on a GAAP basis).

For the full-year, revenues were $3.0 billion, Adjusted OIBDA was $912 million and Adjusted EPS was $1.21 per share ($1.05 per share on a GAAP basis), all within the Company’s full-year 2012 guidance. Reconciliations of supplemental non-GAAP measures to GAAP measures may be found in Appendix A or by visiting the Investor Relations page at www.ironmountain.com under “Supplemental Data.”

“Our solid operating performance in the fourth quarter concludes a year of consistent growth in our storage rental business which more than offset moderate declines in core services,” said William Meaney, Iron Mountain’s president and chief executive officer. “Strong constant dollar storage rental growth of 5% in the fourth quarter reflects healthy increases of more than 12% in our international business, driven by robust organic growth and acquisitions, and more than 2% in our North American business.

“Looking forward, we are well positioned to deliver against our financial objectives in 2013 and will continue to pursue strategies to sustain the durability of our storage rental business. We have opportunities to invest in fast-growing emerging markets through an approach that is consistent with our focus on attractive returns. In developed markets, we are tapping into the unvended segment and are beginning to see results from the refocusing of our sales and account management teams into vertical market segments. We will continue to apply a strict capital allocation approach to our business,” Mr. Meaney added.

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