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Iron Mountain Reports Third Quarter 2013 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 third quarter and year to date ended September 30, 2013, compared with the same period in 2012. Total reported revenues for the third quarter of 2013 were $756 million, compared with $748 million in 2012. On a constant dollar (C$) basis, total revenue growth was 2.2%, reflecting storage rental revenue gains of 3.6% and service revenue growth of 0.2%. Adjusted OIBDA was $240 million, compared with $244 million in 2012. Adjusted EPS was $0.31 per share ($0.03 per share on a GAAP basis), compared with $0.34 per share ($0.31 per share on a GAAP basis), in 2012.

For the year to date, total reported revenues were $2,257 million compared with $2,247 million in 2012. Adjusted OIBDA was $701 million for the year to date compared with $706 million in 2012. Adjusted EPS was $0.88 per share ($0.27 per share on a GAAP basis), compared with $0.99 per share ($0.91 per share on a GAAP basis), in 2012.

Third quarter and year-to-date Adjusted OIBDA were reduced by approximately $5 million related to charges to realign the organization, with an additional $25 million in charges expected in the fourth quarter of 2013. This realignment will help advance the company’s growth strategy and reduce operating costs to mitigate anticipated decreases in service activity (see p. 3 for additional information related to updated guidance for the remainder of 2013). Third quarter and year-to-date 2013 Other Income (Expense) includes $44 million of charges related to the early extinguishment of debt. The effect of these charges, offset by the related tax impact, on third quarter and year-to-date GAAP EPS was $0.15 per share.

Reconciliations of supplemental non-GAAP measures to GAAP measures may be found in Appendix A or by visiting the Investor Relations page at under “Supplemental Data.”

“During the third quarter, we continued to deliver on our strategy by achieving solid storage rental growth, improving international margins while integrating acquisitions in new emerging markets, and enhancing future growth opportunities through attractive acquisitions and investment in adjacent businesses,” said William Meaney, Iron Mountain’s president and chief executive officer. “As we work to advance our strategic plan, we will incur some restructuring costs, but we believe these changes will build on our core organizational strengths and enhance our ability to invest for long-term growth and sustainable returns.”

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