BOSTON, Oct 05, 2010 (BUSINESS WIRE) --
Iron Mountain Incorporated (NYSE: IRM), an information management
services company, today announced that its board of directors approved
an increase in the amount authorized under its existing share repurchase
program of up to an additional $200 million in repurchases of the
Company's common stock. This $200 million increase represents
approximately 5% of the Company's outstanding common stock based on the
closing price on September 30, 2010. This authorization is in addition
to the $150 million authorization announced earlier this year, which, as
of September 30, 2010, had approximately $55 million remaining.
"Our focus on optimizing our business and our disciplined execution have
produced a strong balance sheet and higher levels of free cash flow,"
said Bob Brennan, president and CEO. "This action demonstrates our
confidence in the long-term potential of the Company and our commitment
to delivering long-term value to our shareholders."
Any purchases made under Iron Mountain's repurchase program may be made
from time to time in the open market or through negotiated transactions.
All purchases are subject to stock price, market conditions, corporate
and legal requirements and other factors. We intend to comply with Rule
10b-18 under the Securities Exchange Act of 1934. In addition, the
Finance Committee of the board of directors has been granted the
authority to establish trading plans under Rule 10b5-1 of the Exchange
Act. This will allow the Company to repurchase shares in the open market
during periods in which the stock trading window is otherwise closed for
the Company. As of July 26, 2010, the Company had approximately 202
million shares of its common stock outstanding.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) provides information management
services that help organizations lower the costs, risks and
inefficiencies of managing their physical and digital data. The
Company's solutions enable customers to protect and better use their
information--regardless of its format, location or lifecycle stage--so
they can optimize their business and ensure proper recovery, compliance
and discovery. Founded in 1951, Iron Mountain manages billions of
information assets, including business records, electronic files,
medical data, emails and more for organizations around the world. Visit www.ironmountain.com
for more information.
Forward Looking Statements
This press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995 and
federal securities laws, and is subject to the safe-harbor created by
such Act and laws. Forward-looking statements include statements
regarding the Company's intent to repurchase shares, the Company's
financial ability and sources to fund the repurchase program and the
amounts of such repurchases and statements regarding our goals, beliefs,
future growth strategies, investment objectives, plans and current
expectations. These statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results to be
materially different from those contemplated in the forward-looking
statements. Such factors include, but are not limited to: (i) the price,
volume or timing of stock repurchases may be impacted by legal
restrictions or limits under a Rule 10b5-1 trading plan; (ii)
alternative, more attractive investments to dividends or stock
repurchases that may become available; (iii) the cost to comply with
current and future laws, regulations and customer demands relating to
privacy issues; (iv) the impact of litigation that may arise in
connection with incidents in which we fail to protect the Company's
customers' information;(v) changes in the price for the
Company's services relative to the cost of providing such services; (vi)
changes in customer preferences and demand for the Company's services;(vii) in the various digital businesses in which the Company is
engaged, the cost of capital and technical requirements, demand for the
Company's services or competition for customers; (viii) the Company's
ability or inability to complete acquisitions on satisfactory terms and
to integrate acquired companies efficiently; (ix) the cost or potential
liabilities associated with real estate necessary for the Company's
business; (x) the performance of business partners upon whom the Company
depends for technical assistance or management expertise outside the
United States; (xi) changes in the political and economic environments
in the countries in which the Company's international subsidiaries
operate; (xii) claims that the Company's technology violates the
intellectual property rights of a third party; (xiii) other trends in
competitive or economic conditions affecting Iron Mountain's financial
condition or results of operations not presently contemplated; and (xiv)
other risks described more fully in the Company's most recently filed
Annual Report on Form 10-K under "Item 1A. Risk Factors." Except as
required by law, Iron Mountain undertakes no obligation to release
publicly the result of any revision to these forward-looking statements
that may be made to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
SOURCE: Iron Mountain Incorporated
Iron Mountain Incorporated
Stephen P. Golden, 617-535-4799
Vice President, Investor Relations
sgolden@ironmountain.com