Raises Annual Dividend Rate to $0.75 per Share
BOSTON, Dec 13, 2010 (BUSINESS WIRE) --
Iron Mountain Incorporated (NYSE: IRM), the information management
company, announced today that its board of directors has declared a
quarterly cash dividend of $0.1875 per share, or $0.75 per share on an
annualized basis. This represents an increase of 200% over the quarterly
dividend previously paid. The dividend is payable on January 14, 2011 to
stockholders of record on December 27, 2010.
"The increase in Iron Mountain's dividend is the result of our
disciplined management approach and the success we've had as an
organization driving higher profitability and strong cash flows," said
Bob Brennan, president and CEO. "The strength of our balance sheet and
our cash flows positions us to increase our dividend and allows our
stockholders to further participate in the Company's success. The
increased dividend reflects the Board's confidence in our ability to
grow our business profitably while delivering strong, sustainable
returns for our investors."
The declaration and payment of future quarterly dividends are in the
discretion of the board of directors based on their determination that
doing so is in the best interest of Iron Mountain stockholders.
In a separate announcement, the Company announced that it intends to
call for redemption the remaining $231 million aggregate principal
amount outstanding of its 7-3/4% Senior Subordinated Notes due 2015.
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.
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. Forward-looking statements include statements regarding the
Company's intent to pay dividends, the Company's financial ability and
sources to fund the dividend policy and the amounts of such dividends
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 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