-
CEO Brennan outlines Company's long-term growth strategy; describes
initiatives targeted at increasing growth and highlights how
disciplined execution continues to drive strong financial performance
-
Company reinforces that it is on track towards full year goals;
highlights strong profit and cash flow performance; previews 2011
targets
-
Separately, the Company announced a $200 million increase to its
existing share repurchase program
BOSTON, Oct 05, 2010 (BUSINESS WIRE) --
Iron Mountain Incorporated (NYSE: IRM), an information management
services company, hosted its 13th Annual Investor Day today
in New York City. This annual gathering of Company management, investors
and Wall Street analysts features management presentations covering a
variety of important topics related to the Company's strategy, execution
and financial performance. The Company described the large and expanding
market opportunities in the information management industry and outlined
its operating and financial strategies aimed at capitalizing on these
opportunities. The Company previewed expectations for its 2011 financial
performance while reinforcing its strong long-term financial outlook.
In a separate release, the Company announced that its board of directors
had approved an increase to its existing share repurchase program in the
amount of $200 million. 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.
For 2010, the Company indicated that its outlook is tracking within its
most recently issued guidance ranges. The company highlighted that
revenue growth is trending towards the lower end of the guidance range,
primarily reflecting continued soft core service activity levels. Profit
and cash flow performance remain solidly on track for targeted full year
gains. The Company will provide a more detailed update to its 2010
outlook when it reports third quarter financial results on October 28,
2010.
As a reminder, the Company issued the following financial performance
expectations on July 29, 2010 (dollars in millions, except per share
data):
|
Full Year Ending December 31, 2010 |
|
|
|
|
|
|
% Growth vs. 2009 Midpoint |
|
|
Low |
|
High |
|
As Reported |
|
FX Neutral |
|
Revenues
|
|
$3,120
|
|
$3,160
|
|
4% - 5%
|
|
3% - 4%
|
|
Adjusted OIBDA
|
|
930
|
|
960
|
|
7% - 11%
|
|
6% - 10%
|
|
Capital Expenditures
|
|
~280
|
|
|
|
Adjusted EPS - FD
|
|
$1.07
|
|
$1.16
|
|
10% - 20%
|
|
|
|
|
|
|
|
|
|
|
|
Iron Mountain also previewed its outlook for its 2011 financial
performance. The Company is maintaining a measured outlook for revenue
and Adjusted OIBDA growth in the current environment. Adjusted OIBDA
gains will be constrained by select factors, including prioritized
investments in support of growth initiatives. Strong projected cash flow
gains reflect expectations for continued capital spending efficiencies.
For its full year 2011, the Company currently expects the following
(dollars in millions, except per share data):
|
Full Year Ending December 31, 2011 |
|
|
|
|
|
|
% Growth vs. 2010 Midpoint |
|
|
Low |
|
High |
|
As Reported |
|
FX Neutral |
|
Revenues
|
|
$3,200
|
|
$3,265
|
|
2% - 4%
|
|
2% - 4%
|
|
Adjusted OIBDA
|
|
945
|
|
975
|
|
0% - 3%
|
|
0% - 3%
|
|
Capital Expenditures
|
|
~240
|
|
|
|
|
|
Free Cash Flow
|
|
360
|
|
390
|
|
4% - 13%
|
|
|
|
Adjusted EPS
|
|
$1.17
|
|
$1.26
|
|
5% - 13%
|
|
|
|
|
|
|
|
|
|
|
|
The preliminary guidance does not include any projected impact from
future acquisitions and any potential expenses associated with future
acquisitions.
The Company will make an audiocast of its Investor Day presentation
available on its website (www.ironmountain.com).
Please check the website for details regarding the timing of the posting
of the audiocast. The slides that will be presented at the conference
will also be posted to the website and available for viewing after 9:00
A.M. on Tuesday, October 5, 2010.
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. Forward-looking statements include our 2010 and 2011 financial
performance outlook, statements regarding the Company's intent to
repurchase shares and to pay dividends, the Company's financial ability
and sources to fund the repurchase program and dividend policy and the
amounts of such repurchases and 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 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
Investor Relations Contact:
Iron Mountain Incorporated
Stephen P. Golden, 617-535-4799
Vice President, Investor Relations
sgolden@ironmountain.com