BOSTON, Aug 02, 2011 (BUSINESS WIRE) --
Iron Mountain Incorporated (NYSE: IRM), the information management
company, today announced that both of its prepaid variable share
repurchase agreements have settled and that 7.5 million shares have been
delivered to the Company and will be retired. This is another
significant step towards the Company's commitment to return $2.2 billion
to shareholders through 2013 with $1.2 billion coming in the first year
through May 2012. The shares were purchased over the three-month life of
the agreements, originally entered into on May 3, 2011, at an average
price of $33.16 per share for an aggregate total of $250 million.
Through July 29, 2011, the Company has repurchased an aggregate of 12.7
million shares for a total cost of approximately $372 million over the
life of its repurchase program, which began in the first quarter of
2010. The Company has approximately $828 million remaining under the
existing authorization for future share repurchases as of July 29, 2011.
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 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. 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 cost
to comply with current and future laws, regulations and customer demands
relating to privacy issues; (ii) the impact of litigation or disputes
that may arise in connection with incidents in which the Company fails
to protect its customers' information;(iii) changes in the price
for the Company's services relative to the cost of providing such
services; (iv) changes in customer preferences and demand for the
Company's services;(v) the cost or potential liabilities
associated with real estate necessary for the Company's business; (vi)
the performance of business partners upon whom the Company depends for
technical assistance or management expertise outside the United States;
(vii) changes in the political and economic environments in the
countries in which the Company's international subsidiaries operate;
(viii) the successful completion of the divestiture of our New Zealand
business; (ix) claims that the Company's technology violates the
intellectual property rights of a third party; (x) the impact of legal
restrictions or limitations under stock repurchase plans on price,
volume or timing of stock repurchases; (xi) the impact of alternative,
more attractive investments to dividends or stock repurchases; (xii) the
Company's ability or inability to complete acquisitions on satisfactory
terms and to integrate acquired companies efficiently; (xiii) other
trends in competitive or economic conditions affecting the Company'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"
and other documents that the Company files with the Securities and
Exchange Commission from time to time. 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