Raises Annual Dividend Rate to $1.00 per Share
BOSTON, Jun 13, 2011 (BUSINESS WIRE) --
Iron Mountain Incorporated (NYSE: IRM), the information management
company, announced today that its board of directors declared a
quarterly cash dividend of $0.25 per share, or $1.00 per share on an
annualized basis, at its regularly scheduled meeting held on June 10,
2011. This is an increase of 33% over the quarterly dividend previously
paid. The dividend is payable on July 15, 2011 to stockholders of record
on June 24, 2011.
"This action taken by our Board, which follows the announcement of our
$250 million variable stock purchase plan in May, represents another
step in delivering on our commitment to return $2.2 billion of capital
to stockholders through 2013, including $1.2 billion by May 2012," said
Richard Reese, Iron Mountain's Chairman and Chief Executive Officer.
"The quarterly dividend is the foundation of our approach to shareholder
payouts and we intend to increase our dividend as our earnings and cash
flows grow. Today's announcement demonstrates our Board's confidence in
our ability to grow our business profitably while returning significant
amounts of capital to our stockholders."
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.
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 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) the Company's ability or inability to complete acquisitions on
satisfactory terms and to integrate acquired companies efficiently;
(viii) the cost or potential liabilities associated with real estate
necessary for the Company's business; (ix) the performance of business
partners upon whom the Company depends for technical assistance or
management expertise outside the United States; (x) changes in the
political and economic environments in the countries in which the
Company's international subsidiaries operate; (xi) claims that the
Company's technology violates the intellectual property rights of a
third party; (xii) other trends in competitive or economic conditions
affecting Iron Mountain's financial condition or results of operations
not presently contemplated; and (xiii) 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