Iron Mountain Releases Quarterly Numbers

Iron Mountain Inc. announced its financial results for the quarter ended March 31, 2004. Total revenues were $434 million, operating income was $86 million and net income was $23 million.

Richard Reese, Iron Mountain’s chairman and CEO, stated, "The business performed well in the first quarter. Revenue grew 23 percent, primarily driven by improved internal growth and acquisitions. We continue to gain traction in our digital business as market acceptance begins to translate into revenue. In Europe, we established ourselves as the leader in the important German market with our acquisition of DISOS in March. 2004 is off to a solid start and we are optimistic about achieving our financial objectives for the full year."

Iron Mountain's total consolidated revenues for the quarter grew to $434 million, an increase of 23 percent, compared to the quarter the same time last year.

For the quarter, storage revenues grew 23 percent and service revenues grew 24 percent compared to the prior year.

For the first quarter the storage and service revenue internal growth rates were 8 percent and 6 percent, respectively, yielding a total internal revenue growth rate of 8 percent.

Core service revenues continued to improve due primarily to increases in the Off-Site Data Protection division and the Secure Shredding product line. Total core revenue growth for the quarter was 9 percent.