Iron Mountain Reports for Quarter

Iron Mountain Inc. announced its financial results for the quarter ended March 31, 2005, reporting higher revenues, operating income and Operating income.

Iron Mountain's total revenues for the quarter grew to $501 million, a 16 percent increase compared to the same time last year. For the quarter, storage revenues grew 15 percent and service revenues grew 17 percent from last year’s figures.

For the first quarter, the storage and service revenue internal growth rates were 8 percent and 3 percent, respectively, yielding a total internal revenue growth rate of 6 percent.

Richard Reese, Iron Mountain’s chairman and CEO, stated, "Our business performed well in the first quarter. We exceeded several of our financial targets and the internal growth and margin dynamics played out as we indicated they would. Storage internal growth remained solidly within the 8-9 percent range we have operated in for the past three years and the inclusion of the Hays IMS and Connected acquisitions into our internal growth calculus dampened our internal growth rates, particularly complementary services, as expected."

Operating income before depreciation and amortization was $136 million for the quarter, compared to $123 million for the same time last year.

Operating income for the quarter was $91 million, compared to $86 million for the same time last year. Net income for the quarter was $23 million, unchanged from last year.