Iron Mountain Reports Strong Numbers for Year

Iron Mountain Inc. announced its financial results for the year ended December 31, 2004 and reported higher revenues, operating income and OIBDA for the fourth quarter.

Iron Mountain's total consolidated revenues for the quarter grew to $479 million, an increase of 17 percent, compared with the same time the previous year.

For the quarter, storage revenues grew 15 percent and service revenues grew 21 percent compared to the same period in 2003.

For the fourth quarter of 2004, the storage and service revenue internal growth rates were 9 percent and 9 percent, respectively, yielding a total internal revenue growth rate of 9 percent.

Operating income for the fourth quarter was $87 million, compared to $87 million, for the same period in 2003. Net income for the quarter was $30 million an increase of 5 percent from $28 million for the same period in 2003.

For the year, the company reported total consolidated revenues of $1.82 billion, an increase of 21 percent, with storage revenues growing at 19 percent and service revenues growing at 24 percent compared to the prior year. For the year, storage and service revenue internal growth rates were 9 percent and 6 percent, respectively, yielding a total internal revenue growth rate of 8 percent.

Operating income for 2004 was $344 million, or 19 percent of revenues, compared to $305 million, or 20 percent of revenues, for 2003. Net income was $94 million, compared to $85 million for 2003.