Iron Mountain 2007 Q1 Results

Iron Mountain, a vendor of information protection and storage services, has released its Q1 2007 results. Net income is up by 27% to $35m or $0.17 per diluted share. The results are solid but not stellar.

Iron Mountain was very active in the capital markets in early 2007 as the Company continued the implementation of a multi-phase global treasury program designed to create financial flexibility, reduce foreign exchange risk and drive annual cash savings. In late 2006, the Company established an international treasury center in Switzerland to more effectively and efficiently manage the financing needs of its international subsidiaries outside of North America, initially in Europe. This was followed in the first quarter of 2007 by successful senior subordinated debt offerings in Euros (euro 225 million) and Canadian Dollars (C$175 million). In April 2007, the Company closed on a $900 million global senior credit facility which consolidated its existing senior credit facilities in the U.S. and the U.K.

Iron Mountain's total consolidated revenues for the quarter ended March 31, 2007 grew to $633 million, an increase of 12% compared to the quarter ended March 31, 2006. For the quarter, storage revenues grew 10% and service revenues grew 15% compared to the same period in 2006. For the first quarter of 2007, the storage and service revenue internal growth rates were 9% and 10%, respectively, yielding a total internal revenue growth rate of 9%. www.ironmountain.com/.