| Iron Mountain reports third quarter results Iron Mountain Incorporated has reported higher revenues and operating income for the quarter ended September 30th, 2003. In addition, the company reaffirmed its previously released guidance for the full year 2003. Net Income is $0.17 per diluted share for the quarter.
For the third quarter of 2003, the storage and service revenue internal growth rates were 9 percent and 2 percent, respectively, yielding a total internal revenue growth rate of 6 percent. The storage internal growth rate continued its upward trend and core service revenues, at 9 percent, grew in line with storage growth. Overall service revenue growth was impacted by a decline in complementary service revenues primarily in the company's North American business units. The company experienced lower levels of special projects and product sales, most notably data product sales, compared with the same periods in 2002. The year over year comparison of complementary service revenues was made more difficult by the particularly strong service revenues reported in the third quarter of 2002. The company believes that service revenues will likely grow at a slower rate than storage revenues for the balance of the year due to continued lower growth rates in complementary services. Operating income for the third quarter of 2003 was $77 million, or 20 percent of revenues, compared to $66 million, or 20 percent of revenues, for the same period in 2002. Net income for the quarter was $15 million, or $0.17 per diluted share, compared to $16 million, or $0.18 per diluted share, for the same period in 2002.
•Date:
30th October 2003 •Region: N.America/World
•Type: Article •Topic:
BC markets |
