Iron Mountain (IRM) Issues Statement Regarding Elliott Announcement
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Price: $74.42 -0.97%
Overall Analyst Rating:
NEUTRAL (
Up)
Dividend Yield: 7.5%
Revenue Growth %: +10.7%
Overall Analyst Rating:
NEUTRAL (
Up)Dividend Yield: 7.5%
Revenue Growth %: +10.7%
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Iron Mountain Incorporated (NYSE: IRM) issued the following statement in response to filings made today by Elliott Associates, L.P. and Elliott International, L.P. (together, “Elliott”):
As the Company previously disclosed in a Form 8-K filing with the Securities and Exchange Commission on March 7, 2011, the Iron Mountain Board will evaluate Elliott’s proposals and make a recommendation in due course.
Iron Mountain continues to expand its global leadership position. Revenues increased by 4% to $3.1 billion in 2010, supported by strong growth in international markets.
Iron Mountain noted that over the past four years, while continuing to expand its business globally, the Company has delivered consistently strong operating results and free cash flow performance. Since 2006, the Company has increased Adjusted OIBDA(1) and Free Cash Flow(1) at compounded annual growth rates of 12% and 68%, respectively, well ahead of revenue growth, driven by its focus on operational excellence and a 40% increase in capital efficiency.
With our strong operating performance, record cash flows and strong balance sheet, Iron Mountain remains committed to investing in profitable growth, while returning capital to stockholders. This is evidenced by the Company’s recent 200% increase in its quarterly dividend to yield approximately 3%. In 2010, the Company repurchased 4.8 million shares, or approximately 2% of the total shares outstanding, under its $350 million share repurchase authorization. Iron Mountain’s Board remains focused on enhancing stockholder value, and will continue to take actions to achieve this objective.
As the Company previously disclosed in a Form 8-K filing with the Securities and Exchange Commission on March 7, 2011, the Iron Mountain Board will evaluate Elliott’s proposals and make a recommendation in due course.
Iron Mountain continues to expand its global leadership position. Revenues increased by 4% to $3.1 billion in 2010, supported by strong growth in international markets.
Iron Mountain noted that over the past four years, while continuing to expand its business globally, the Company has delivered consistently strong operating results and free cash flow performance. Since 2006, the Company has increased Adjusted OIBDA(1) and Free Cash Flow(1) at compounded annual growth rates of 12% and 68%, respectively, well ahead of revenue growth, driven by its focus on operational excellence and a 40% increase in capital efficiency.
With our strong operating performance, record cash flows and strong balance sheet, Iron Mountain remains committed to investing in profitable growth, while returning capital to stockholders. This is evidenced by the Company’s recent 200% increase in its quarterly dividend to yield approximately 3%. In 2010, the Company repurchased 4.8 million shares, or approximately 2% of the total shares outstanding, under its $350 million share repurchase authorization. Iron Mountain’s Board remains focused on enhancing stockholder value, and will continue to take actions to achieve this objective.
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