Iron Mountain's quarterly profits fall 46% year-on-year

- Friday, February 25, 2011

Iron Mountain's quarterly profits fall 46% year-on-year

US document management services (DMS) company Iron Mountain (NYSE: IRM) posted net profits of US$33mn during the fourth quarter, down 46% from US$61mn in the year-ago period, the company said in a statement.

The company attributed the decrease to a US$29mn goodwill impairment charge and a higher effective tax rate.

Meanwhile, Q4 revenues for the company inched up 1% year-on-year to US$789mn.

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For full 2010, the company recorded a net loss of US$54mn, compared with a net profit of US$221mn the previous year.

Annual revenues reached US$3.13bn last year, up 4% compared with 2009.

"Iron Mountain's fourth quarter results were in line with expectations and capped a year of solid financial performance for the company, as we posted our 22nd consecutive year of storage revenue growth," company president and CEO Bob Brennan said.

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