April 26, 2012
Iron Mountain Revenues Steady, Profits Down
Iron Mountain Inc., the data storage company with operations in Southborough and Northborough, saw its profits drop 25 percent to $73 million year-over-year in the first quarter of 2012, while revenues held flat at $746 million.
The drop in profits came primarily from a higher effective tax rate and additional interest expenses related to debt the company took on to support a stockholder payout program.
The company's storage business grew slightly, while its service divisions declined a bit, particularly in North America.
The company said it's continuing an expansion strategy, with a strong focus on the Brazilian market. The company recently completed the acquisition of Sao Paolo-based Store.
WBJ Web Partners
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