Iron Mountain’s profit shrinks
Iron Mountain Inc., a Boston data storage and management company, said its net income sank by nearly half in the fourth quarter, primarily because of an impairment charge related to its digital business unit.
The company earned $33 million, or 16 cents per share. That compared with $61 million, or 30 cents per share, a year earlier. Not including one-time charges, the company earned 30 cents per share. By that measure, analysts expected 31 cents per share. The results included a $29 million impairment based on a final valuation of the digital business. The total impairment charge of $284 million, of which $255 million was recorded in the third quarter, reflects pressure on the digital business.
For all of 2010, the company reported a net loss of $54 million, or 27 cents per share.
For 2011, it expects adjusted earnings of $1.21 to $1.30 per share. Analysts expect $1.23.