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$150 Million Share Repurchase Program by Iron Mountain

The company also initiates first ever cash dividend policy

Iron Mountain Incorporated announced that its board of directors approved a new share repurchase program authorizing up to $150 million in repurchases of the Company’s common stock. This represents approximately 3% of the Company’s outstanding common stock based on the closing price on February 19, 2010.

In addition, the Company announced that its board of directors adopted a new dividend policy under which the Company intends to pay quarterly cash dividends on Iron Mountain common stock. The first quarterly dividend of $0.0625 per share, representing a planned annual dividend payout of $0.25 per share, will be payable on April 15, 2010 to shareholders of record on March 25, 2010. The cash dividend is the first in the Company’s history. The declaration and payment of future quarterly dividends is in the discretion of the board of directors based on their determination that doing so is in the best interest of Iron Mountain shareholders.

Our profitability and cash generation has improved at an impressive rate in recent years. This has strengthened our balance sheet and provided us the financial strength and flexibility to initiate periodic share repurchases and pay quarterly dividends to shareholders while continuing to invest in our growth agenda and pursue strategic acquisitions,” said Bob Brennan, president and CEO. “We are committed to driving strong growth and capturing the enormous potential we see for our business. These actions demonstrate our confidence in the long-term growth prospects of the Company and our commitment to delivering long-term value to our shareholders.

Any purchases made under Iron Mountain’s repurchase program may be made from time to time in the open market or through negotiated transactions commencing at the conclusion of its current quarterly blackout period. All purchases are subject to stock price, market conditions, corporate and legal requirements and other factors. We intend to comply with Rule 10b-18 under the Securities Exchange Act of 1934. In addition, the Finance Committee of the board of directors has been granted the authority to establish trading plans under Rule 10b5-1 of the Exchange Act. This will allow the Company to repurchase shares in the open market during periods in which the stock trading window is otherwise closed for the Company. As of February 19, 2010, the Company had approximately 204 million shares of its common stock outstanding.

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