Not surprising. Essentially, Iron Mountain is in the trucking business
whether they embrace that reality or not. They still think that they
are just in the security or record storage business, but the truth is
that they are paid to either put a truck in the field to shred recordes
or put a truck in the field to move data media and records to and from a
storage facility, hopefully on a timely basis.
The freight industry has taken a huge hit this year, as anyone in Retail
can attest. Iron Mountain has had to invest huge sums in its
infrastructure to correct a lot of problems with logistics. The good
news is that service levels are normalizing, but I know that they are
putting a lot of effort into that iniative because the industry, as a
whole, did not previously address service scheduling with the same sense
of urgency as Fed Ex or UPS (and even those are debatable).
This may be the most revealing info. in the article:
<snip>
Globally, Iron Mountain saw its fourth quarter net profits plunge 96%
year over year from US$28mn to US$1.3mn. Revenues rose 4% from US$727mn
to US$753mn.
<snip>
Revenues rise 4% and net profits plunge 96%. I'd be looking into that
were I Iron Mountain.
Very possible they did some write-offs, investments, accounting
adjustments, etc.
Best regards, Steve
Steven D. Whitaker, CRM
Records Systems Manager; City of Reno
-----Original Message-----
From: Records Management Program [mailto:[log in to unmask]] On
Behalf Of Steven Whitaker
Sent: Tuesday, March 10, 2009 4:10 PM
To: [log in to unmask]
Subject: Re: IM and Lowering Costs Comment
This may be the most revealing info. in the article:
<snip>
Globally, Iron Mountain saw its fourth quarter net profits plunge 96%
year over year from US$28mn to US$1.3mn. Revenues rose 4% from US$727mn
to US$753mn.
<snip>
Revenues rise 4% and net profits plunge 96%. I'd be looking into that
were I Iron Mountain.
Very possible they did some write-offs, investments, accounting
adjustments, etc.
Best regards, Steve
Steven D. Whitaker, CRM
Records Systems Manager; City of Reno
>>> [log in to unmask] 3/10/2009 12:47 PM >>>
the following was sent to me by an individual who wishes to remain
anonymous
Nice comment by Iron Mountain Executive, considering last weeks
discussion.
<snip>
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