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Iron Mountain Annual Report (Amendment), Year Ended Dec 31, 2002

Filing Date
Filed June 5, 2003
Period End
December 31, 2002
Security
IRM
In the record · 2016–202610-K1110-Q328-K133

IRM filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 133 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Mar ’18Mar ’18
  2. Leadership change8-K · Dec ’19Dec ’19
  3. Material agreement8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Oct ’25Oct ’25

01—Abstract

Summary

Summary of the 10-K/A filed June 5, 2003. Cited figures are marked; the original filing is the authoritative source.

Iron Mountain Incorporated's Amendment No. 1 on Form 10-K/A amends and restates Items 1, 6, 7 and 15 and Notes 6 and 12 of its 2002 Annual Report, primarily for compliance with Regulation G after the company filed a Form S-3 shelf registration on May 23, 2003.

The company describes itself as the leader in records and information management services, with total 2002 revenues of $1.32 billiona, storage revenues of $759.5 million (about 58% of total revenues), and services with approximately 85% of revenues from storage and core services. Net income rose to $58.3 million in 2002 from a net loss of $44.1 million in 2001, and EBITDA increased 28.6% to $362.8 million, or 27.5% of revenues. Revenue grew 11.2% in 2002, with internal revenue growth of 9.5%.

Operating income rose to $253.2 millionb from $145.0 million, driven partly by the elimination of goodwill amortization under SFAS No. 142 and lower depreciation and amortization of $109.8 million. Cash flow from operations was $254.9 million, and the company expects 2003 capital expenditures of $190.0 million to $215.0 million, excluding acquisitions. Total debt was $1.73 billion at year-end, and the company reported that its bond leverage ratio declined to 4.8 from 5.2.

The filing also discloses material risks, including ongoing litigation over the 1997 South Brunswick fires, lawsuits involving former director J. Peter Pierce and the competitor Sequedex, and the consolidation of three variable interest entities that added $202.6 millionc of real estate term loans to the balance sheet. Management does not believe these proceedings will have a material adverse effect on financial condition or results of operations, though no assurance is given.

02—Key points

Key Highlights

  1. Total 2002 revenues of $1,318.5 million, up 11.2% from $1,185.7 million in 2001, with internal revenue growth of 9.5%
  2. Net income of $58.3 million in 2002 compared with a net loss of $44.1 million in 2001
  3. EBITDA of $362.8 million, up 28.6%, representing 27.5% of total revenues
  4. Operating income of $253.2 million in 2002, up from $145.0 million, aided by the end of goodwill amortization under SFAS No. 142
  5. Cash flow from operations of $254.9 million in 2002, versus $160.9 million in 2001
  6. Total long-term debt of $1.73 billion at December 31, 2002; bond leverage ratio improved to 4.8 from 5.2
  7. Consolidation of variable interest entities added $202.6 million of real estate term loans; ongoing South Brunswick fire and Pierce/Sequedex litigation

03—Questions

Frequently Asked Questions

  1. Why was this 10-K/A filed?

    The amendment restates Items 1, 6, 7 and 15 and Notes 6 and 12 of the 2002 Form 10-K, primarily to comply with Regulation G after the company filed a Form S-3 shelf registration statement on May 23, 2003. It also updates the list of Form 8-K reports filed between March 21, 2003 and June 5, 2003.

  2. How did Iron Mountain perform financially in 2002?

    Total revenues rose 11.2% to $1,318.5 million, and net income was $58.3 million, compared with a net loss of $44.1 million in 2001. Operating income increased to $253.2 million from $145.0 million.

  3. What is the company's debt position?

    Long-term debt was $1,732.1 million at December 31, 2002, with the company stating it is highly leveraged. Its bond leverage ratio improved to 4.8 from 5.2, against a stated target range of 4.5 to 5.5, and it was in compliance with all debt covenants.

  4. What are the main legal risks disclosed?

    The company faces lawsuits from customers and insurers over the March 1997 South Brunswick Township fires, which were determined to be arson, as well as litigation with former director J. Peter Pierce, Sequedex and related parties. Management believes these matters will not have a material adverse effect, but it cannot predict the outcome with certainty.

  5. What are the expected capital expenditures for 2003?

    Excluding any potential acquisitions, the company expects to invest between $190.0 million and $215.0 million in capital expenditures in 2003.

04—Continue

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