Barry Migliorini
8 years ago
Successful Integration at Robins Air Force Base Paves Way for Digital 7 to Capture Share of Multi-Billion Dollar Market
Abbotsford, BC -- (ReleaseWire) -- 02/08/2017 -- Digital Info Security Co/Digital 7 Inc (OTCMKTS:DGIF) through its wholly owned subsidiary Data Source Inc is strategically placed to solve one of the major issues facing Government and large business alike regarding their legacy data. Legacy data is degrading and disappearing at a rapid rate and once data is lost it is irretrievable. Digital 7's Virtual Tape Storage (VTS) solution has successfully solved this problem at Robins Air Force base, and is now positioned to offer its VTS solution to the market at large.
Robins Air Force Base selected Digital's VTS solution to perform on-site legacy data archiving and consolidation services. Over the past 16 months, Digital 7 transferred Robins' magnetic tape libraries and other media to modern file-based storage systems saving Robins data at a significant cost savings over the competition. Digital's successfully deployment provided not only data preservation but also enhanced access and retrieval not previously available. Current billings to Robins are just over $350,000, which is significantly lower than the previous replacement options.
According to a recent GAO report, http://www.gao.gov/assets/680/677436.pdf, in 2015, the government planned to spend $55 billion on IT operations and maintenance systems. The data for these systems is at risk and Digital 7's solutions address this growing problem. Timing couldn't be better, after reports of a meeting led by President Trump with Silicon Valley leaders where they discussed "updating government software systems and improving physical and digital infrastructures" as a means to reduce government waste according to an article written by Mohana Ravidranath staff correspondent with Nextgov dated December 15.
Digital 7 is currently working with over 20 government departments and agencies with plans to provide direct solutions. With the success at Robins AFB, Digital 7 believes it is positioned to capture a large portion of the legacy data needs for the over 800 US military bases. In addition, Digital is in talks with other companies and individuals that are currently servicing government or large company contracts to integrate Digital 7's solution into their offering.
About Digital 7
Digital Info Security Co/Digital 7 Inc (DGIF) with its acquisition of Data Source Inc (a fully owned subsidiary of DGIF) is a data management company that specializes in Legacy Data and the conversion and management of that Data.
For additional information about the content found in this release or about Digital Info Security Company/Digital 7 (DGIF) or Data Source contact the investor relations department at 720-427-8938 or visit our webpage at http://www.digital7.biz.
Tags: Data management, US Government, Air force, Army, Navy, Military, Pentagon, Tape management, Tape drives, Trump cost savings, Cloud services, VTS, Virtual Tape Storage, Green Procurement Program, Disaster recovery plan, Legacy Data, government waste.
SAFE HARBOR STATEMENT
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect," and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently, and other factors detailed in reports filed by the Company.For more information on this press release visit: http://www.releasewire.com/press-releases/successful-integration-at-robins-air-force-base-paves-way-for-digital-7-to-capture-share-of-multi-billion-dollar-market-768589.htmMedia Relations ContactEverett Jolly
Email: Click to Email Everett Jolly
Web: http://www.biomasssecurepower.com
eastunder
10 years ago
Why Iron Mountain (IRM) Stock Is Soaring This Afternoon
BY Kurumi Fukushima Follow |
09/29/14 - 02:37 PM EDT |
http://www.thestreet.com/story/12895530/1/why-iron-mountain-irm-stock-is-soaring-this-afternoon.html?puc=yahoo&cm_ven=YAHOO
NEW YORK (TheStreet) -- Shares of Iron Mountain Inc (IRM_) are soaring this afternoon, up 5.71% to $33.72, as the data management company plans to acquire Recall Holdings Ltd (RCLHF_) for more than $2 billion, Bloomberg reports.
Recall is a provider of information management solutions and trades on the Australian Securities Exchange, but does business in the U.S.
Separately, TheStreet Ratings team rates IRON MOUNTAIN INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate IRON MOUNTAIN INC (IRM) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, solid stock price performance, compelling growth in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
IRM's revenue growth has slightly outpaced the industry average of 4.0%. Since the same quarter one year prior, revenues slightly increased by 4.3%. Growth in the company's revenue appears to have helped boost the earnings per share.
Powered by its strong earnings growth of 907.14% and other important driving factors, this stock has surged by 25.72% over the past year, outperforming the rise in the S&P 500 Index during the same period. Turning to the future, naturally, any stock can fall in a major bear market. However, in almost any other environment, the stock should continue to move higher despite the fact that it has already enjoyed nice gains in the past year.
The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength within the corporation. Compared to other companies in the Commercial Services & Supplies industry and the overall market, IRON MOUNTAIN INC's return on equity significantly exceeds that of both the industry average and the S&P 500.
The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Commercial Services & Supplies industry. The net income increased by 930.3% when compared to the same quarter one year prior, rising from $26.37 million to $271.64 million.
Net operating cash flow has increased to $139.96 million or 30.44% when compared to the same quarter last year. The firm also exceeded the industry average cash flow growth rate of -4.98%.
eastunder
10 years ago
Iron Mountain Declares First Quarterly Distribution as a REIT and Remaining Special Distribution
http://finance.yahoo.com/news/iron-mountain-declares-first-quarterly-124500480.html
Business Wire
Iron Mountain
September 15, 2014 8:45 AM
The Board of Directors (the “Board”) of Iron Mountain Incorporated (IRM), the storage and information management company, today declared its first quarterly distribution as a Real Estate Investment Trust (“REIT”) of $0.475 per share, payable on October 15, 2014 to stockholders of record on September 25, 2014 (the “Third Quarter Distribution”).
The company also declared the remaining special distribution to stockholders of $700.0 million, or approximately $3.62 per share based on the number of shares currently outstanding (the “Special Distribution”), required in connection with the company’s conversion to a REIT. The Special Distribution is payable on November 4, 2014 to stockholders of record as of the close of business on September 30, 2014.
In addition, subject to Board approval, the company expects to distribute its second quarterly distribution as a REIT in December (the “Fourth Quarter Distribution”), following the issuance of shares associated with the Special Distribution as described below. The company anticipates that the per share amount of the Fourth Quarter Distribution will be approximately the same as the Third Quarter Distribution. Also, the company expects to distribute prior to December 31, 2014 a “catch-up” distribution because the company’s distributions through July 2014 were declared before the Board had determined if the company could convert to a REIT effective January 1, 2014 and were lower than they otherwise would have been if the company had been operating a REIT. The company expects total distributions in 2014, excluding the Special Distribution, to be approximately $400 million of cash, in line with its previous range of $400 million to $420 million.
“These distribution declarations represent a significant milestone in our conversion to a REIT; we are now paying out roughly twice the total dollar amount we distributed prior to the conversion. Moreover, including the distributions announced today, we will have returned roughly $3.5 billion to Iron Mountain stockholders since 2010 through repurchases, stock distributions and cash dividends,” said William L. Meaney, president and chief executive officer. “We generate strong cash flow through our durable storage rental business, which is supported by our expansive global real estate platform, defensible market leadership and consistent financial performance – all of which we believe will continue to drive attractive stockholder returns.”
The Special Distribution represents the remaining amount to satisfy the requirement that the company pay to stockholders its undistributed accumulated earnings and profits (“E&P”) attributable to all taxable periods ending on or prior to December 31, 2013. The Special Distribution also will include some other items of taxable income that the company expects to recognize in 2014, such as depreciation recapture in respect of accounting method changes commenced in its pre-REIT period as well as foreign earnings and profits repatriated as dividend income. An initial $700.0 million of E&P was paid to stockholders in November 2012, bringing the total special distributions to $1.4 billion, at the high end of the company’s range of $1.3 billion to $1.4 billion.
Stockholders can elect to receive payment of the Special Distribution in the form of stock or cash, with the total cash payment to all stockholders limited to no more than $140 million, or 20 percent of the total distribution. The amount of shares to be distributed will be determined based upon stockholder elections and the average closing price on the three trading days following October 24, 2014. Election forms will be mailed to all stockholders promptly following the record date.
About Iron Mountain
Iron Mountain Incorporated (IRM) is a leading provider of storage and information management services. The company’s real estate network of more than 67 million square feet across more than 1,000 facilities in 36 countries allows it to serve customers with speed and accuracy. And its solutions for records management, data management, document management, and secure shredding help organizations to lower storage costs, comply with regulations, recover from disaster, and better use their information for business advantage. Founded in 1951, Iron Mountain stores and protects billions of information assets, including business documents, backup tapes, electronic files and medical data. Visit www.ironmountain.com for more information
eastunder
10 years ago
Iron Mountain (IRM) Beats on Q2 Earnings and Revenues
Zacks
By Zacks Equity Research
July 31, 2014 1:30 PM
http://finance.yahoo.com/news/iron-mountain-irm-beats-q2-173005762.html
Iron Mountain Inc. (IRM) reported second-quarter 2014 adjusted earnings from continuing operations of 41 cents per share, which comfortably beat the Zacks Consensus Estimate of 29 cents. Earnings per share improved 4.1% from the year-ago quarter due to modest revenue growth.
Quarter Details
Revenues increased 4.3% from the year-ago quarter to $786.9 million and managed to beat the Zacks Consensus Estimate of $774.0 million. Revenues increased due to higher storage rental revenues of $466.9 million (up 5.7% year over year) and higher service revenues of $320.0 million (up 2.3% year over year) in the reported quarter.
Growth in the North American Records and Information Management (:RIM) and Data Management (DM.TO) segments of 3.3% and 0.4%, respectively, also drove results
Of late, with the increasing usage of Internet, Iron Mountain’s service revenue growth rate has been on a decline due to lower activity rates as stored records are becoming less active. Second quarter internal service revenue declined 1.9% on a year-over-year basis due to lower project fees and revenue associated with customer terminations in North America.
Gross profit was $449.9 million compared with $433.3 million in the prior-year quarter. Gross margin declined 20 bps to 57.2% in the reported quarter.
Adjusted OIBDA (operating income before depreciation and amortization) decreased 10 basis points (bps) from the year-ago quarter to 30.7% in the reported quarter. Year-to- date, adjusted OIBDA includes $3.6 million of restructuring costs incurred in 2013 and $3.9 million of Real Estate Investment Trust (:REIT) compliance costs.
Operating expenses decreased 130 bps on a year-over-year basis to $639.6 million, driven by lower selling, general & administrative expenses (down 260 bps on a year over year basis).
Operating income in the quarter increased 12% from the year-ago quarter to $147.3 million primarily due to lower operating expense. Net income from continuing operations was $78.9 million or 41 cents per share versus $75.4 million or 39 cents per share reported in the previous-year quarter.
Iron Mountain exited the quarter with cash and cash equivalents of $145.3 million compared with $169.9 million at the end of the previous quarter. Long-term debt was $4.29 billion.
Since the beginning of 2014, the company has acquired five international storage related businesses and the records inventory of nine other document storage companies for a total sum of $72 million. During the second quarter, the company extended its presence in the emerging market of Brazil and solidified its position in the United States by acquiring customers in New Orleans, Philadelphia and Buffalo.
Iron Mountain believes that these acquisitions will help it to establish itself as a market leader and trusted partner for customers who seek to protect and manage their information efficiently.
Conversion to REIT
During the quarter, Iron Mountain acquired unanimous approval from its Board of Directors relating to its conversion to a REIT with effect from the taxable year commencing Jan 1, 2014.
However, in light of the new development, Iron Mountain is likely to distribute between $1.3 billion and $1.4 billion to shareholders from its accumulated earnings and profits as per the REIT regulations. Moreover, the company will publicly announce a record date and payment date for the 2014 Special Distribution as determined by the board of directors.
We believe that this conversion, in turn will definitely enhance shareholders’ value as well as reduce the tax burden of the company.
Outlook
On account of its conversion to a REIT, the company has provided a revised guidance for 2014. Management expects revenues to range between $3.09 billion and $3.17 billion while the Zacks Consensus Estimate for the same is pegged at $3.12 billion.
Adjusted EPS is expected to be between $1.37 and $1.52 while the Zacks Consensus Estimate of $1.43 happens to be lower than the mid point of the guided range.
Annual dividend is expected to be between $400 million and $420 million while free cash flow is expected to range from $350 million to $390 million.
Our Take
We believe that Iron Mountain’s strong product portfolio, increasing market share and promising international business are the primary growth catalysts. Moreover, the company’s entry into the data center market could act as a positive factor.
eastunder
10 years ago
Iron Mountain to Function as a REIT
http://finance.yahoo.com/news/iron-mountain-function-reit-135030908.html
Zacks
By Zacks Equity Research
June 26, 2014 9:50 AM
Iron Mountain Inc. (IRM) recently announced that its conversion to a real estate investment trust (:REIT) has been unanimously approved by its board of directors. Accordingly, it will operate as a REIT from the taxable year commencing from Jan 1, 2014.
This approval came after the receipt of favorable private letter rulings from the Internal Revenue Service (IRS). Following the news, shares of Iron Mountain surged 23.2% ($6.91) in after-hours trading on Jun 25, 2014.
This decision comes more than three years after Elliot Management Corp had proposed the plan for conversion to REIT in Mar, 2011. This proposal was approved by the company’s board in Jun, 2012. Since then it was awaiting a thorough review by the IRS as well as other necessary approvals for it to become operative.
However, in light of the new development, Iron Mountain is likely to distribute between $1.3 billion and $1.4 billion to shareholders from its accumulated earnings and profits as per the REIT regulations. Moreover, the company will publicly announce a record date and payment date for the 2014 Special Distribution as determined by the board of directors.
Due to its conversion to a REIT, the company provided a revised guidance for 2014. Management expects revenues to be between $3.09 billion and $3.17 billion, adjusted EPS to be between $1.37 and $1.52, annual dividend to be between $400.0 million and $420.0 million and free cash flow to range between $350.0 million and $390.0 million.
The company rents out 66 million square feet of storage space around the world and this storage segment contributed 59.0% of revenues in 2013.
To-date in 2014, the company has invested more than $60.0 million in five international storage related businesses. The international transactions include three deals in Turkey and Poland, which enhanced the company’s leadership position in these emerging markets, and the acquisition of a leading provider of offsite data storage and data protection services named Tape Management Services in Australia.
The conversion into a REIT would definitely increase shareholders’ value and reduce the tax burden on the company. On the contrary, a dismal quarter would affect the dividend payout directly.
We believe that Iron Mountain’s strong product portfolio, increasing market share and promising international business are the primary growth catalysts. Moreover, the company’s entry into the data center market could act as a positive factor.
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