BOSTON (AP) -- Iron Mountain's net income fell 65 percent in the first quarter as the information storage and management company absorbed the costs of converting itself into a real estate investment trust.
For the period ended March 31, the company earned $19.4 million, or 10 cents per share. That's down from $55.4 million, or 32 cents per share, a year earlier.
Taking out costs related to its proposal to convert to a REIT and other items, earnings were 27 cents per share, compared with 29 cents per share in the prior-year period. That's in line with expectations for the company on Wall Street.
Iron Mountain said that the drop in adjusted earnings per share was mostly due to more shares outstanding as a result of 17 million new shares issued in connection with a special dividend paid in November and an increased income tax expense.
Operating expenses increased to $624.2 million from $604.7 million.
Revenue for the Boston company rose slightly to $747 million from $746.5 million on storage rental growth. Wall Street forecast revenue of $761.6 million.
Iron Mountain Inc. maintained its forecast for 2013 adjusted earnings between $1.13 and $1.24 per share on revenue in a range of $3.02 billion to $3.1 billion.
Analysts expect earnings of $1.19 per share on revenue of $3.07 billion.