The correct answer to this question is that it is DATA. If you listen to the sample, you'll hear the two distinctive parts to the transmission which are very similar to AX25 amateur packet as well as most POCSAG pager transmissions. There is first a synchronizing packet followed by the data burst. Most data doesn't go thru repeaters, but since this appears to be a data burst and it is also positively a repeater, then this is could have been data for the purpose of sending a page of some kind to some repeater user(s).
This makes the most sense after hearing the sample. It also definitely isn't intermod, that sounds completely different from this type of signal - the recorded signal is very clean. My guess would be 1200 or 2400 baud and without knowing what type of data it is, we don't know if it is encrypted data or not, but that part wouldn't matter anyway.
My opinion.
Steve
