Pitney Bowes Announces Second Quarter 2014 Results

  Pitney Bowes Announces Second Quarter 2014 Results

Business Wire

STAMFORD, Conn. -- July 30, 2014

Pitney Bowes Inc. (NYSE:PBI) today reported financial results for the second
quarter 2014.

Highlights

  *Revenue of $958 million, up 1 percent as reported and flat on a constant
    currency basis
  *Adjusted EPS from continuing operations of $0.46
  *GAAP EPS from continuing operations of $0.43; GAAP EPS of $0.46
  *Free cash flow of $162 million; cash from operations of $175 million
  *The Company increases 2014 guidance for revenue growth and adjusted EPS
    from continuing operations; narrows the range for GAAP EPS from continuing
    operations; and reaffirms free cash flow guidance for the year

“We are pleased with our second quarter financial results, which are
consistent with our long-term strategic direction,” said Marc B. Lautenbach,
President and CEO, Pitney Bowes. “Our Digital Commerce business performed very
well, delivering 27 percent revenue growth, while profitability in our core
mailing businesses continued to improve.

“Our performance through the first six months continues to substantiate the
strategy we detailed 15 months ago, and further validates our long-term
economic model. We remain ahead of schedule in our multi-year journey to
transform Pitney Bowes and are confident in our ability to deliver against our
objectives. As a result, we are increasing our 2014 guidance for both revenue
and adjusted earnings per share.”

SECOND QUARTER 2014 RESULTS

Revenue in the second quarter totaled $958 million, which was growth of 1
percent on a reported basis and flat on a constant currency basis. On a
reported basis, revenue for the quarter benefited from 27 percent growth in
the Digital Commerce Solutions segment. Revenue in the Small and Medium
Business (SMB) Solutions group declined 3 percent, primarily resulting from an
acceleration in the implementation of the channel shift strategy. The
Enterprise Business Solutions revenue declined 8 percent when compared to the
prior year, which included revenue from large deals in the Production Mail
segment.

Adjusted earnings per diluted share from continuing operations for the second
quarter 2014 were $0.46 compared with $0.46 for the second quarter 2013, which
included $0.05 per share of non-recurring tax benefits. Excluding the tax
benefits in the prior year, adjusted earnings per share this year increased 11
percent versus the prior year.

Second quarter earnings per diluted share from continuing operations, on a
Generally Accepted Accounting Principles (GAAP) basis were $0.43. GAAP
earnings per diluted share from continuing operations included a restructuring
charge of $0.03 per share associated with the previously announced cost
reduction plans.

GAAP earnings per diluted share of $0.46 included income from discontinued
operations of $0.03 per share.

                                                 
Earnings Per Share Reconciliation*       Q2 2014   Q2 2013
Adjusted EPS from continuing operations  $0.46    $0.46  
Restructuring charges                    ($0.03 )  ($0.06 )
GAAP EPS from continuing operations      $0.43    $0.39  
Discontinued operations – income (loss)  $0.03    ($0.44 )
GAAP EPS                                 $0.46    ($0.05 )

* The sum of the earnings per share may not equal the totals above due to
rounding.


FREE CASH FLOW RESULTS

Free cash flow for the quarter was $162 million, while on a GAAP basis the
Company generated $175 million in cash from operations. In comparison to the
prior year, free cash flow benefited from the timing of tax payments and
growth in bank reserve deposits. During the quarter, the Company used $47
million of cash for dividends and $15 million for restructuring payments.

BUSINESS SEGMENT REPORTING

The Company’s business segment reporting reflects the clients served in each
market and the way it manages these segments. The reporting segment groups
are: Small & Medium Business (SMB) Solutions group; Enterprise Business
Solutions group; and the Digital Commerce Solutions segment.

The Small and Medium Business (SMB) Solutions group offers mailing equipment,
financing, services and supplies for small and medium businesses to
efficiently create mail and evidence postage. This group includes the North
America Mailing and International Mailing segments. North America Mailing
includes the operations of U.S. and Canada Mailing. International Mailing
includes all other SMB operations around the world.

The Enterprise Business Solutions group provides mailing equipment and
services for large enterprise clients to process mail, including sortation
services to qualify large mail volumes for postal worksharing discounts. This
group includes the global Production Mail and Presort Services segments.

The Digital Commerce Solutions segment leverages digital and mobile channels
that make the Company’s clients’ customer-facing functions more effective.
This segment includes software, marketing services, a digital document
exchange, shipping and ecommerce solutions.

SMB Solutions Group

                                  
         2Q 2014       Y-O-Y Change  Change ex Currency
Revenue   $524 million   (3     %)      (4        %)
EBIT     $183 million  3      %      
                                        

Within the SMB Solutions Group:

North America Mailing
         2Q 2014       Y-O-Y Change  Change ex Currency
Revenue   $371 million   (5     %)      (5        %)
EBIT     $157 million  0      %      
                                        

The North America Mailing business accelerated the implementation of the SMB
go-to-market strategy, resulting in lower equipment sales revenue in the first
two months of the quarter. Results in the month of June, however, were back on
trend. Recurring revenue streams declined at a lesser rate than prior year,
supporting the Company’s long-term stabilization objective, and benefited from
continued growth in supplies revenue.

As a result of the accelerated go-to-market implementation and lower marketing
spend than the previous year, EBIT margin improved during the quarter.

International Mailing
         2Q 2014       Y-O-Y Change  Change ex Currency
Revenue   $153 million   2      %       (2        %)
EBIT     $ 26 million  32     %      
                                        

The modest revenue decline, on a constant currency basis, in International
Mailing resulted from lower equipment sales in Europe. However, as a result of
the stabilizing installed equipment base in prior periods, the segment
continues to experience an improvement in year-over-year trend for recurring
revenue streams. EBIT margin improved versus the prior year due to cost
reduction initiatives, including the go-to-market implementation.

Enterprise Business Solutions Group

                                  
         2Q 2014       Y-O-Y Change  Change ex Currency
Revenue   $223 million   (8     %)      (8        %)
EBIT     $ 33 million  (11    %)     
                                        

Within the Enterprise Business Solutions Group:

Worldwide Production Mail
         2Q 2014       Y-O-Y Change  Change ex Currency
Revenue   $112 million   (17    %)      (18       %)
EBIT     $ 11 million  (33    %)     
                                        

The Production Mail revenue comparison this quarter reflected the impact of
several large inserting and production print equipment installations in the
second quarter of the prior year. However, recurring revenue continued to
benefit from an increase in supplies revenue related to growth in the
production printer installed base. EBIT margin was impacted by the lower
revenue and the related margin contribution.

Presort Services
         2Q 2014       Y-O-Y Change  Change ex Currency
Revenue   $111 million   4      %       4         %
EBIT     $ 22 million  5      %      
                                        

Presort Services revenue benefited from ongoingimproved qualification of mail
for presort discounts. EBIT margin improved versus the prior year due to lower
facility costs and improved operational productivity.

Digital Commerce Solutions

                                  
         2Q 2014       Y-O-Y Change  Change ex Currency
Revenue   $211 million   27     %       26        %
EBIT     $ 18 million  17     %      
                                        

Digital Commerce Solutions revenue benefited primarily from continued strong
growth in the Company’s ecommerce solutions for cross-border package delivery.
The Company also experienced improved revenue growth in the other major
elements of the Digital Commerce Solutions segment, including software,
shipping solutions and marketing services. Software revenue benefited from
license sales in the business applications vertical market. EBIT and EBIT
margin reflect the benefit of revenue growth, partially offset by continued
investments in ecommerce technology and infrastructure. EBIT margin was also
impacted by investment in software channel specialization and increased
research and development spend.

2014 GUIDANCE

This guidance discusses future results which are inherently subject to
unforeseen risks and developments. As such, discussions about the business
outlook should be read in the context of an uncertain future, as well as the
risk factors identified in the safe harbor language at the end of this release
and as more fully outlined in the Company's 2013 Form 10-K Annual Report and
other reports filed with the Securities and Exchange Commission.

Based on results year-to-date and the outlook for the remainder of the year,
the Company is increasing annual guidance for revenue growth and adjusted
earnings per share from continuing operations and narrowing the range for GAAP
earnings per share from continuing operations. The Company is reaffirming
annual guidance for free cash flow.

The Company now expects:

  *Revenue to be in the range of one to three percent growth when compared to
    the prior year versus the one percent decline to two percent growth range
    previously expected. Guidance excludes the impacts of currency and
    reflects the expected ongoing stabilization of the mail-related
    businesses, as well as continued growth in Digital Commerce Solutions;
  *Adjusted earnings per share from continuing operations to be in the range
    of $1.80 to $1.90 versus the range of $1.75 to $1.90 previously expected.
    Guidance reflects the operational performance year-to-date; the increased
    revenue outlook; and the timing of investment in solutions and
    infrastructure, such as ERP;
  *GAAP earnings per share from continuing operations to be in the range of
    $1.55 to $1.65 versus the range of $1.53 to $1.68 previously expected.
    Guidance reflects the incremental $0.03 per share charge for restructuring
    costs this quarter, which now total $0.06 per share year-to date and $0.19
    per share of debt extinguishment costs in the first quarter.

The Company still expects:

  *Free cash flow to be in the range of $475 million to $575 million.

This guidance excludes any further actions that are under consideration by the
Company to streamline its operations and further reduce its cost structure.

Conference Call and Webcast

Management of Pitney Bowes will discuss the Company’s results in a broadcast
over the Internet today at 8:00 a.m. EDT. Instructions for listening to the
earnings results via the Web are available on the Investor Relations page of
the Company’s web site at www.pb.com.

About Pitney Bowes

Pitney Bowes provides technology solutions for small, mid-size and large firms
that help them connect with customers to build loyalty and grow revenue. Many
of the company’s solutions are delivered on open platforms to best organize,
analyze and apply both public and proprietary data to two-way customer
communications. Pitney Bowes includes direct mail, transactional mail and call
center communications in its solution mix along with digital channel messaging
for the Web, email and mobile applications.

Pitney Bowes: Every connection is a new opportunity™ www.pb.com

The Company's financial results are reported in accordance with generally
accepted accounting principles (GAAP). The Company uses measures such as
adjusted earnings per share, adjusted income from continuing operations and
free cash flow to exclude the impact of special items like restructuring
charges, tax adjustments, and goodwill and asset write-downs, because, while
these are actual Company expenses, they can mask underlying trends associated
with its business. Such items are often inconsistent in amount and frequency
and as such, the adjustments allow an investor greater insight into the
current underlying operating trends of the business.

The use of free cash flow provides investors insight into the amount of cash
that management could have available for other discretionary uses. It adjusts
GAAP cash from operations for capital expenditures, as well as special items
like cash used for restructuring charges, unusual tax settlements or payments
and contributions to its pension funds. Management uses segment EBIT to
measure profitability and performance at the segment level. EBIT is determined
by deducting the related costs and expenses attributable to the segment.
Segment EBIT excludes interest, taxes, general corporate expenses not
allocated to a particular business segment, restructuring charges and goodwill
and asset impairments, which are recognized on a consolidated basis. In
addition, financial results are presented on a constant currency basis to
exclude the impact of changes in foreign currency exchange rates since the
prior period under comparison. Constant currency measures are intended to help
investors better understand the underlying operational performance of the
business excluding the impacts of shifts in currency exchange rates over the
intervening period.

Pitney Bowes has provided a quantitative reconciliation to GAAP in
supplemental schedules. This information may also be found at the Company's
web site www.pb.com/investorrelations.

This document contains “forward-looking statements” about its expected or
potential future business and financial performance. For us forward-looking
statements include, but are not limited to, statements about its future
revenue and earnings guidance and other statements about future events or
conditions. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that could cause actual
results to differ materially from those projected. These risks and
uncertainties include, but are not limited to: mail volumes; the uncertain
economic environment; timely development, market acceptance and regulatory
approvals, if needed, of new products; fluctuations in customer demand;
changes in postal regulations; interrupted use of key information systems;
management of outsourcing arrangements; the implementation of a new enterprise
resource planning system; changes in business portfolio; foreign currency
exchange rates; changes in our credit ratings; management of credit risk;
changes in interest rates; the financial health of national posts; and other
factors beyond its control as more fully outlined in the Company's 2013 Form
10-K Annual Report and other reports filed with the Securities and Exchange
Commission. Pitney Bowes assumes no obligation to update any forward-looking
statements contained in this document as a result of new information, events
or developments.

Note: Consolidated statements of income; revenue and EBIT by business segment;
and reconciliation of GAAP to non-GAAP measures for the three and six months
ended June 30, 2014 and 2013, and consolidated balance sheets at June 30, 2014
and December 31, 2013 are attached.


Pitney Bowes Inc.
Consolidated Statements of Income
(Unaudited)
                                                            
(Dollars in
thousands,
except per share
data)
                   Three months ended June 30,   Six months ended June 30,
                     2014         2013        2014          2013      
Revenue:
Equipment sales    $  191,518      $ 225,224     $ 380,574       $ 421,991
Supplies              76,284         71,275        155,801         144,493
Software              109,065        100,482       200,620         187,494
Rentals               122,443        129,404       246,022         258,518
Financing             107,644        112,820       217,694         226,707
Support services      158,190        160,303       316,442         322,892
Business             193,306      151,154     378,794       297,930   
services
                                                                 
Total revenue        958,450      950,662     1,895,947     1,860,025 
                                                                 
Costs and
expenses:
Cost of               88,818         112,079       171,352         206,622
equipment sales
Cost of supplies      23,505         22,246        47,659          45,092
Cost of software      33,484         25,604        63,648          50,395
Cost of rentals       25,193         25,114        50,637          51,512
Financing             20,413         18,951        40,066          37,970
interest expense
Cost of support       96,722         99,337        195,703         201,866
services
Cost of business      135,024        108,168       263,960         210,523
services
Selling, general
and                   338,384        353,923       689,759         705,577
administrative
Research and          28,649         27,331        54,841          56,582
development
Restructuring         8,299          19,031        18,140          19,031
charges
Other interest        22,714         31,347        47,631          62,086
expense
Interest income       (1,232   )     (1,302  )     (2,085    )     (3,050    )
Other expense,       -            -           61,657        25,121    
net
                                                                 
Total costs and      819,973      841,829     1,702,968     1,669,327 
expenses
                                                                 
Income from
continuing
operations            138,477        108,833       192,979         190,698
before income
taxes
                                                                 
Provision for        46,335       24,218      54,371        42,013    
income taxes
                                                                 
Income from
continuing            92,142         84,615        138,608         148,685
operations
                                                                 
Income (loss)
from
discontinued         6,717        (89,254 )    9,518         (81,224   )
operations, net
of tax
                                                                 
Net income
(loss) before
attribution of        98,859         (4,639  )     148,126         67,461
noncontrolling
interests
                                                                 
Less: Preferred
stock dividends
of subsidiaries
attributable
to
noncontrolling       4,594        4,594       9,188         9,188     
interests
                                                                 
Net income
(loss) - Pitney    $  94,265      $ (9,233  )   $ 138,938      $ 58,273    
Bowes Inc.
                                                                 
                                                                 
Amounts
attributable to
common
stockholders:
Income from
continuing         $  87,548       $ 80,021      $ 129,420       $ 139,497
operations
Income (loss)
from                 6,717        (89,254 )    9,518         (81,224   )
discontinued
operations
                                                                 
Net income
(loss) - Pitney    $  94,265      $ (9,233  )   $ 138,938      $ 58,273    
Bowes Inc.
                                                                 
Basic earnings
per share
attributable to
common
stockholders
^(1):
Continuing            0.43           0.40          0.64            0.69
operations
Discontinued         0.03         (0.44   )    0.05          (0.40     )
operations
                                                                 
Net income
(loss) - Pitney    $  0.47        $ (0.05   )   $ 0.69         $ 0.29      
Bowes Inc.
                                                                 
Diluted earnings
per share
attributable to
common
stockholders
^(1):
Continuing            0.43           0.39          0.63            0.69
operations
Discontinued         0.03         (0.44   )    0.05          (0.40     )
operations
                                                                 
Net income
(loss) - Pitney    $  0.46        $ (0.05   )   $ 0.68         $ 0.29      
Bowes Inc.
                                                                 

^(1)  The sum of the earnings per share amounts may not equal the totals
       above due to rounding.
       


Pitney Bowes Inc.
Consolidated Balance Sheets
(Unaudited in thousands, except per share data)
                                                             
Assets                                         June 30,         December 31,
                                               2014             2013 (1)
Current assets:
Cash and cash equivalents                      $ 1,005,901      $ 907,806
Short-term investments                           23,976           31,128
                                                                
Accounts receivable, gross                       423,103          482,949
Allowance for doubtful accounts receivable      (13,589    )    (13,149    )
Accounts receivable, net                         409,514          469,800
                                                                
Finance receivables                              1,071,415        1,127,261
Allowance for credit losses                     (22,852    )    (24,340    )
Finance receivables, net                         1,048,563        1,102,921
                                                                
Inventories                                      101,252          103,580
Current income taxes                             31,580           28,934
Other current assets and prepayments             125,540          147,067
Assets held for sale                            46,976         46,976     
                                                                
Total current assets                             2,793,302        2,838,212
                                                                
Property, plant and equipment, net               242,742          245,171
Rental property and equipment, net               215,793          226,146
                                                                
Finance receivables                              885,818          974,972
Allowance for credit losses                     (10,819    )    (12,609    )
Finance receivables, net                         874,999          962,363
                                                                
Investment in leveraged leases                   33,431           34,410
Goodwill                                         1,728,385        1,734,871
Intangible assets, net                           102,760          120,387
Non-current income taxes                         66,598           73,751
Other assets                                    538,073        537,397    
                                                                
Total assets                                   $ 6,596,083     $ 6,772,708  
                                                                
Liabilities, noncontrolling interests and
stockholders' equity
Current liabilities:
Accounts payable and accrued liabilities       $ 1,504,887      $ 1,644,582
Current income taxes                             191,687          157,340
Notes payable and current portion of             274,879          -
long-term obligations
Advance billings                                439,038        425,833    
                                                                
Total current liabilities                        2,410,491        2,227,755
                                                                
Deferred taxes on income                         39,509           39,701
Tax uncertainties and other income tax           166,920          190,645
liabilities
Long-term debt                                   2,964,843        3,346,295
Other non-current liabilities                   436,194        466,766    
                                                                
Total liabilities                               6,017,957      6,271,162  
                                                                
Noncontrolling interests (Preferred              296,370          296,370
stockholders' equity in subsidiaries)
                                                                
Stockholders' equity:
Cumulative preferred stock, $50 par value,       1                4
4% convertible
Cumulative preference stock, no par value,       563              591
$2.12 convertible
Common stock, $1 par value                       323,338          323,338
Additional paid-in-capital                       172,565          196,977
Retained Earnings                                4,778,506        4,715,564
Accumulated other comprehensive loss             (559,351   )     (574,556   )
Treasury Stock, at cost                         (4,433,866 )    (4,456,742 )
                                                                
Total Pitney Bowes Inc. stockholders' equity    281,756        205,176    
                                                                
Total liabilities, noncontrolling interests    $ 6,596,083     $ 6,772,708  
and stockholders' equity
                                                                

(1)  Certain prior year amounts have been revised.
      


Pitney Bowes Inc.
Revenue and EBIT
Business Segments
June 30, 2014
(Unaudited)
                                                                  
(Dollars in thousands)                    Three Months Ended June 30,
                                                                      %
                                           2014        2013       Change
Revenue
                                                                      
North America Mailing                     $ 371,194       392,197     (5   %)
International Mailing                      153,260     150,357    2    %
Small & Medium Business Solutions          524,454     542,554    (3   %)
                                                                      
Production Mail                             111,756       134,422     (17  %)
Presort Services                           111,281     106,961    4    %
Enterprise Business Solutions              223,037     241,383    (8   %)
                                                                      
Digital Commerce Solutions                 210,959     166,725    27   %
                                                                      
Total revenue                             $ 958,450    $ 950,662    1    %
                                                                      
EBIT (1)
                                                                      
North America Mailing                     $ 156,781     $ 157,518     -
International Mailing                      26,449      20,075     32   %
Small & Medium Business Solutions          183,230     177,593    3    %
                                                                      
Production Mail                             10,558        15,787      (33  %)
Presort Services                           22,412      21,246     5    %
Enterprise Business Solutions              32,970      37,033     (11  %)
                                                                      
Digital Commerce Solutions                 17,929      15,363     17   %
                                                                      
Total EBIT                                $ 234,129     $ 229,989     2    %
                                                                      
Unallocated amounts:
Interest, net (2)                           (41,895 )     (48,996 )
Corporate and other expenses                (45,458 )     (53,129 )
Restructuring charges                      (8,299  )    (19,031 )
                                                                      
Income from continuing operations         $ 138,477    $ 108,833 
before income taxes
                                                                      

(1)  Earnings before interest and taxes (EBIT) excludes general corporate
      expenses and restructuring charges.
(2)   Interest, net includes financing interest expense, other interest
      expense and interest income.
      


Pitney Bowes Inc.
Revenue and EBIT
Business Segments
June 30, 2014
(Unaudited)
                                                                  
(Dollars in thousands)                Six Months Ended June 30,
                                                                      %
                                       2014          2013         Change
Revenue
                                                                      
North America Mailing                 $ 752,221         781,033       (4   %)
International Mailing                  306,528       303,333      1    %
Small & Medium Business Solutions      1,058,749     1,084,366    (2   %)
                                                                      
Production Mail                         216,972         243,875       (11  %)
Presort Services                       227,772       217,861      5    %
Enterprise Business Solutions          444,744       461,736      (4   %)
                                                                      
Digital Commerce Solutions             392,454       313,923      25   %
                                                                      
Total Revenue                         $ 1,895,947    $ 1,860,025    2    %
                                                                      
EBIT (1)
                                                                      
North America Mailing                 $ 317,119       $ 305,976       4    %
International Mailing                  51,268        37,465       37   %
Small & Medium Business Solutions      368,387       343,441      7    %
                                                                      
Production Mail                         18,295          23,619        (23  %)
Presort Services                       46,308        44,734       4    %
Enterprise Business Solutions          64,603        68,353       (5   %)
                                                                      
Digital Commerce Solutions             27,460        15,084       82   %
                                                                      
Total EBIT                            $ 460,450       $ 426,878       8    %
                                                                      
Unallocated amounts:
Interest, net (2)                       (85,612   )     (97,006   )
Corporate and other expenses            (102,062  )     (95,022   )
Restructuring charges                   (18,140   )     (19,031   )
Other expense, net                     (61,657   )    (25,121   )
                                                                      
Income from continuing operations     $ 192,979      $ 190,698   
before income taxes

(1)  Earnings before interest and taxes (EBIT) excludes general corporate
      expenses and restructuring charges.
(2)   Interest, net includes financing interest expense, other interest
      expense and interest income.
      

                     
Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited)
                       
(Dollars in thousands, except per share data)
                                                               
                       Three Months Ended June 30,   Six Months Ended June 30,
                         2014         2013        2014        2013    
                                                                   
GAAP income from
continuing
operations
after income taxes,    $  87,548       $ 80,021      $ 129,420     $ 139,497
as reported
Restructuring             5,577          13,126        12,258        13,126
charges
Extinguishment of        -            -           37,833      15,325  
debt
Income from
continuing
operations
after income taxes,    $  93,125      $ 93,147     $ 179,511    $ 167,948 
as adjusted
                                                                   
                                                                   
GAAP diluted
earnings per share
from
continuing
operations, as         $  0.43         $ 0.39        $ 0.63        $ 0.69
reported
Restructuring             0.03           0.06          0.06          0.06
charges
Extinguishment of        -            -           0.19        0.08    
debt
Diluted earnings per
share from
continuing
operations, as         $  0.46        $ 0.46       $ 0.88       $ 0.83    
adjusted
                                                                   
                                                                   
GAAP net cash
provided by
operating
activities,
as reported            $  174,831      $ 146,875     $ 280,447     $ 279,035
Capital expenditures      (42,207  )     (34,602 )     (72,350 )     (73,441 )
Restructuring             14,593         10,980        33,530        27,255
payments
Reserve account           11,803         1,138         (3,356  )     (26,189 )
deposits
Extinguishment of         3,300          -             61,657        25,121
debt
                                                                
Free cash flow, as     $  162,320     $ 124,391    $ 299,928    $ 231,781 
adjusted
                                                                             

Note: The sum of the earnings per share amounts may not equal the totals above
due to rounding.



Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited)
                                                               
(Dollars in thousands, except per share data)
                                                                    
                       Three Months Ended June 30,   Six Months Ended June 30,
                       2014            2013          2014           2013
                                                                    
GAAP income from
continuing operations
after income taxes, as $   87,548      $  80,021     $  129,420     $  139,497
reported
Restructuring charges      5,577          13,126        12,258         13,126
Extinguishment of debt    -             -            37,833        15,325
Income from continuing
operations
after income taxes, as     93,125         93,147        179,511        167,948
adjusted
Provision for income       49,057         30,123        84,077         57,715
taxes, as adjusted
Preferred stock
dividends of
subsidiaries
attributable to
noncontrolling            4,594         4,594        9,188         9,188
interests
Income from continuing
operations before          146,776        127,864       272,776        234,851
income taxes, as
adjusted
Interest, net             41,895        48,996       85,612        97,006
Adjusted EBIT from         188,671        176,860       358,388        331,857
continuing operations
Depreciation and          49,122        52,667       92,863        103,199
amortization
Adjusted EBITDA from   $   237,793     $  229,527    $  451,251     $  435,056
continuing operations

Contact:

Pitney Bowes Inc.
Editorial:
Bill Hughes, 203-351-6785
Chief Communications Officer
or
Financial:
Charles F. McBride, 203-351-6349
VP, Investor Relations
or
Website:
www.pitneybowes.com
 
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