Pitney Bowes Announces Second Quarter 2013 Results

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, 2013 and 2012, and consolidated balance sheets at June 30, 2013 and March 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,
			2013			2012			2013			2012
Revenue:
	Equipment sales	$	243,644		$	224,235		$	458,643		$	444,414
	Supplies		72,337			70,522			146,624			146,887
	Software		100,482			104,551			187,494			208,901
	Rentals		136,775			145,497			273,154			285,886
	Financing		115,929			122,948			232,691			249,696
	Support services		163,178			171,254			328,664			344,772
	Business services		325,862			327,350			649,207			655,447

	Total revenue		1,158,207			1,166,357			2,276,477			2,336,003

Costs and expenses:
	Cost of equipment sales		128,426			106,718			237,763			203,634
	Cost of supplies		22,692			20,863			45,954			44,734
	Cost of software		21,435			24,404			42,141			45,497
	Cost of rentals		26,424			31,851			54,179			62,076
	Financing interest expense		19,798			20,642			39,673			41,781
	Cost of support services		104,282			112,123			212,291			227,210
	Cost of business services		248,715			242,010			495,611			485,952
	Selling, general and administrative		376,559			380,656			748,014			779,852
	Research and development		31,501			33,811			64,836			67,884
	Restructuring charges and asset impairments		19,955			(585	)		19,955			(585	)
	Goodwill impairment		97,787			-			97,787			-
	Other interest expense		31,347			30,353			62,086			59,720
	Interest income		(1,302	)		(2,003	)		(3,050	)		(3,736	)
	Other income, net		-			4,372			25,121			1,138

	Total costs and expenses		1,127,619			1,005,215			2,142,361			2,015,157

Income from continuing operations before income taxes			30,588			161,142			134,116			320,846

Provision for income taxes			15,160			53,113			42,899			68,211

Income from continuing operations			15,428			108,029			91,217			252,635

(Loss) income from discontinued operations, net of income tax			(20,067	)		(3,812	)		(23,756	)		14,846

Net (loss) income before attribution of noncontrolling interests			(4,639	)		104,217			67,461			267,481

Less: Preferred stock dividends of subsidiaries attributable
to noncontrolling interests			4,594			4,594			9,188			9,188

Net (loss) income - Pitney Bowes Inc.		$	(9,233	)	$	99,623		$	58,273		$	258,293


Amounts attributable to common stockholders:
	Income from continuing operations	$	10,834		$	103,435		$	82,029		$	243,447
	Loss (income) from discontinued operations		(20,067	)		(3,812	)		(23,756	)		14,846

	Net (loss) income - Pitney Bowes Inc.	$	(9,233	)	$	99,623		$	58,273		$	258,293

Basic earnings per share attributable to common stockholders ⁽¹⁾ :
	Continuing operations		0.05			0.52			0.41			1.22
	Discontinued operations		(0.10	)		(0.02	)		(0.12	)		0.07

	Net (loss) income - Pitney Bowes Inc.	$	(0.05	)	$	0.50		$	0.29		$	1.29

Diluted earnings per share attributable to common stockholders ⁽¹⁾ :
	Continuing operations		0.05			0.51			0.41			1.21
	Discontinued operations		(0.10	)		(0.02	)		(0.12	)		0.07

	Net (loss) income - Pitney Bowes Inc.	$	(0.05	)	$	0.50		$	0.29		$	1.29

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

⁽²⁾			Certain prior year amounts have been reclassified to conform to the current year presentation.

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