Pitney Bowes Announces Full Year 2014 and Fourth Quarter Financial Results
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Pitney Bowes Inc.
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Reconciliation of Reported Consolidated Results to Adjusted
Results
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(Unaudited)
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(Dollars in thousands, except per share data)
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Three Months Ended December 31,
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Twelve Months Ended December 31,
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2014
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2013
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2014
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2013
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GAAP income from continuing operations
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after income taxes, as reported
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$
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58,952
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$
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75,141
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$
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300,006
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$
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287,612
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Restructuring charges & asset impairments
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44,188
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23,363
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59,349
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59,024
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Extinguishment of debt
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-
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4,586
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37,833
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19,911
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Investment divestiture
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-
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-
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(9,774
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-
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Income from continuing operations
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after income taxes, as adjusted
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103,140
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103,090
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387,414
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366,547
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Provision for income taxes, as adjusted
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50,840
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35,895
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155,705
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116,015
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Preferred stock dividends of subsidiaries
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attributable to noncontrolling interests
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4,594
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4,593
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18,375
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18,375
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Income from continuing operations before income taxes, as adjusted
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158,574
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143,578
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561,494
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500,937
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Interest, net
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42,013
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44,462
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169,450
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186,987
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Adjusted EBIT
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200,587
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188,040
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730,944
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687,924
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Depreciation and amortization
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54,728
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41,027
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197,234
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194,905
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Adjusted EBITDA
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$
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255,315
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$
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229,067
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$
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928,178
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$
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882,829
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