Pitney Bowes Announces First Quarter 2017 Financial Results

Pitney Bowes Inc.
Business Segments - Revenue and EBIT
(Unaudited; in thousands)

	Three months ended March 31,
	2017			2016 ⁽¹⁾			% Change
Revenue

North America Mailing	$	355,578		$	371,453		(4	%)
International Mailing		93,058			104,986		(11	%)
Small & Medium Business Solutions		448,636			476,439		(6	%)

Production Mail		88,955			87,425		2	%
Presort Services		132,677			127,396		4	%
Enterprise Business Solutions		221,632			214,821		3	%

Software Solutions		78,220			77,922		0	%
Global Ecommerce		88,152			75,407		17	%
Digital Commerce Solutions		166,372			153,329		9	%

Total revenue	$	836,640		$	844,589		(1	%)

EBIT

North America Mailing	$	141,008		$	160,831		(12	%)
International Mailing		13,269			11,176		19	%
Small & Medium Business Solutions		154,277			172,007		(10	%)

Production Mail		8,964			6,824		31	%
Presort Services		30,717			28,910		6	%
Enterprise Business Solutions		39,681			35,734		11	%

Software Solutions		2,749			(2,572	)	>100%
Global Ecommerce		(4,270	)		(3,469	)	(23	%)
Digital Commerce Solutions		(1,521	)		(6,041	)	75	%

Segment EBIT ⁽²⁾	$	192,437		$	201,700		(5	%)


Reconciliation of segment EBIT to net income

Segment EBIT	$	192,437		$	201,700
Corporate expenses		(55,156	)		(57,767	)
Adjusted EBIT		137,281			143,933
Interest, net ⁽³⁾		(38,650	)		(34,216	)
Restructuring charges and asset impairments, net		(2,082	)		(6,933	)
Acquisition/disposition related expenses		-			(3,120	)
Income before income taxes		96,549			99,664
Provision for income taxes		(31,416	)		(37,024	)
Net income	$	65,133		$	62,640

⁽¹⁾		Prior period amounts have been recast to conform to the way we now manage and report our segments.
⁽²⁾		Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment.
⁽³⁾		Includes financing interest expense and interest expense, net.

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