Pitney Bowes Announces Full Year and Fourth Quarter 2017 Financial Results
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Pitney Bowes Inc.
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Consolidated Statements of Income
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(Unaudited; in thousands, except share and per share amounts)
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Three months ended December 31,
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Twelve months ended December 31,
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2017
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2016
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2017
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2016
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Revenue:
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Equipment sales
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$
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200,555
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$
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190,306
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$
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679,803
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$
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675,451
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Supplies
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64,482
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64,051
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252,824
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262,682
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Software
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88,464
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90,901
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352,595
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348,661
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Rentals
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94,578
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103,032
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386,348
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412,738
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Financing
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80,834
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89,632
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331,416
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366,547
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Support services
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123,911
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129,188
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478,536
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512,820
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Business services
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396,293
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219,959
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1,068,426
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827,676
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Total revenue
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1,049,117
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887,069
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3,549,948
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3,406,575
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Costs and expenses:
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Cost of equipment sales
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108,347
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96,201
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340,745
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331,942
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Cost of supplies
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22,785
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20,758
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82,992
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81,420
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Cost of software
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26,153
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26,345
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101,969
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105,841
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Cost of rentals
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21,214
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21,089
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84,270
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76,040
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Financing interest expense
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12,219
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13,866
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50,665
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55,241
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Cost of support services
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71,744
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70,895
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288,976
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295,685
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Cost of business services
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302,162
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151,152
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773,052
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568,509
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Selling, general and administrative
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329,570
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283,882
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1,237,739
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1,200,327
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Research and development
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32,896
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31,545
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129,767
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121,306
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Goodwill impairment
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-
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171,092
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-
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171,092
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Restructuring charges and asset impairments, net
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28,929
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13,793
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59,431
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63,296
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Interest expense, net
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31,620
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26,576
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113,497
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88,970
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Other expense, net
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3,856
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-
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3,856
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536
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Total costs and expenses
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991,495
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927,194
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3,266,959
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3,160,205
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Income (loss) before income taxes
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57,622
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(40,125
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282,989
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246,370
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(Benefit) provision for income taxes
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(32,326
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38,204
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21,649
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131,819
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Income (loss) from continuing operations
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89,948
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(78,329
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261,340
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114,551
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Loss from discontinued operations, net of tax
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-
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(750
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-
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(2,701
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Net income (loss)
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89,948
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(79,079
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261,340
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111,850
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Less: Preferred stock dividends attributable to noncontrolling
interests
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-
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5,264
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-
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19,045
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Net income (loss) - Pitney Bowes Inc.
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$
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89,948
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$
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(84,343
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$
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261,340
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$
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92,805
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Amounts attributable to common stockholders:
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Net income (loss) from continuing operations
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$
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89,948
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$
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(83,593
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$
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261,340
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$
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95,506
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Loss from discontinued operations, net of tax
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-
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(750
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-
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(2,701
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Net income (loss) - Pitney Bowes Inc.
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$
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89,948
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$
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(84,343
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$
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261,340
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$
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92,805
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Basic earnings (loss) per share attributable to common stockholders (1) :
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Continuing operations
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$
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0.48
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$
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(0.45
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$
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1.40
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$
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0.51
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Discontinued operations
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-
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-
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-
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(0.01
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Net income (loss) - Pitney Bowes Inc.
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$
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0.48
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$
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(0.45
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$
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1.40
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$
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0.49
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Diluted earnings (loss) per share attributable to common
stockholders (1) :
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Continuing operations
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$
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0.48
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$
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(0.45
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$
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1.39
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$
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0.51
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Discontinued operations
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-
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-
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-
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(0.01
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Net income (loss) - Pitney Bowes Inc.
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$
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0.48
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$
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(0.45
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$
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1.39
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$
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0.49
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Weighted-average shares used in diluted earnings per share
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188,046,578
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185,645,814
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187,435,080
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188,975,198
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