Pitney Bowes Announces First Quarter 2014 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 March 31,
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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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41,872
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$
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59,476
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Restructuring charges
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6,681
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-
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Extinguishment of debt
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37,833
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15,325
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Income from continuing operations
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after income taxes, as adjusted
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$
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86,386
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$
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74,801
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GAAP diluted earnings per share from
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continuing operations, as reported
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$
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0.21
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$
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0.29
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Restructuring charges
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0.03
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-
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Extinguishment of debt
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0.19
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0.08
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Diluted earnings per share from continuing
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operations, as adjusted
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$
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0.42
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$
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0.37
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GAAP net cash provided by operating activities,
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as reported
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$
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105,616
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$
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132,160
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Capital expenditures
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(30,143
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)
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(38,839
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)
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Restructuring payments
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18,937
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16,275
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Reserve account deposits
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(15,159
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(27,327
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Extinguishment of debt
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58,357
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25,121
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Free cash flow, as adjusted
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$
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137,608
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$
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107,390
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