Pitney Bowes Announces Second Quarter 2014 Results

 

Pitney Bowes Inc.

Reconciliation of Reported Consolidated Results to Adjusted Results

(Unaudited)
 

(Dollars in thousands, except per share data)

     
Three Months Ended June 30, Six Months Ended June 30,
  2014     2013     2014     2013  
 
GAAP income from continuing operations
after income taxes, as reported $ 87,548 $ 80,021 $ 129,420 $ 139,497
Restructuring charges 5,577 13,126 12,258 13,126
Extinguishment of debt   -     -     37,833     15,325  
Income from continuing operations
after income taxes, as adjusted $ 93,125   $ 93,147   $ 179,511   $ 167,948  
 
 
GAAP diluted earnings per share from
continuing operations, as reported $ 0.43 $ 0.39 $ 0.63 $ 0.69
Restructuring charges 0.03 0.06 0.06 0.06
Extinguishment of debt   -     -     0.19     0.08  
Diluted earnings per share from continuing
operations, as adjusted $ 0.46   $ 0.46   $ 0.88   $ 0.83  
 
 
GAAP net cash provided by operating activities,
as reported $ 174,831 $ 146,875 $ 280,447 $ 279,035
Capital expenditures (42,207 ) (34,602 ) (72,350 ) (73,441 )
Restructuring payments 14,593 10,980 33,530 27,255
Reserve account deposits 11,803 1,138 (3,356 ) (26,189 )
Extinguishment of debt 3,300 - 61,657 25,121
       
Free cash flow, as adjusted $ 162,320   $ 124,391   $ 299,928   $ 231,781  
 
Note: The sum of the earnings per share amounts may not equal the totals above due to rounding.
 

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