Pitney Bowes Announces Full Year 2014 and Fourth Quarter Financial Results

 
Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited)
 
(Dollars in thousands, except per share data)
 
    Three Months Ended December 31,     Twelve Months Ended December 31,
2014   2013   2014   2013  
 
GAAP income from continuing operations
after income taxes, as reported $ 58,952 $ 75,141 $ 300,006 $ 287,612
Restructuring charges & asset impairments 44,188 23,363 59,349 59,024
Extinguishment of debt - 4,586 37,833 19,911
Investment divestiture - - (9,774 ) -
Income from continuing operations        
after income taxes, as adjusted $ 103,140   $ 103,090   $ 387,414   $ 366,547  
 
 
GAAP diluted earnings per share from
continuing operations, as reported $ 0.29 $ 0.37 $ 1.47 $ 1.42
Restructuring charges & asset impairments 0.22 0.11 0.29 0.29
Extinguishment of debt - 0.02 0.19 0.10
Investment divestiture   -     -     (0.05 )   -  
Diluted earnings per share from continuing
operations, as adjusted $ 0.51   $ 0.51   $ 1.90   $ 1.81  
 
 
GAAP net cash provided by operating activities,
as reported $ 258,094 $ 131,264 $ 655,526 $ 624,824
Capital expenditures (59,286 ) (34,120 ) (180,556 ) (137,512 )
Restructuring payments 14,011 18,167 56,162 59,520
Net tax receipts related to investment divestiture (59,475 ) - (5,737 ) -
Tax payments related to sale of businesses - 75,545 - 75,545
Reserve account deposits 253 (3,142 ) (15,666 ) (20,104 )
Extinguishment of debt - 7,518 61,657 32,639
       
Free cash flow, as adjusted $ 153,597   $ 195,232   $ 571,386   $ 634,912  
 
 
 
Note: The sum of the earnings per share amounts may not equal the totals above due to rounding.
 

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