Pitney Bowes Announces First Quarter 2015 Financial Results

The use of free cash flow provides investors insight into the amount of cash that management could have available for other discretionary uses. It adjusts GAAP cash from operations for capital expenditures, as well as special items like cash used for restructuring charges, unusual tax settlements or payments and contributions to its pension funds. Management uses segment EBIT to measure profitability and performance at the segment level. EBIT is determined by deducting from revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses not allocated to a particular business segment, restructuring charges and goodwill and asset impairments, which are recognized on a consolidated basis. In addition, revenue growth is presented on a constant currency basis to exclude the impact of changes in foreign currency exchange rates since the prior period under comparison. Constant currency measures are intended to help investors better understand the underlying operational performance of the business excluding the impacts of shifts in currency exchange rates over the period.

Pitney Bowes has provided a quantitative reconciliation to GAAP in supplemental schedules. This information may also be found at the Company's web site www.pb.com/investorrelations.

This document contains “forward-looking statements” about the Company’s expected or potential future business and financial performance. Forward-looking statements include, but are not limited to, statements about its future revenue and earnings guidance and other statements about future events or conditions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to: mail volumes; the uncertain economic environment; timely development, market acceptance and regulatory approvals, if needed, of new products; fluctuations in customer demand; changes in postal regulations; interrupted use of key information systems; management of outsourcing arrangements; the implementation of a new enterprise resource planning system; changes in business portfolio; the success of our investment in rebranding the Company; the risk of customer concentration in our Digital Commerce Solutions segment; foreign currency exchange rates; changes in our credit ratings; management of credit risk; changes in interest rates; the financial health of national posts; and other factors beyond its control as more fully outlined in the Company's 2014 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events or developments.

Note: Consolidated statements of income; revenue and EBIT by business segment; and reconciliation of GAAP to non-GAAP measures for the three months ended March 31, 2015 and 2014, and consolidated balance sheets at March 31, 2015 and December 31, 2014 are attached.

Pitney Bowes Inc.
Consolidated Statements of Income

(Unaudited)

 
(Dollars in thousands, except share and per share data)  
Three months ended March 31,
2015   2014
Revenue:
Equipment sales $ 165,964 $

189,056

 

Supplies 73,368 79,517
Software 86,357 91,555
Rentals 113,997 123,579
Financing 105,630 110,050
Support services 139,558 158,252
Business services   205,807     185,488  
 
Total revenue   890,681     937,497  
 
Costs and expenses:
Cost of equipment sales 75,013 82,534
Cost of supplies 22,659 24,154
Cost of software 29,864 30,164
Cost of rentals 20,701 25,444
Financing interest expense 18,770 19,653
Cost of support services 83,599 98,981
Cost of business services 139,919 128,936
Selling, general and administrative 314,529 351,375
Research and development 26,048 26,192
Restructuring charges, net (81 ) 9,841
Interest expense, net 24,064 24,064
Other expense   -     61,657  
 
Total costs and expenses   755,085     882,995  
 
Income from continuing operations before income taxes 135,596 54,502
 
Provision for income taxes   50,547     8,036  
 
Income from continuing operations 85,049 46,466
 
Income from discontinued operations, net of tax   157     2,801  
 
Net income before attribution of noncontrolling interests 85,206 49,267
 

Less: Preferred stock dividends of subsidiaries attributable to noncontrolling interests

  4,594     4,594  
 
Net income - Pitney Bowes Inc. $ 80,612   $ 44,673  
 
 
Amounts attributable to common stockholders:
Income from continuing operations $ 80,455 $ 41,872
Income from discontinued operations   157     2,801  
 
Net income - Pitney Bowes Inc. $ 80,612   $ 44,673  
 
Basic earnings per share attributable to common stockholders (1) :
Continuing operations 0.40 0.21
Discontinued operations   -     0.01  
 
Net income - Pitney Bowes Inc. $ 0.40   $ 0.22  
 
Diluted earnings per share attributable to common stockholders (1) :
Continuing operations 0.40 0.21
Discontinued operations   -     0.01  
 
Net income - Pitney Bowes Inc. $ 0.40   $ 0.22  
 
Weighted-average shares used in diluted EPS   202,679,433     203,885,840  
 

(1) The sum of the earnings per share amounts may not equal the totals above due to rounding.

 

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