Pitney Bowes Announces Third Quarter 2015 Financial Results
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Pitney Bowes Inc. |
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Reconciliation of Reported Consolidated Results to Adjusted Results |
| (Unaudited; in thousands, except per share data) |
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Three Months Ended September 30,
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Nine Months Ended September 30, |
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2015 |
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2014 |
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2015 |
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2014 |
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| Income from continuing operations |
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| after income taxes, as reported: |
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$ |
89,282 |
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$ |
111,634 |
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$ |
322,246 |
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$ |
241,054 |
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| Restructuring charges and asset impairments, net |
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47 |
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2,903 |
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8,607 |
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15,161 |
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| Gain on sale of Imagitas |
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30 |
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- |
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(88,399 |
) |
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- |
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| Acquisition and disposition transaction costs |
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5,323 |
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- |
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11,428 |
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- |
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| Legal settlement |
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(370 |
) |
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- |
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4,250 |
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- |
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| Acquisition related compensation expense |
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- |
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- |
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7,246 |
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- |
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| Investment divestiture |
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(7,756 |
) |
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(9,774 |
) |
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(7,756 |
) |
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(9,774 |
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| Extinguishment of debt |
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- |
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- |
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- |
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37,833 |
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Income from continuing operations |
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after income taxes, as adjusted: |
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$ |
86,556 |
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$ |
104,763 |
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$ |
257,622 |
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$ |
284,274 |
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| Diluted earnings per share from |
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| continuing operations, as reported: |
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$ |
0.44 |
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$ |
0.55 |
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$ |
1.60 |
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$ |
1.18 |
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| Restructuring charges and asset impairments, net |
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- |
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0.01 |
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0.04 |
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0.07 |
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| Gain on sale of Imagitas |
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- |
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- |
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(0.44 |
) |
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- |
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| Acquisition and disposition transaction costs |
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0.03 |
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- |
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0.06 |
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- |
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| Legal settlement |
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- |
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- |
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0.02 |
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- |
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| Acquisition related compensation expense |
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- |
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- |
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0.04 |
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- |
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| Investment divestiture |
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(0.04 |
) |
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(0.05 |
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(0.04 |
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(0.05 |
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| Extinguishment of debt |
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- |
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- |
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- |
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0.19 |
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Diluted earnings per share from continuing |
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operations, as adjusted: |
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$ |
0.43 |
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$ |
0.51 |
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$ |
1.28 |
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$ |
1.39 |
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| Net cash provided by operating activities, |
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| as reported: |
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$ |
150,384 |
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$ |
116,985 |
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$ |
350,715 |
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$ |
397,432 |
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| Capital expenditures |
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(40,708 |
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(48,920 |
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(129,643 |
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(121,270 |
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| Restructuring payments |
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15,281 |
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8,621 |
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46,056 |
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42,151 |
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| (Receipts) payments related to investment divestiture |
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(5,773 |
) |
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53,738 |
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20,602 |
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53,738 |
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| Reserve account deposits |
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(4,166 |
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(12,563 |
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(25,630 |
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(15,919 |
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| Acquisition related compensation payment |
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- |
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- |
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10,483 |
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- |
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| Tax payment related to sale of Imagitas |
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15,918 |
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- |
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15,918 |
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- |
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| Cash transaction fees related to acquisitions |
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| and dispositions |
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- |
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- |
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11,116 |
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- |
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| Extinguishment of debt |
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- |
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- |
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- |
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61,657 |
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Free cash flow, as adjusted: |
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$ |
130,936 |
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$ |
117,861 |
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$ |
299,617 |
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$ |
417,789 |
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Note: The sum of the earnings per share amounts may not equal the totals due to rounding.
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