Pitney Bowes Announces Third Quarter 2016 Financial Results


Pitney Bowes Inc.
Business Segments - Revenue and EBIT
(Unaudited; in thousands)

	Three months ended September 30,								Nine months ended September 30,
	2016			2015			% Change		2016			2015			% Change
Revenue

North America Mailing	$	329,995		$	353,159		(7	%)	$	1,001,789		$	1,071,824		(7	%)
International Mailing		95,628			104,615		(9	%)		305,725			331,398		(8	%)
Small & Medium Business Solutions		425,623			457,774		(7	%)		1,307,514			1,403,222		(7	%)

Production Mail		106,350			101,646		5	%		289,649			298,880		(3	%)
Presort Services		114,053			115,912		(2	%)		357,214			351,365		2	%
Enterprise Business Solutions		220,403			217,558		1	%		646,863			650,245		(1	%)

Software Solutions		89,031			97,638		(9	%)		257,417			282,916		(9	%)
Global Ecommerce		103,974			96,571		8	%		307,712			249,923		23	%
Digital Commerce Solutions		193,005			194,209		(1	%)		565,129			532,839		6	%

Other		-			-		-			-			54,807		(100	%)

Total revenue	$	839,031		$	869,541		(4	%)	$	2,519,506		$	2,641,113		(5	%)

EBIT ⁽¹⁾

North America Mailing	$	138,588		$	159,319		(13	%)	$	436,730		$	482,376		(9	%)
International Mailing		9,733			10,739		(9	%)		34,365			36,585		(6	%)
Small & Medium Business Solutions		148,321			170,058		(13	%)		471,095			518,961		(9	%)

Production Mail		15,696			12,401		27	%		35,434			31,461		13	%
Presort Services		19,181			25,908		(26	%)		69,305			76,946		(10	%)
Enterprise Business Solutions		34,877			38,309		(9	%)		104,739			108,407		(3	%)

Software Solutions		10,329			14,613		(29	%)		17,908			34,904		(49	%)
Global Ecommerce		4,389			(1,240	)	>100%			8,835			9,962		(11	%)
Digital Commerce Solutions		14,718			13,373		10	%		26,743			44,866		(40	%)

Other		-			-		-			-			10,569		(100	%)

Segment EBIT	$	197,916		$	221,740		(11	%)	$	602,577		$	682,803		(12	%)


Reconciliation of segment EBIT to net income

Segment EBIT	$	197,916		$	221,740				$	602,577		$	682,803
Corporate expenses		(51,992	)		(49,235	)				(158,536	)		(151,959	)
Adjusted EBIT		145,924			172,505					444,041			530,844
Interest, net ⁽²⁾		(35,259	)		(37,698	)				(103,769	)		(119,371	)
Restructuring charges and asset impairments, net		(16,494	)		(36	)				(49,503	)		(14,305	)
Other income (expense), net		-			1,781					(536	)		94,916
Acquisition/disposition related expenses		(578	)		-					(3,738	)		(10,483	)
Income from continuing operations before income taxes		93,593			136,552					286,495			481,601
Provision for income taxes		(23,197	)		(42,676	)				(93,615	)		(145,574	)
Income from continuing operations		70,396			93,876					192,880			336,027
Loss from discontinued operations, net of tax		(291	)		-					(1,951	)		(582	)
Net income	$	70,105		$	93,876				$	190,929		$	335,445

⁽¹⁾		Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges and other items, which are not allocated to a particular business segment.

⁽²⁾		Includes financing interest expense and interest expense, net.

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