Pitney Bowes Announces Full Year and Fourth Quarter 2017

Pitney Bowes Announces Full Year and Fourth Quarter 2017 Financial Results

Pitney Bowes Inc.
Consolidated Statements of Income
(Unaudited; in thousands, except share and per share amounts)

	Three months ended December 31,						Twelve months ended December 31,
	2017			2016			2017		2016
Revenue:
Equipment sales	$	200,555		$	190,306		$	679,803	$	675,451
Supplies		64,482			64,051			252,824		262,682
Software		88,464			90,901			352,595		348,661
Rentals		94,578			103,032			386,348		412,738
Financing		80,834			89,632			331,416		366,547
Support services		123,911			129,188			478,536		512,820
Business services		396,293			219,959			1,068,426		827,676

Total revenue		1,049,117			887,069			3,549,948		3,406,575

Costs and expenses:
Cost of equipment sales		108,347			96,201			340,745		331,942
Cost of supplies		22,785			20,758			82,992		81,420
Cost of software		26,153			26,345			101,969		105,841
Cost of rentals		21,214			21,089			84,270		76,040
Financing interest expense		12,219			13,866			50,665		55,241
Cost of support services		71,744			70,895			288,976		295,685
Cost of business services		302,162			151,152			773,052		568,509
Selling, general and administrative		329,570			283,882			1,237,739		1,200,327
Research and development		32,896			31,545			129,767		121,306
Goodwill impairment		-			171,092			-		171,092
Restructuring charges and asset impairments, net		28,929			13,793			59,431		63,296
Interest expense, net		31,620			26,576			113,497		88,970
Other expense, net		3,856			-			3,856		536

Total costs and expenses		991,495			927,194			3,266,959		3,160,205

Income (loss) before income taxes		57,622			(40,125	)		282,989		246,370
(Benefit) provision for income taxes		(32,326	)		38,204			21,649		131,819

Income (loss) from continuing operations		89,948			(78,329	)		261,340		114,551
Loss from discontinued operations, net of tax		-			(750	)		-		(2,701	)

Net income (loss)		89,948			(79,079	)		261,340		111,850

Less: Preferred stock dividends attributable to noncontrolling interests		-			5,264			-		19,045

Net income (loss) - Pitney Bowes Inc.	$	89,948		$	(84,343	)	$	261,340	$	92,805

Amounts attributable to common stockholders:
Net income (loss) from continuing operations	$	89,948		$	(83,593	)	$	261,340	$	95,506
Loss from discontinued operations, net of tax		-			(750	)		-		(2,701	)

Net income (loss) - Pitney Bowes Inc.	$	89,948		$	(84,343	)	$	261,340	$	92,805

Basic earnings (loss) per share attributable to common stockholders ⁽¹⁾ :
Continuing operations	$	0.48		$	(0.45	)	$	1.40	$	0.51
Discontinued operations		-			-			-		(0.01	)

Net income (loss) - Pitney Bowes Inc.	$	0.48		$	(0.45	)	$	1.40	$	0.49

Diluted earnings (loss) per share attributable to common stockholders ⁽¹⁾ :
Continuing operations	$	0.48		$	(0.45	)	$	1.39	$	0.51
Discontinued operations		-			-			-		(0.01	)

Net income (loss) - Pitney Bowes Inc.	$	0.48		$	(0.45	)	$	1.39	$	0.49

Weighted-average shares used in diluted earnings per share		188,046,578			185,645,814			187,435,080		188,975,198

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