Pitney Bowes Announces Second Quarter 2014 Results


Pitney Bowes Inc.
Revenue and EBIT
Business Segments
June 30, 2014
(Unaudited)

(Dollars in thousands)	Six Months Ended June 30,
							%
		2014			2013		Change
Revenue

North America Mailing	$	752,221			781,033		(4	%)
International Mailing		306,528			303,333		1	%
Small & Medium Business Solutions		1,058,749			1,084,366		(2	%)

Production Mail		216,972			243,875		(11	%)
Presort Services		227,772			217,861		5	%
Enterprise Business Solutions		444,744			461,736		(4	%)

Digital Commerce Solutions		392,454			313,923		25	%

Total Revenue	$	1,895,947		$	1,860,025		2	%

EBIT (1)

North America Mailing	$	317,119		$	305,976		4	%
International Mailing		51,268			37,465		37	%
Small & Medium Business Solutions		368,387			343,441		7	%

Production Mail		18,295			23,619		(23	%)
Presort Services		46,308			44,734		4	%
Enterprise Business Solutions		64,603			68,353		(5	%)

Digital Commerce Solutions		27,460			15,084		82	%

Total EBIT	$	460,450		$	426,878		8	%

Unallocated amounts:
Interest, net (2)		(85,612	)		(97,006	)
Corporate and other expenses		(102,062	)		(95,022	)
Restructuring charges		(18,140	)		(19,031	)
Other expense, net		(61,657	)		(25,121	)

Income from continuing operations before income taxes	$	192,979		$	190,698

(1)		Earnings before interest and taxes (EBIT) excludes general corporate expenses and restructuring charges.
(2)		Interest, net includes financing interest expense, other interest expense and interest income.

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