Pitney Bowes Announces Second Quarter 2014 Results


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

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

North America Mailing	$	371,194			392,197		(5	%)
International Mailing		153,260			150,357		2	%
Small & Medium Business Solutions		524,454			542,554		(3	%)

Production Mail		111,756			134,422		(17	%)
Presort Services		111,281			106,961		4	%
Enterprise Business Solutions		223,037			241,383		(8	%)

Digital Commerce Solutions		210,959			166,725		27	%

Total revenue	$	958,450		$	950,662		1	%

EBIT (1)

North America Mailing	$	156,781		$	157,518		-
International Mailing		26,449			20,075		32	%
Small & Medium Business Solutions		183,230			177,593		3	%

Production Mail		10,558			15,787		(33	%)
Presort Services		22,412			21,246		5	%
Enterprise Business Solutions		32,970			37,033		(11	%)

Digital Commerce Solutions		17,929			15,363		17	%

Total EBIT	$	234,129		$	229,989		2	%

Unallocated amounts:
Interest, net (2)		(41,895	)		(48,996	)
Corporate and other expenses		(45,458	)		(53,129	)
Restructuring charges		(8,299	)		(19,031	)

Income from continuing operations before income taxes	$	138,477		$	108,833

(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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