Pitney Bowes Announces First Quarter 2013 Results


Pitney Bowes Inc. Reconciliation of Reported Consolidated Results to Adjusted Results (Unaudited)

(Dollars in thousands, except per share data)

	Three Months Ended March 31,
	2013			2012

GAAP income from continuing operations after income taxes, as reported	$	69,568		$	140,942
Extinguishment of debt		15,325			-
Sale of leveraged lease assets		-			(12,886	)
Income from continuing operations after income taxes, as adjusted	$	84,893		$	128,056


GAAP diluted earnings per share from continuing operations, as reported	$	0.34		$	0.70
Extinguishment of debt		0.08			-
Sale of leveraged lease		-			(0.06	)
Diluted earnings per share from continuing operations, as adjusted	$	0.42		$	0.64


GAAP net cash provided by operating activities, as reported	$	132,160		$	71,380
Capital expenditures		(38,839	)		(50,029	)
Restructuring payments		16,275			26,245
Extinguishment of debt		25,121			-
Pension contribution		-			95,000
Tax payments on sale of leveraged lease assets		-			69,233
Reserve account deposits		(27,327	)		(25,674	)

Free cash flow, as adjusted	$	107,390		$	186,155

NOTE:

The sum of the earnings per share amounts may not equal the totals above due to rounding.

The above table includes an adjustment to GAAP net cash provided by operating activities due to a

reclassification between net cash provided by operating activities and net cash used in investing activities.

As a result, GAAP net cash provided by operating activities decreased by $24.6 million for the three months

ended March 31, 2012.

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 Next Page »