Pitney Bowes Announces Second Quarter 2013 Results

         
Pitney Bowes Inc.
Consolidated Balance Sheets

(Unaudited in thousands, except per share data)

 

Assets

June 30,

2013

December 31,

2012

Current assets:
Cash and cash equivalents $ 608,568 $ 913,276
Short-term investments 22,898 36,611
 
Accounts receivable, gross 604,068 748,469
Allowance for doubtful accounts receivable   (15,528 )   (20,219 )
Accounts receivable, net 588,540 728,250
 
Finance receivables 1,158,795 1,213,776
Allowance for credit losses   (26,277 )   (25,484 )
Finance receivables, net 1,132,518 1,188,292
 
Inventories 141,061 179,678
Current income taxes 30,578 51,836
Other current assets and prepayments 158,812 114,184
Assets held for sale   71,052     -  
 
Total current assets 2,754,027 3,212,127
 
Property, plant and equipment, net 351,606 385,377
Rental property and equipment, net 230,759 241,192
 
Finance receivables 960,480 1,041,099
Allowance for credit losses   (9,824 )   (14,610 )
Finance receivables, net 950,656 1,026,489
 
Investment in leveraged leases 33,606 34,546
Goodwill 2,012,752 2,136,138
Intangible assets, net 143,451 166,214
Non-current income taxes 93,318 94,434
Other assets   563,027     563,374  
 
Total assets $ 7,133,202   $ 7,859,891  
 

Liabilities, noncontrolling interests and stockholders' equity

Current liabilities:
Accounts payable and accrued liabilities $ 1,563,069 $ 1,809,226
Current income taxes 225,208 240,681
Notes payable and current portion of long-term obligations - 375,000
Advance billings 448,129 452,130
Liabilities held for sale   50,331     -  
 
Total current liabilities 2,286,737 2,877,037
 
Deferred taxes on income 44,460 69,222
Tax uncertainties and other income tax liabilities 144,260 145,881
Long-term debt 3,654,032 3,642,375
Other non-current liabilities   685,002     718,375  
 
Total liabilities   6,814,491     7,452,890  
 
Noncontrolling interests (Preferred stockholders' equity in subsidiaries) 296,370 296,370
 
Stockholders' equity:
Cumulative preferred stock, $50 par value, 4% convertible 4 4
Cumulative preference stock, no par value, $2.12 convertible 613 648
Common stock, $1 par value 323,338 323,338
Additional paid-in-capital 198,938 223,847
Retained Earnings 4,689,969 4,744,802
Accumulated other comprehensive loss (723,523 ) (681,213 )
Treasury Stock, at cost   (4,466,998 )   (4,500,795 )
 
Total Pitney Bowes Inc. stockholders' equity   22,341     110,631  
 
Total liabilities, noncontrolling interests and stockholders' equity $ 7,133,202   $ 7,859,891  
 

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