Pitney Bowes Announces Second 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 June 30, Six Months Ended June 30,
  2013   2012     2013   2012  
 
GAAP income from continuing operations
after income taxes, as reported $ 10,834 $ 103,435 $ 82,029 $ 243,447
Restructuring charges and asset impairments 13,493 (912 ) 13,493 (912 )
Goodwill impairment 81,638 - 81,638 -
Sale of leveraged lease assets - - - (12,886 )
Extinguishment of debt   -   -     15,325   -  
Income from continuing operations
after income taxes, as adjusted 105,965 102,523 192,485 229,649
Provision for income taxes, as adjusted 37,771 53,440 75,306 85,240
Preferred stock dividends of subsidiaries

 

 

 

 

attributable to noncontrolling interests

  4,594   4,594     9,188

 

9,188  
Income from continuing operations, as adjusted 148,330 160,557 276,979 324,077
Interest expense, net   49,843   48,992   98,709   97,765  
Adjusted EBIT 198,173 209,549 375,688 421,842
Depreciation and amortization 56,475 67,237 113,702 131,607
       
Adjusted EBITDA $ 254,648 $ 276,786   $ 489,390 $ 553,449  

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