Pitney Bowes Announces Second Quarter 2013 Results

Adjusted earnings per diluted share from continuing operations for the quarter were $0.52 per share compared to $0.51 per share for the prior year. Adjusted earnings per share exclude the goodwill impairment charge; restructuring charge; and the loss from discontinued operations. Prior year adjusted earnings per share exclude a $0.02 loss from discontinued operations.

The tax rate on diluted earnings per share declined when compared to the prior year due to the favorable resolution of certain outstanding tax issues in several countries. This had a non-recurring benefit of $0.05 per share this quarter.

                 
Earnings Per Diluted Share Reconciliation*       Q2 2013       Q2 2012
GAAP EPS       ($0.05)       $0.50
Loss from discontinued operations       $0.10       $0.02
GAAP EPS from continuing operations       $0.05       $0.51
Restructuring       $0.07       -
Goodwill impairment       $0.40       -
Adjusted EPS from continuing operations       $0.52       $0.51

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

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