Pitney Bowes Announces Second Quarter 2013 Results

FREE CASH FLOW RESULTS

Free cash flow for the quarter was $124 million, while on a GAAP basis the Company generated $147 million in cash from operations. Free cash flow this quarter is lower than the prior year due to the timing of tax payments and working capital. There was also less of a benefit from the declines in finance receivables and bank reserve account deposits this quarter. Free cash flow on a year-to-date basis was $232 million and the Company generated $279 million in cash from operations on a GAAP basis. During the quarter, the Company used $47 million of cash for dividends and $11 million for restructuring payments. Also during the quarter, the Company retired $375 million of debt that matured in June 2013.

BUSINESS SEGMENT RESULTS

SMB Solutions Group

                         
      2Q 2013       Y-O-Y Change       Change ex Currency
Revenue $597 million (3%) (3%)
EBIT       $186 million       (2%)        

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