Pitney Bowes Announces Second Quarter 2013 Results

Software revenue declined compared to the prior year due primarily to fewer large dollar licensing deals in North America. In addition, there continued to be weakness in the international markets, in part due to ongoing austerity measures in the public sector. Compared to the first quarter results, revenue improved due to increased sales effectiveness. EBIT margin improved significantly versus the prior year and the prior quarter due to cost reduction initiatives that have resulted in a more variable cost structure.

Management Services

      2Q 2013       Y-O-Y Change       Change ex Currency
Revenue $175 million (3%) (3%)
EBIT       $15 million       4%        

Management Services results exclude the European businesses, which are now reflected as discontinued operations. Revenue for the quarter declined due to continued pricing pressure on contract renewals. EBIT margin improved compared to the prior year despite the decline in revenue due to lower operating costs associated with ongoing productivity programs.

Mail Services

      2Q 2013       Y-O-Y Change       Change ex Currency
Revenue $119 million 10% 10%
EBIT       $15 million       (46%)        

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