Pitney Bowes Announces First Quarter 2014 Results

             
Pitney Bowes Inc.
Revenue and EBIT
Business Segments
March 31, 2014

(Unaudited)

 
(Dollars in thousands) Three Months Ended March 31,
%

       2014       

       2013       

   Change   

Revenue

 
North America Mailing $ 381,027 388,836 -2 %
International Mailing   153,268     152,976   0 %
Small & Medium Business Solutions   534,295     541,812   -1 %
 
Production Mail 105,216 109,453 -4 %
Presort Services   116,491     110,900   5 %
Enterprise Business Solutions   221,707     220,353   1 %
 
Digital Commerce Solutions   181,495     147,198   23 %
 
Total revenue $ 937,497   $ 909,363   3 %
 

EBIT (1)

 
North America Mailing $ 160,338 $ 148,458 8 %
International Mailing   24,819     17,390   43 %
Small & Medium Business Solutions   185,157     165,848   12 %
 
Production Mail 7,737 7,832 -1 %
Presort Services   23,896     23,488   2 %
Enterprise Business Solutions   31,633     31,320   1 %
 
Digital Commerce Solutions   9,531     (279 ) N/M  
 
Total EBIT $ 226,321 $ 196,889 15 %
 
Unallocated amounts:
Interest, net (2) (43,717 ) (48,010 )
Corporate and other expenses (56,604 ) (41,893 )
Restructuring charges (9,841 ) -
Other expense, net   (61,657 )   (25,121 )
 
Income from continuing operations before income taxes $ 54,502   $ 81,865  
 
(1) Earnings before interest and taxes (EBIT) excludes general corporate expenses and restructuring charges.
 
(2) Interest, net includes financing interest expense, other interest expense and interest income.
 

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