Pitney Bowes Announces First Quarter 2014 Results

         
Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited)
 
(Dollars in thousands, except per share data)
 
Three Months Ended March 31,
2014 2013
 
GAAP income from continuing operations
after income taxes, as reported $ 41,872 $ 59,476
Restructuring charges 6,681 -
Extinguishment of debt   37,833     15,325  
Income from continuing operations
after income taxes, as adjusted $ 86,386   $ 74,801  
 
 
GAAP diluted earnings per share from
continuing operations, as reported $ 0.21 $ 0.29
Restructuring charges 0.03 -
Extinguishment of debt   0.19     0.08  
Diluted earnings per share from continuing
operations, as adjusted $ 0.42   $ 0.37  
 
 
GAAP net cash provided by operating activities,
as reported $ 105,616 $ 132,160
Capital expenditures (30,143 ) (38,839 )
Restructuring payments 18,937 16,275
Reserve account deposits (15,159 ) (27,327 )
Extinguishment of debt 58,357 25,121
   
Free cash flow, as adjusted $ 137,608   $ 107,390  
 

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