Pitney Bowes Announces First Quarter 2014 Results

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

FREE CASH FLOW RESULTS

Free cash flow for the quarter was $138 million, while on a GAAP basis, the Company generated $106 million in cash from operations. In comparison to the prior year, free cash flow benefited from higher adjusted net income and the timing of tax payments. During the quarter, the Company used $38 million of cash for dividends and $19 million for restructuring payments.

During the quarter, the Company issued $500 million of 10-year bonds and used the proceeds to retire $500 million of debt.

BUSINESS SEGMENT REPORTING

The Company has reclassified current and prior period results, associated with its shipping solutions, from the SMB Solutions group to the Digital Commerce Solutions segment. The Company’s business segment reporting reflects the clients served in each market and the way it is now managing these segments for growth and profitability. The reporting segment groups are: Small & Medium Business (SMB) Solutions group; Enterprise Business Solutions group; and the Digital Commerce Solutions segment.

The Small and Medium Business (SMB) Solutions group offers mailing equipment, financing, services and supplies for small and medium businesses to efficiently create mail and evidence postage. This group includes the North America Mailing and International Mailing segments. North America Mailing includes the operations of U.S. and Canada Mailing. International Mailing includes all other SMB operations around the world.

The Enterprise Business Solutions group provides mailing equipment and services for large enterprise clients to process mail, including sortation services to qualify large mail volumes for postal worksharing discounts. This group includes the global Production Mail and Presort Services segments.

The Digital Commerce Solutions segment leverages digital and mobile channels that make the Company’s clients’ customer-facing functions more effective. This segment includes software, marketing services, a digital document exchange, shipping and ecommerce solutions.

SMB Solutions Group

                     
      1Q 2014     Y-O-Y Change     Change ex Currency
Revenue $534 million (1%) (1%)
EBIT       $185 million     12%      
 

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