Pitney Bowes Announces First Quarter 2014 Results

This document contains “forward-looking statements” about its expected or potential future business and financial performance. For us forward-looking statements include, but are not limited to, statements about its future revenue and earnings guidance and other statements about future events or conditions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to: mail volumes; the uncertain economic environment; timely development, market acceptance and regulatory approvals, if needed, of new products; fluctuations in customer demand; changes in postal regulations; interrupted use of key information systems; management of outsourcing arrangements; the implementation of a new enterprise resource planning system; changes in business portfolio; foreign currency exchange rates; changes in our credit ratings; management of credit risk; changes in interest rates; the financial health of national posts; and other factors beyond its control as more fully outlined in the Company's 2013 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events or developments.

Note: Consolidated statements of income; revenue and EBIT by business segment; and reconciliation of GAAP to non-GAAP measures for the three months ended March 31, 2014 and 2013, and consolidated balance sheets at March 31, 2014 and December 31, 2013 are attached.

       
Pitney Bowes Inc.
Consolidated Statements of Income

(Unaudited)

 
(Dollars in thousands, except per share data)
Three months ended March 31,
2014 2013
Revenue:
Equipment sales $ 189,056 $ 196,767
Supplies 79,517 73,218
Software 91,555 87,012
Rentals 123,579 129,114
Financing 110,050 113,887
Support services 158,252 162,589
Business services   185,488     146,776  
 
Total revenue   937,497     909,363  
 
Costs and expenses:
Cost of equipment sales 82,534 94,543
Cost of supplies 24,154 22,846
Cost of software 30,164 24,791
Cost of rentals 25,444 26,398
Financing interest expense 19,653 19,019
Cost of support services 98,981 102,529
Cost of business services 128,936 102,355
Selling, general and administrative 351,375 351,654
Research and development 26,192 29,251
Restructuring charges 9,841 -
Other interest expense 24,917 30,739
Interest income (853 ) (1,748 )
Other expense, net   61,657     25,121  
 
Total costs and expenses   882,995     827,498  
 
Income from continuing operations before income taxes 54,502 81,865
 
Provision for income taxes   8,036     17,795  
 
Income from continuing operations 46,466 64,070
 
Income from discontinued operations, net of tax   2,801     8,030  
 
Net income before attribution of noncontrolling interests 49,267 72,100
 
Less: Preferred stock dividends of subsidiaries attributable
to noncontrolling interests   4,594     4,594  
 
Net income - Pitney Bowes Inc. $ 44,673   $ 67,506  
 
 
Amounts attributable to common stockholders:
Income from continuing operations $ 41,872 $ 59,476
Income from discontinued operations   2,801     8,030  
 
Net income - Pitney Bowes Inc. $ 44,673   $ 67,506  
 
Basic earnings per share attributable to common stockholders (1) :
Continuing operations 0.21 0.30
Discontinued operations   0.01     0.04  
 
Net income - Pitney Bowes Inc. $ 0.22   $ 0.34  
 
Diluted earnings per share attributable to common stockholders (1) :
Continuing operations 0.21 0.29
Discontinued operations   0.01     0.04  
 
Net income - Pitney Bowes Inc. $ 0.22   $ 0.33  
 
(1) The sum of the earnings per share amounts may not equal the totals above due to rounding.
 
(2) Certain prior year amounts have been reclassified to conform to the current year presentation.
 

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