Pitney Bowes Announces Third Quarter Results for 2011

Note: Consolidated statements of income; revenue and EBIT by business segment; and reconciliation of GAAP to non-GAAP measures for the three and nine months ended September 30, 2011 and 2010, and consolidated balance sheets at September 30, 2011 and June 30, 2011 are attached.


Pitney Bowes Inc.
Consolidated Statements of Income
(Unaudited)

(Dollars in thousands, except per share data)

		Three Months Ended September 30,						Nine Months Ended September 30,
		2011			2010 (2)			2011			2010 (2)
Revenue:
	Equipment sales	$	221,475		$	245,634		$	706,027		$	713,021
	Supplies		74,271			77,304			235,728			239,635
	Software		113,224			98,444			318,305			270,508
	Rentals		140,172			151,399			425,799			456,977
	Financing		150,038			157,333			454,223			476,712
	Support services		175,286			175,844			530,707			531,176
	Business services		425,258			439,784			1,266,478			1,303,183

	Total revenue		1,299,724			1,345,742			3,937,267			3,991,212

Costs and expenses:
	Cost of equipment sales		97,559			113,282			316,697			320,191
	Cost of supplies		22,611			23,843			74,365			73,381
	Cost of software		23,431			23,630			73,541			65,993
	Cost of rentals		32,581			36,277			97,989			107,658
	Financing interest expense		21,430			22,189			66,915			65,948
	Cost of support services		114,074			111,521			344,767			337,822
	Cost of business services		326,415			335,588			985,232			1,003,712
	Selling, general and administrative		430,650			435,292			1,296,584			1,304,941
	Research and development		35,573			38,454			107,772			117,487
	Restructuring charges and asset impairments		32,956			33,805			63,974			103,039
	Goodwill impairment		45,650			-			45,650			-
	Other interest expense		28,932			29,310			86,006			86,172
	Interest income		(1,265	)		(393	)		(4,702	)		(1,851	)
	Other income, net		(10,718	)		-			(10,718	)		-

	Total costs and expenses		1,199,879			1,202,798			3,544,072			3,584,493

Income from continuing operations before income taxes			99,845			142,944			393,195			406,719

Provision for income taxes			(17,087	)		46,880			77,319			155,302

Income from continuing operations			116,932			96,064			315,876			251,417

Gain (loss) from discontinued operations, net of income tax			60,428			(2,536	)		57,911			(8,332	)

Net income before attribution of noncontrolling interests			177,360			93,528			373,787			243,085

Less: Preferred stock dividends of subsidiaries
	attributable to noncontrolling interests		4,593			4,593			13,781			13,730

Net income - Pitney Bowes Inc.		$	172,767		$	88,935		$	360,006		$	229,355



Amounts attributable to Pitney Bowes Inc.:
	Income from continuing operations	$	112,339		$	91,471		$	302,095		$	237,687
	Gain (loss) from discontinued operations		60,428			(2,536	)		57,911			(8,332	)

	Net income - Pitney Bowes Inc.	$	172,767		$	88,935		$	360,006		$	229,355

Basic earnings per share of common stock attributable to
	Pitney Bowes Inc. common stockholders (1):
	Continuing operations	$	0.56		$	0.44		$	1.49		$	1.15
	Discontinued operations		0.30			(0.01	)		0.29			(0.04	)

	Net income - Pitney Bowes Inc.	$	0.86		$	0.43		$	1.78		$	1.11

Diluted earnings per share of common stock attributable to
	Pitney Bowes Inc. common stockholders (1):
	Continuing operations	$	0.56		$	0.44		$	1.48		$	1.15
	Discontinued operations		0.30			(0.01	)		0.28			(0.04	)

	Net income - Pitney Bowes Inc.	$	0.85		$	0.43		$	1.77		$	1.11


(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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