Pitney Bowes Announces Third Quarter Results for 2011
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Pitney Bowes Inc.
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Reconciliation of Reported Consolidated Results to Adjusted
Results
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(Unaudited)
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(Dollars in thousands, except per share data)
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Three Months Ended September 30,
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Nine Months Ended September 30,
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2011
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2010
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2011
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2010
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GAAP income from continuing operations
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after income taxes, as reported
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$
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112,339
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$
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91,471
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$
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302,095
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$
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237,687
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Restructuring charges and asset impairments
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22,169
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21,630
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43,038
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67,027
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Goodwill impairment
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31,334
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-
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31,334
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-
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Sale of leveraged lease
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(26,689
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-
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(26,689
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-
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Tax adjustments
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447
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568
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2,960
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22,058
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Income from continuing operations
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after income taxes, as adjusted
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$
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139,600
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$
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113,669
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$
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352,738
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$
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326,772
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GAAP diluted earnings per share from
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continuing operations, as reported
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$
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0.56
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$
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0.44
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$
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1.48
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$
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1.15
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Restructuring charges and asset impairments
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0.11
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0.10
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0.21
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0.32
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Goodwill impairment
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0.15
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-
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0.15
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-
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Sale of leveraged lease
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(0.13
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)
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-
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(0.13
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)
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-
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Tax adjustments
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0.00
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0.00
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0.01
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0.11
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Diluted earnings per share from continuing
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operations, as adjusted
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$
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0.69
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$
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0.55
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$
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1.73
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$
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1.58
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GAAP net cash provided by operating activities,
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as reported
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$
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301,055
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$
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243,085
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$
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750,456
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$
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666,887
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Capital expenditures
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(35,012
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(31,538
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(123,029
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(90,177
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)
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Restructuring payments
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26,411
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23,958
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78,379
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90,713
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Pension contribution
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-
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-
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123,000
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-
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Reserve account deposits
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(32,616
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(14,062
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(14,528
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5,405
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Free cash flow, as adjusted
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$
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259,838
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$
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221,443
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$
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814,278
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$
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672,828
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Note: The sum of the earnings per share amounts may not equal the
totals above due to rounding.
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