Pitney Bowes Announces Second Quarter Results for 2012

Note: Consolidated statements of income; revenue and EBIT by business segment; and reconciliation of GAAP to non-GAAP measures for the three months and six months ended June 30, 2012 and 2011, and consolidated balance sheets at June 30, 2012 and March 31, 2012 are attached.


Pitney Bowes Inc.
Consolidated Statements of Income
(Unaudited)

(Dollars in thousands, except per share data)
	Three months ended June 30,						Six months ended June 30,
	2012			2011⁽²⁾			2012			2011⁽²⁾
Revenue:
Equipment sales	$	224,235		$	242,921		$	444,414		$	484,552
Supplies		70,522			78,587			146,887			161,457
Software		104,551			105,516			208,901			205,081
Rentals		145,497			156,162			285,886			312,854
Financing		122,948			136,369			249,696			276,958
Support services		171,254			176,807			344,772			355,421
Business services		406,811			418,112			820,918			841,220

Total revenue		1,245,818			1,314,474			2,501,474			2,637,543

Costs and expenses:
Cost of equipment sales		106,718			104,385			203,634			219,138
Cost of supplies		20,863			25,562			44,734			51,754
Cost of software		24,404			24,898			45,497			50,110
Cost of rentals		31,850			36,109			62,075			72,016
Financing interest expense		20,642			22,192			41,781			45,485
Cost of support services		112,122			115,417			227,209			230,693
Cost of business services		313,553			325,250			632,529			658,817
Selling, general and administrative		391,606			432,715			802,791			859,326
Research and development		33,776			37,441			67,849			72,199
Restructuring charges and asset impairments		1,074			4,994			1,074			31,018
Other interest expense		30,353			28,550			59,720			57,074
Interest income		(2,003	)		(2,215	)		(3,736	)		(3,437	)
Other income, net		4,372			-			1,138			-

Total costs and expenses		1,089,330			1,155,298			2,186,295			2,344,193

Income from continuing operations before income taxes		156,488			159,176			315,179			293,350

Provision for income taxes		52,271			53,012			67,030			94,406

Income from continuing operations		104,217			106,164			248,149			198,944

(Loss) income from discontinued operations, net of income tax		-			(635	)		19,332			(2,517	)

Net income before attribution of noncontrolling interests		104,217			105,529			267,481			196,427

Less: Preferred stock dividends of subsidiaries attributable
to noncontrolling interests		4,594			4,594			9,188			9,188

Net income - Pitney Bowes Inc.	$	99,623		$	100,935		$	258,293		$	187,239


Amounts attributable to common stockholders:
Income from continuing operations	$	99,623		$	101,570		$	238,961		$	189,756
Loss (income) from discontinued operations		-			(635	)		19,332			(2,517	)

Net income - Pitney Bowes Inc.	$	99,623		$	100,935		$	258,293		$	187,239

Basic earnings per share attributable to common stockholders ⁽¹⁾ :
Continuing operations		0.50			0.50			1.19			0.93
Discontinued operations		-			(0.00	)		0.10			(0.01	)

Net income - Pitney Bowes Inc.	$	0.50		$	0.50		$	1.29		$	0.92

Diluted earnings per share attributable to common stockholders ⁽¹⁾ :
Continuing operations		0.50			0.50			1.19			0.93
Discontinued operations		-			(0.00	)		0.10			(0.01	)

Net income - Pitney Bowes Inc.	$	0.50		$	0.49		$	1.29		$	0.92

⁽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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