Pitney Bowes Announces Second Quarter Results for 2012


Pitney Bowes Inc.
Consolidated Balance Sheets
(Unaudited in thousands, except per share data)

Assets	06/30/12			3/31/12
Current assets:
Cash and cash equivalents	$	499,772		$	915,553
Short-term investments		38,549			35,863

Accounts receivable, gross		691,332			725,446
Allowance for doubtful accounts receivable		(30,233	)		(31,117	)
Accounts receivable, net		661,099			694,329

Finance receivables		1,221,086			1,263,826
Allowance for credit losses		(31,781	)		(39,124	)
Finance receivables, net		1,189,305			1,224,702

Inventories		187,562			179,321
Current income taxes		20,107			116,247
Other current assets and prepayments		124,922			128,244
Total current assets		2,721,316			3,294,259

Property, plant and equipment, net		391,651			403,657
Rental property and equipment, net		251,495			261,388

Finance receivables		1,072,641			1,097,093
Allowance for credit losses		(19,960	)		(15,278	)
Finance receivables, net		1,052,681			1,081,815

Investment in leveraged leases		32,725			32,977
Goodwill		2,133,559			2,162,689
Intangible assets, net		188,657			201,891
Non-current income taxes		44,299			85,410
Other assets		528,614			538,172
Total assets	$	7,344,997		$	8,062,258

Liabilities, noncontrolling interests and stockholders' equity
Current liabilities:
Accounts payable and accrued liabilities	$	1,701,135		$	1,675,152
Current income taxes		230,242			295,283
Notes payable and current portion of long-term obligations		375,000			577,830
Advance billings		466,926			494,068
Total current liabilities		2,773,303			3,042,333

Deferred taxes on income		30,472			107,175
Tax uncertainties and other income tax liabilities		223,603			198,853
Long-term debt		3,306,473			3,682,798
Other non-current liabilities		633,510			643,686
Total liabilities		6,967,361			7,674,845

Noncontrolling interests (Preferred stockholders' equity in subsidiaries)		296,370			296,370

Stockholders' equity:
Cumulative preferred stock, $50 par value, 4% convertible		4			4
Cumulative preference stock, no par value, $2.12 convertible		653			653
Common stock, $1 par value		323,338			323,338
Additional paid-in-capital		227,136			225,869
Retained Earnings		4,708,485			4,683,949
Accumulated other comprehensive loss		(657,658	)		(617,106	)
Treasury Stock, at cost		(4,520,692	)		(4,525,664	)
Total Pitney Bowes Inc. stockholders' equity		81,266			91,043
Total liabilities, noncontrolling interests and stockholders' equity	$	7,344,997		$	8,062,258

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