Pitney Bowes Announces Second Quarter 2014 Results
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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 June 30,
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Six Months Ended June 30,
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2014
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2013
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2014
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2013
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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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87,548
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$
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80,021
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$
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129,420
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$
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139,497
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Restructuring charges
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5,577
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13,126
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12,258
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13,126
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Extinguishment of debt
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-
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-
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37,833
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15,325
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Income from continuing operations
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after income taxes, as adjusted
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93,125
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93,147
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179,511
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167,948
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Provision for income taxes, as adjusted
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49,057
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30,123
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84,077
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57,715
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Preferred stock dividends of subsidiaries
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attributable to noncontrolling interests
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4,594
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4,594
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9,188
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9,188
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Income from continuing operations before income taxes, as adjusted
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146,776
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127,864
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272,776
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234,851
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Interest, net
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41,895
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48,996
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85,612
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97,006
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Adjusted EBIT from continuing operations
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188,671
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176,860
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358,388
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331,857
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Depreciation and amortization
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49,122
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52,667
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92,863
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103,199
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Adjusted EBITDA from continuing operations
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$
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237,793
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$
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229,527
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$
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451,251
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$
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435,056
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