Pitney Bowes Announces Third Quarter 2015 Financial Results

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, 2015 and 2014, and consolidated balance sheets at September 30, 2015 and December 31, 2014 are attached.

Pitney Bowes Inc.
Consolidated Statements of Income
(Unaudited; in thousands, except per share data)


		Three months ended September 30,						Nine months ended September 30,
		2015			2014			2015			2014
Revenue:
	Equipment sales	$	163,857		$	177,458		$	495,328		$	558,032
	Supplies		71,174			72,548			215,178			228,349
	Software		97,700			112,271			283,241			312,891
	Rentals		108,420			119,047			333,729			365,069
	Financing		99,925			107,835			306,992			325,529
	Support services		136,820			154,321			415,615			470,763
	Business services		191,645			198,164			591,030			576,958

	Total revenue		869,541			941,644			2,641,113			2,837,591

Costs and expenses:
	Cost of equipment sales		78,650			90,984			232,706			262,336
	Cost of supplies		21,629			22,470			65,912			70,129
	Cost of software		27,219			29,775			85,584			93,423
	Cost of rentals		21,423			23,636			63,127			74,273
	Financing interest expense		17,533			19,667			54,171			59,733
	Cost of support services		79,747			92,500			244,853			288,203
	Cost of business services		130,004			142,512			405,559			406,472
	Selling, general and administrative		309,211			341,738			939,318			1,031,497
	Research and development		29,153			26,060			83,693			80,901
	Restructuring charges and asset impairments, net		36			4,526			14,305			22,666
	Interest expense, net		20,165			22,158			65,200			67,704
	Other (income) expense, net		(1,781	)		(15,919	)		(94,916	)		45,738

	Total costs and expenses		732,989			800,107			2,159,512			2,503,075

Income from continuing operations before income taxes			136,552			141,537			481,601			334,516

Provision for income taxes			42,676			25,310			145,574			79,681

Income from continuing operations			93,876			116,227			336,027			254,835

Income (loss) from discontinued operations, net of tax			-			20,655			(582	)		30,173

Net income before attribution of noncontrolling interests			93,876			136,882			335,445			285,008

Less: Preferred stock dividends of subsidiaries attributable to noncontrolling interests			4,594			4,593			13,781			13,781

Net income - Pitney Bowes Inc.		$	89,282		$	132,289		$	321,664		$	271,227


Amounts attributable to common stockholders:
	Income from continuing operations	$	89,282		$	111,634		$	322,246		$	241,054
	Income (loss) from discontinued operations, net of tax		-			20,655			(582	)		30,173

	Net income - Pitney Bowes Inc.	$	89,282		$	132,289		$	321,664		$	271,227

Basic earnings per share attributable to common stockholders ⁽¹⁾ :
	Continuing operations	$	0.45		$	0.55		$	1.60		$	1.19
	Discontinued operations		-			0.10			-			0.15

	Net income - Pitney Bowes Inc.	$	0.45		$	0.65		$	1.60		$	1.34

Diluted earnings per share attributable to common stockholders ⁽¹⁾ :
	Continuing operations	$	0.44		$	0.55		$	1.60		$	1.18
	Discontinued operations		-			0.10			-			0.15

	Net income - Pitney Bowes Inc.	$	0.44		$	0.65		$	1.59		$	1.33

Weighted-average shares used in diluted EPS			201,016,809			203,968,557			201,884,967			203,959,978

^{(1) The sum of the earnings per share amounts may not equal the totals due to rounding.}

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