Pitney Bowes Announces Third Quarter Results for 2011

In North America Mailing there continued to be increased placements of the company’s Connect+ TM mailing systems during the quarter. However, overall equipment sales declined due to increased economic uncertainty. This has led some customers to postpone upgrades and purchases of new equipment and caused more customers to extend their leases when compared with the prior year. Lease extensions are profitable transactions but generate less sales revenue than new equipment leases. Rentals revenue was adversely impacted by fewer new business placements. Financing revenue declined, as expected, because of lower equipment sales in prior periods.

EBIT margin for the segment improved by 50 basis points versus the prior year. EBIT continues to benefit from ongoing productivity initiatives and the impact of extensions of equipment leases.


International Mailing

  3Q 2011   Y-O-Y Change   Change ex Currency
Revenue $178 million 7% (1%)
EBIT   $ 25 million   34%    

International Mailing revenue grew on a reported basis, but declined slightly excluding the impact of foreign currency when compared with the prior year. Equipment sales for the segment benefited during the quarter, in part from increased equipment sales in France and a contribution from recent Connect+™ launches. However, these positive equipment sales trends were offset by fewer upgrades and lower sales of other equipment in the UK and some parts of Europe because of the ongoing economic uncertainty throughout the region. Recurring revenue streams were nearly flat, compared to the prior year, due to an increasing percentage of equipment that is being leased and improving supplies revenue.

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