Pitney Bowes Announces First Quarter Results for 2012

The company's financial results are reported in accordance with generally accepted accounting principles (GAAP). The company uses measures such as adjusted earnings per share, adjusted income from continuing operations and free cash flow to exclude the impact of special items like restructuring charges, tax adjustments, and asset write-downs, because, while these are actual company expenses, they can mask underlying trends associated with our business.

Such items are often inconsistent in amount and frequency and as such, the adjustments allow an investor greater insight into the current underlying operating trends of the business. The use of free cash flow provides investors insight into the amount of cash that management could have available for other discretionary uses. It adjusts GAAP cash from operations for capital expenditures, as well as special items like cash used for restructuring charges, unusual tax payments and contributions to its pension funds. Management uses segment EBIT to measure profitability and performance at the segment level. EBIT is determined by deducting the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses not allocated to a particular business segment, restructuring charges, asset impairments, and goodwill charges which are recognized on a consolidated basis. In addition, financial results are presented on a constant currency basis to exclude the impact of changes in foreign currency exchange rates since the prior period under comparison. Constant currency measures are intended to help investors better understand the underlying operational performance of the business excluding the impacts of shifts in currency exchange rates over the intervening period.

Pitney Bowes has provided a quantitative reconciliation to GAAP in supplemental schedules. This information may also be found at the company's web site www.pb.com/investorrelations in the Investor Relations section.

This document contains “forward-looking statements” about our expected or potential future business and financial performance. For us forward-looking statements include, but are not limited to, statements about possible transformation initiatives; our future revenue and earnings guidance; and other statements about future events or conditions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to: the uncertain economic environment, fluctuations in customer demand; mail volumes; foreign currency exchange rates; the outcome of litigation; timely development, market acceptance and regulatory approvals, if needed, of new products; management of credit risk; management of outsourcing arrangements; income tax or other regulatory levies; changes in postal regulations; and the financial health of national posts; and other factors beyond our control as more fully outlined in the company's 2011 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events or developments.

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

Pitney Bowes Inc.
Consolidated Statements of Income

(Unaudited)

 
(Dollars in thousands, except per share data)
 
  Three Months Ended March 31,
2012   2011 (2)
Revenue:
Equipment sales $ 220,179 $ 241,631
Supplies 76,365 82,870
Software 104,350 99,565
Rentals 140,389 156,692
Financing 126,748 140,589
Support services 173,518 178,614
Business services   414,107     423,108  
 
Total revenue   1,255,656     1,323,069  
 
Costs and expenses:
Cost of equipment sales 96,916 114,753
Cost of supplies 23,871 26,192
Cost of software 21,093 25,212
Cost of rentals 30,225 35,907
Financing interest expense 21,139 23,293
Cost of support services 115,087 115,276
Cost of business services 318,976 333,567
Selling, general and administrative 411,185 426,611
Research and development 34,073 34,758
Restructuring charges and asset impairments

-

26,024
Other interest expense 29,367 28,524
Interest income (1,733 ) (1,222 )
Other income, net   (3,234 )   -  
 
Total costs and expenses   1,096,965     1,188,895  
 
Income from continuing operations before income taxes 158,691 134,174
 
Provision for income taxes   14,759     41,394  
 
Income from continuing operations 143,932 92,780
 
Income (loss) from discontinued operations, net of income tax   19,332     (1,882 )
 
Net income before attribution of noncontrolling interests 163,264 90,898
 

Less: Preferred stock dividends of subsidiaries

attributable to noncontrolling interests

  4,594     4,594  
 
Net income - Pitney Bowes Inc. $ 158,670   $ 86,304  
 
 
 
Amounts attributable to common shareholders:
Income from continuing operations $ 139,338 $ 88,186
Income (loss) from discontinued operations   19,332     (1,882 )
 
Net income - Pitney Bowes Inc. $ 158,670   $ 86,304  
 

Basic earnings per share of common stock attributable to

Common stockholders (1):

Continuing operations $ 0.70 $ 0.43
Discontinued operations   0.10     (0.01 )
 
Net income - Pitney Bowes Inc. $ 0.79   $ 0.42  
 

Diluted earnings per share of common stock attributable to

Common stockholders (1):

Continuing operations $ 0.69 $ 0.43
Discontinued operations   0.10     (0.01 )
 
Net income - Pitney Bowes Inc. $ 0.79   $ 0.42  

(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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