Pitney Bowes Announces Second Quarter Results for 2012

Management Services in North America experienced moderating revenue declines and had significant year-over-year improvement in net new written business for the second consecutive quarter. The improvement in net new written business and new strategic partnerships in print outsourcing are expected to drive revenue growth going forward. However, revenue for the quarter declined primarily due to account contractions and lower volumes in Europe as a result of the weak economic environment there. EBIT margin declined versus the prior year due to lower revenue and price compression.

Mail Services

    2Q 2012     Y-O-Y Change     Change ex Currency
Revenue $141 million 5% 5%
EBIT     $27 million     176%      

Mail Services revenue grew versus the prior year as a result of increased standard mail volumes and recovery from the impact that the fire at the Dallas presort facility had on 2011 results. Continued penetration in all of the workshare discount categories also helped drive revenue growth for presort operations. International Mail Services experienced lower revenue versus the prior year due to fewer catalogue shipments. EBIT margin benefited from ongoing productivity initiatives and streamlined operations in the International Mail Services portion of the business. EBIT margin also benefited from a final insurance reimbursement of $4 million that the company received related to the fire at its Dallas presort facility last year.

Marketing Services

    2Q 2012     Y-O-Y Change     Change ex Currency
Revenue $36 million (1%) (1%)
EBIT     $8 million     10%      

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