Pitney Bowes Announces Second Quarter Results for 2012

Note: Consolidated statements of income; revenue and EBIT by business segment; and reconciliation of GAAP to non-GAAP measures for the three months and six months ended June 30, 2012 and 2011, and consolidated balance sheets at June 30, 2012 and March 31, 2012 are attached.

 
Pitney Bowes Inc.
Consolidated Statements of Income

(Unaudited)

 
(Dollars in thousands, except per share data)
        Three months ended June 30,       Six months ended June 30,
2012      

2011(2)

2012      

2011(2)

Revenue:
Equipment sales $ 224,235 $ 242,921 $ 444,414 $ 484,552
Supplies 70,522 78,587 146,887 161,457
Software 104,551 105,516 208,901 205,081
Rentals 145,497 156,162 285,886 312,854
Financing 122,948 136,369 249,696 276,958
Support services 171,254 176,807 344,772 355,421
Business services   406,811     418,112     820,918     841,220  
 
Total revenue   1,245,818     1,314,474     2,501,474     2,637,543  
 
Costs and expenses:
Cost of equipment sales 106,718 104,385 203,634 219,138
Cost of supplies 20,863 25,562 44,734 51,754
Cost of software 24,404 24,898 45,497 50,110
Cost of rentals 31,850 36,109 62,075 72,016
Financing interest expense 20,642 22,192 41,781 45,485
Cost of support services 112,122 115,417 227,209 230,693
Cost of business services 313,553 325,250 632,529 658,817
Selling, general and administrative 391,606 432,715 802,791 859,326
Research and development 33,776 37,441 67,849 72,199
Restructuring charges and asset impairments 1,074 4,994 1,074 31,018
Other interest expense 30,353 28,550 59,720 57,074
Interest income (2,003 ) (2,215 ) (3,736 ) (3,437 )
Other income, net   4,372     -     1,138     -  
 
Total costs and expenses   1,089,330     1,155,298     2,186,295     2,344,193  
 
Income from continuing operations before income taxes 156,488 159,176 315,179 293,350
 
Provision for income taxes   52,271     53,012     67,030     94,406  
 
Income from continuing operations 104,217 106,164 248,149 198,944
 
(Loss) income from discontinued operations, net of income tax   -     (635 )   19,332     (2,517 )
 
Net income before attribution of noncontrolling interests 104,217 105,529 267,481 196,427
 
Less: Preferred stock dividends of subsidiaries attributable
to noncontrolling interests   4,594     4,594     9,188     9,188  
 
Net income - Pitney Bowes Inc. $ 99,623   $ 100,935   $ 258,293   $ 187,239  
 
 
Amounts attributable to common stockholders:
Income from continuing operations $ 99,623 $ 101,570 $ 238,961 $ 189,756
Loss (income) from discontinued operations   -     (635 )   19,332     (2,517 )
 
Net income - Pitney Bowes Inc. $ 99,623   $ 100,935   $ 258,293   $ 187,239  
 
Basic earnings per share attributable to common stockholders (1) :
Continuing operations 0.50 0.50 1.19 0.93
Discontinued operations   -     (0.00 )   0.10     (0.01 )
 
Net income - Pitney Bowes Inc. $ 0.50   $ 0.50   $ 1.29   $ 0.92  
 
Diluted earnings per share attributable to common stockholders (1) :
Continuing operations 0.50 0.50 1.19 0.93
Discontinued operations   -     (0.00 )   0.10     (0.01 )
 
Net income - Pitney Bowes Inc. $ 0.50   $ 0.49   $ 1.29   $ 0.92  
 

(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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