Pitney Bowes Announces Second Quarter Results for 2012

 
Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited)
 
(Dollars in thousands, except per share data)
 
        Three Months Ended June 30,       Six Months Ended June 30,
2012       2011 2012       2011
 
GAAP income from continuing operations
after income taxes, as reported $ 99,623 $ 101,570 $ 238,961 $ 189,756
Restructuring charges and asset impairments 462 3,563 462 20,869
Sale of leveraged lease assets - - (12,886 ) -
Tax adjustments   -     334     -     2,513  
Income from continuing operations
after income taxes, as adjusted $ 100,085   $ 105,467   $ 226,537   $ 213,138  
 
 
GAAP diluted earnings per share from
continuing operations, as reported $ 0.50 $ 0.50 $ 1.19 $ 0.93
Restructuring charges and asset impairments 0.00 0.02 0.00 0.10
Sale of leveraged lease - - (0.06 ) -
Tax adjustments   -     0.00     -     0.01  
Diluted earnings per share from continuing
operations, as adjusted $ 0.50   $ 0.52   $ 1.13   $ 1.04  
 
 
GAAP net cash provided by operating activities,
as reported $ 274,172 $ 152,640 $ 370,167 $ 449,401
Capital expenditures (38,722 ) (53,341 ) (88,751 ) (88,017 )
Restructuring payments 21,630 22,223 47,875 51,968
Pension contribution - 123,000 95,000 123,000
Tax payments on sale of leveraged lease assets 15,671 - 84,904 -
Reserve account deposits   28,008     24,083     2,334     18,088  
 
Free cash flow, as adjusted $ 300,759   $ 268,605   $ 511,529   $ 554,440  
 
Note: The sum of the earnings per share amounts may not equal the totals above due to rounding.
 

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