Pitney Bowes Announces Fourth Quarter and Annual 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 December 31, Twelve Months Ended December 31,
2012 2011 2012 2011
 
GAAP income from continuing operations
after income taxes, as reported $ 98,950 $ 50,575 $ 435,932 $ 400,556
Restructuring charges and asset impairments 15,096 62,571 15,407 97,660
Goodwill impairment - 82,890 - 82,890
Sale of leveraged lease assets - - (12,886 ) (26,689 )
Tax adjustments   -     579     -     3,539  
Income from continuing operations
after income taxes, as adjusted $ 114,046   $ 196,615   $ 438,453   $ 557,956  
 
 
GAAP diluted earnings per share from
continuing operations, as reported $ 0.49 $ 0.25 $ 2.16 $ 1.98
Restructuring charges and asset impairments 0.07 0.31 0.08 0.48
Goodwill impairment - 0.41 - 0.41
Sale of leveraged lease - - (0.06 ) (0.13 )
Tax adjustments   -     0.00     -     0.02  
Diluted earnings per share from continuing
operations, as adjusted $ 0.56   $ 0.98   $ 2.18   $ 2.75  
 
 
GAAP net cash provided by operating activities,
as reported $ 255,560 $ 198,531 $ 660,188 $ 948,987
Capital expenditures (48,770 ) (32,951 ) (176,586 ) (155,980 )
Restructuring payments 13,972 28,623 74,718 107,002
Pension contribution - - 95,000 123,000
Tax payments on sale of leveraged lease assets 14,879 - 114,128 -
Reserve account deposits   17,009     49,882     1,636     35,354  
 
Free cash flow, as adjusted $ 252,650   $ 244,085   $ 769,084   $ 1,058,363  
 
NOTE:
 
The sum of the earnings per share amounts may not equal the totals above due to rounding.
 
The above table includes an adjustment to GAAP net cash provided by operating activities due to a reclassification between net cash provided by operating activities and net cash used in investing activities. As a result, GAAP net cash provided by operating activities increased by $28.8 million for the year ended December 31, 2011, and decreased by $35.0 million for the nine months ended September 30, 2012.
 

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