Pitney Bowes Announces First Quarter 2013 Results

Management Services

    1Q 2013     Y-O-Y Change     Change ex Currency
Revenue $225 million (2%) (2%)
EBIT     $13 million     (6%)      

Management Services revenue was adversely impacted by pricing pressures on contract renewals. EBIT margin was nearly flat year-over-year as productivity improvements substantially offset the revenue impacts. The Company recently signed large, multi-year contracts for document processing services with two state agencies. These contracts should enhance revenue growth as they are implemented in coming quarters.

Mail Services

    1Q 2013     Y-O-Y Change     Change ex Currency
Revenue $119 million 4% 4%
EBIT     $19 million     (43%)      

Mail Services revenue benefited from volumes associated with the early-stage roll out of the Company’s ecommerce solutions for cross-border package delivery. EBIT margin was affected this quarter by investments and costs for the start-up phase of the Company’s new ecommerce offering. Prior year EBIT included a $7 million insurance reimbursement related to the fire at its Dallas presort facility that adversely impacted year-over-year comparisons.

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