Pitney Bowes Announces Full Year and Fourth Quarter 2015 Financial Results

 
Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited; in thousands, except per share data)
 
 
        Three Months Ended December 31,   Twelve Months Ended December 31,
2015       2014         2015       2014
 
Income from continuing operations
after income taxes, as reported: $ 80,426 $ 58,952 $ 402,672 $ 300,006
Restructuring charges and asset impairments, net 9,481 44,188 18,089 59,349
Loss (gain) on sale/disposition of businesses 4,149 - (84,250 ) -
Acquisition and disposition transaction costs 48 - 11,475 -
Legal settlement - - 4,250 -
Acquisition related compensation expense - - 7,246 -
Investment divestiture - - (7,756 ) (9,774 )
Extinguishment of debt   -     -     -     37,833  
Income from continuing operations
after income taxes, as adjusted: $ 94,104   $ 103,140   $ 351,726   $ 387,414  
 
 
Diluted earnings per share from
continuing operations, as reported: $ 0.41 $ 0.29 $ 2.00 $ 1.47
Restructuring charges and asset impairments, net 0.05 0.22 0.09 0.29
Loss (gain) on sale/disposition of businesses 0.02 - (0.42 ) -
Acquisition and disposition transaction costs - - 0.06 -
Legal settlement - - 0.02 -
Acquisition related compensation expense - - 0.04 -
Investment divestiture - - (0.04 ) (0.05 )
Extinguishment of debt   -     -     -     0.19  
Diluted earnings per share from continuing
operations, as adjusted: $ 0.48   $ 0.51   $ 1.75   $ 1.90  
 
 
Net cash provided by operating activities,
as reported: $ 163,924 $ 258,094 $ 514,639 $ 655,526
Capital expenditures (36,686 ) (59,286 ) (166,329 ) (180,556 )
Restructuring payments 16,030 14,011 62,086 56,162

(Receipts) payments related to investment

  divestiture

- (59,475 ) 20,602 (5,737 )
Reserve account deposits 1,428 253 (24,202 ) (15,666 )
Acquisition related compensation payment - - 10,483 -
Tax payment related to sale of Imagitas 5,306 - 21,224 -
Cash transaction fees related to acquisitions
and dispositions 6,856 - 17,971 -
Extinguishment of debt   -     -     -     61,657  
 
Free cash flow, as adjusted: $ 156,858   $ 153,597   $ 456,474   $ 571,386  
 
 
 
Note : The sum of the earnings per share amounts may not equal the totals due to rounding.
 

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