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)
 
 
        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
Provision for income taxes, as adjusted 46,581 50,840 186,651 155,705
Preferred stock dividends of subsidiaries
attributable to noncontrolling interests           4,594       4,594         18,375         18,375  
Income from continuing operations
before income taxes, as adjusted 145,279 158,574 556,752 561,494
Interest, net           40,003       42,013         159,374         169,450  
Adjusted EBIT 185,282 200,587 716,126 730,944
Depreciation and amortization           45,826       54,728         173,312         197,234  
Adjusted EBITDA         $ 231,108     $ 255,315       $ 889,438       $ 928,178  
 

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