Pitney Bowes Announces Full Year and Fourth Quarter 2015 Financial Results

Revenue totaled $937 million, a decline of 2 percent on a constant currency basis and 5 percent on a reported basis when compared to the prior year.

Revenue benefited from 14 percent growth on a constant currency basis and 11 percent growth on a reported basis in the Digital Commerce Solutions group, driven by growth in Global Ecommerce offset partially by lower results in the Software segment.

Revenue in the Enterprise Business Solutions group grew 1 percent on a constant currency basis and declined 2 percent on a reported basis. This resulted from continued growth in Presort Services offset by a decline in Production Mail.

In the Small and Medium Business (SMB) Solutions group, revenue declined 3 percent on a constant currency basis and 6 percent on a reported basis. North America Mailing had a decline of only one percent for equipment sales in the U.S. compared to the prior year. Total revenue for International Mailing had the lowest rate of decline on a constant currency basis since the implementation of the new go-to-market strategy.

On a GAAP basis, earnings per diluted share were $0.44 for the fourth quarter.

Adjusted earnings per diluted share from continuing operations were $0.48 and exclude:

  • $0.02 of expenses related to the exit of certain geographic markets during the quarter;
  • $0.05 for restructuring charges and asset impairments;
  • $0.03 of income from discontinued operations.

Earnings per share this quarter were reduced by $0.02 due to the impacts of foreign exchange.

Free cash flow during the quarter was $157 million, which was similar to the prior year. The Company generated $164 million of cash from operations on a GAAP basis. The Company used the cash to pay $37 million in dividends to its common shareholders; repurchase $35 million worth of its common stock and make $16 million in restructuring payments.

The Company’s results for the quarter and full year are summarized in the table below:

($ millions, except EPS)         Fourth Quarter     Full Year







Revenue $937 $984 $3,578 $3,822

Adjusted EPS from continuing operations

$0.48 $0.51 $1.75 $1.90
Gain on sale of Imagitas and net acquisition

and disposition related expenses





Restructuring charges and asset impairments ($0.05) ($0.22) ($0.09) ($0.29)
Legal settlement -




Investment divestiture - - $0.04 $0.05
Extinguishment of debt - - - ($0.19)
GAAP EPS from continuing operations $0.41 $0.29 $2.00 $1.47
Discontinued operations – income $0.03 $0.02 $0.03 $0.17
GAAP EPS $0.44 $0.31 $2.03 $1.64

Free Cash Flow

$157 $154 $456 $571

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