Pitney Bowes Announces Full Year and Fourth Quarter 2015 Financial Results

The use of free cash flow provides investors insight into the amount of cash that management could have available for other discretionary uses. It adjusts GAAP cash from operations for capital expenditures, as well as special items like cash used for restructuring charges, unusual tax settlements or payments and contributions to its pension funds. Management uses segment EBIT to measure profitability and performance at the segment level. Segment EBIT is determined by deducting from revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses not allocated to a particular business segment, restructuring charges and goodwill and asset impairments, which are recognized on a consolidated basis. In addition, revenue growth is presented on a constant currency basis to exclude the impact of changes in foreign currency exchange rates since the prior period under comparison. Constant currency measures are intended to help investors better understand the underlying operational performance of the business excluding the impacts of shifts in currency exchange rates over the period.

Pitney Bowes has provided a quantitative reconciliation to GAAP in supplemental schedules. This information may also be found at the Company's web site www.pb.com/investorrelations.

This document contains “forward-looking statements” about the Company’s expected or potential future business and financial performance. Forward-looking statements include, but are not limited to, statements about its future revenue and earnings guidance and other statements about future events or conditions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to: mail volumes; the uncertain economic environment; timely development, market acceptance and regulatory approvals, if needed, of new products; fluctuations in customer demand; changes in postal regulations; interrupted use of key information systems; management of outsourcing arrangements; the implementation of a new enterprise resource planning system; changes in business portfolio; the success of our investment in rebranding the Company; the risk of customer concentration in our Digital Commerce Solutions group; integrating newly acquired businesses, including operations and product and service offerings; foreign currency exchange rates; changes in our credit ratings; management of credit risk; changes in interest rates; the financial health of national posts; and other factors beyond its control as more fully outlined in the Company's 2014 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events or developments.

Note: Consolidated statements of income; revenue and EBIT by business segment; and reconciliation of GAAP to non-GAAP measures for the three months and twelve months ended December 31, 2015 and 2014, and consolidated balance sheets at December 31, 2015 and 2014 are attached.

 
Pitney Bowes Inc.
Consolidated Statements of Income

(Unaudited; in thousands, except per share data)

 
        Three months ended December 31,     Twelve months ended December 31,
2015     2014 2015     2014
Revenue:
Equipment sales $ 199,831 $ 212,339 $ 695,159 $ 770,371
Supplies 72,925 71,691 288,103 300,040
Software 103,265 116,852 386,506 429,743
Rentals 107,934 119,560 441,663 484,629
Financing 103,043 107,330 410,035 432,859
Support services 139,149 154,372 554,764 625,135
Business services   210,800   201,769   801,830     778,727
 
Total revenue   936,947   983,913   3,578,060     3,821,504
 
Costs and expenses:
Cost of equipment sales 98,363 103,388 331,069 365,724
Cost of supplies 22,890 23,546 88,802 93,675
Cost of software 27,996 30,337 113,580 123,760
Cost of rentals 21,061 23,065 84,188 97,338
Financing interest expense 17,620 18,829 71,791 78,562
Cost of support services 78,107 88,800 322,960 377,003
Cost of business services 140,642 138,257 546,201 544,729
Selling, general and administrative 340,643 346,903 1,279,961 1,378,400
Research and development 26,463 29,030 110,156 109,931
Restructuring charges and asset impairments, net 11,477 61,894 25,782 84,560
Interest expense, net 22,383 23,184 87,583 90,888
Other expense (income), net   78   -   (94,838 )   45,738
 
Total costs and expenses   807,723   887,233   2,967,235     3,390,308
 
Income from continuing operations before income taxes 129,224 96,680 610,825 431,196
 
Provision for income taxes   44,204   33,134   189,778     112,815
 
Income from continuing operations 85,020 63,546 421,047 318,381
 
Income from discontinued operations, net of tax   5,853   3,576   5,271     33,749
 
Net income before attribution of noncontrolling interests 90,873 67,122 426,318 352,130
 
Less: Preferred stock dividends of subsidiaries attributable
to noncontrolling interests   4,594   4,594   18,375     18,375
 
Net income - Pitney Bowes Inc. $ 86,279 $ 62,528 $ 407,943   $ 333,755
 
 
Amounts attributable to common stockholders:
Income from continuing operations $ 80,426 $ 58,952 $ 402,672 $ 300,006
Income from discontinued operations, net of tax   5,853   3,576   5,271     33,749
 
Net income - Pitney Bowes Inc. $ 86,279 $ 62,528 $ 407,943   $ 333,755
 
Basic earnings per share attributable to common stockholders (1) :
Continuing operations $ 0.41 $ 0.29 $ 2.01 $ 1.49
Discontinued operations   0.03   0.02   0.03     0.17
 
Net income - Pitney Bowes Inc. $ 0.44 $ 0.31 $ 2.04   $ 1.65
 
Diluted earnings per share attributable to common stockholders (1) :
Continuing operations $ 0.41 $ 0.29 $ 2.00 $ 1.47
Discontinued operations   0.03   0.02   0.03     0.17
 
Net income - Pitney Bowes Inc. $ 0.44 $ 0.31 $ 2.03   $ 1.64
 
Weighted-average shares used in diluted EPS   197,959,779   203,110,509   200,944,874     203,961,446
 

(1) The sum of the earnings per share amounts may not equal the totals due to rounding.

 

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