Pitney Bowes Announces Second Quarter 2013 Results

Note: Consolidated statements of income; revenue and EBIT by business segment; and reconciliation of GAAP to non-GAAP measures for the three and six months ended June 30, 2013 and 2012, and consolidated balance sheets at June 30, 2013 and March 31, 2013 are attached.

 
Pitney Bowes Inc.
Consolidated Statements of Income

(Unaudited)

                       
(Dollars in thousands, except per share data)
Three months ended June 30, Six months ended June 30,
  2013     2012     2013     2012  
Revenue:
Equipment sales $ 243,644 $ 224,235 $ 458,643 $ 444,414
Supplies 72,337 70,522 146,624 146,887
Software 100,482 104,551 187,494 208,901
Rentals 136,775 145,497 273,154 285,886
Financing 115,929 122,948 232,691 249,696
Support services 163,178 171,254 328,664 344,772
Business services   325,862     327,350     649,207     655,447  
 
Total revenue   1,158,207     1,166,357     2,276,477     2,336,003  
 
Costs and expenses:
Cost of equipment sales 128,426 106,718 237,763 203,634
Cost of supplies 22,692 20,863 45,954 44,734
Cost of software 21,435 24,404 42,141 45,497
Cost of rentals 26,424 31,851 54,179 62,076
Financing interest expense 19,798 20,642 39,673 41,781
Cost of support services 104,282 112,123 212,291 227,210
Cost of business services 248,715 242,010 495,611 485,952
Selling, general and administrative 376,559 380,656 748,014 779,852
Research and development 31,501 33,811 64,836 67,884
Restructuring charges and asset impairments 19,955 (585 ) 19,955 (585 )
Goodwill impairment 97,787 - 97,787 -
Other interest expense 31,347 30,353 62,086 59,720
Interest income (1,302 ) (2,003 ) (3,050 ) (3,736 )
Other income, net   -     4,372     25,121     1,138  
 
Total costs and expenses   1,127,619     1,005,215     2,142,361     2,015,157  
 
Income from continuing operations before income taxes 30,588 161,142 134,116 320,846
 
Provision for income taxes   15,160     53,113     42,899     68,211  
 
Income from continuing operations 15,428 108,029 91,217 252,635
 
(Loss) income from discontinued operations, net of income tax   (20,067 )   (3,812 )   (23,756 )   14,846  
 

Net (loss) income before attribution of noncontrolling interests

(4,639 ) 104,217 67,461 267,481
 
Less: Preferred stock dividends of subsidiaries attributable
to noncontrolling interests   4,594     4,594     9,188     9,188  
 

Net (loss) income - Pitney Bowes Inc.

$ (9,233 ) $ 99,623   $ 58,273   $ 258,293  
 
 
Amounts attributable to common stockholders:
Income from continuing operations $ 10,834 $ 103,435 $ 82,029 $ 243,447
Loss (income) from discontinued operations   (20,067 )   (3,812 )   (23,756 )   14,846  
 

Net (loss) income - Pitney Bowes Inc.

$ (9,233 ) $ 99,623   $ 58,273   $ 258,293  
 
Basic earnings per share attributable to common stockholders (1) :
Continuing operations 0.05 0.52 0.41 1.22
Discontinued operations   (0.10 )   (0.02 )   (0.12 )   0.07  
 

Net (loss) income - Pitney Bowes Inc.

$ (0.05 ) $ 0.50   $ 0.29   $ 1.29  
 
Diluted earnings per share attributable to common stockholders (1) :
Continuing operations 0.05 0.51 0.41 1.21
Discontinued operations   (0.10 )   (0.02 )   (0.12 )   0.07  
 

Net (loss) income - Pitney Bowes Inc.

$ (0.05 ) $ 0.50   $ 0.29   $ 1.29  
 
(1)     The sum of the earnings per share amounts may not equal the totals above due to rounding.
 
(2) Certain prior year amounts have been reclassified to conform to the current year presentation.
 

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