Pitney Bowes Announces Third Quarter Results for 2011

 
Pitney Bowes Inc.
Revenue and EBIT
Business Segments
September 30, 2011

(Unaudited)

       
(Dollars in thousands) Three Months Ended September 30,
%
2011 2010 Change

Revenue

 
North America Mailing $ 475,663 $ 515,949 (8 %)
International Mailing   177,797     166,108   7 %
Small & Medium Business Solutions   653,460     682,057   (4 %)
 
Production Mail 117,220 135,886 (14 %)
Software 109,153 95,222 15 %
Management Services 235,428 245,113 (4 %)
Mail Services 143,055 147,941 (3 %)
Marketing Services   41,408     39,523   5 %
Enterprise Business Solutions   646,264     663,685   (3 %)
 
Total revenue $ 1,299,724   $ 1,345,742   (3 %)
 

EBIT (1)

 
North America Mailing $ 177,280 $ 189,670 (7 %)
International Mailing   25,105     18,668   34 %
Small & Medium Business Solutions   202,385     208,338   (3 %)
 
Production Mail (3,426 ) 15,770 (122 %)
Software 16,564 7,571 119 %
Management Services 18,248 23,508 (22 %)
Mail Services 35,107 15,501 126 %
Marketing Services   8,716     8,571   2 %
Enterprise Business Solutions   75,209     70,921   6 %
 
Total EBIT $ 277,594 $ 279,259 (1 %)
 
Unallocated amounts:
Interest, net (2) (49,097 ) (51,106 )
Corporate expense (42,764 ) (51,404 )
Restructuring charges and asset impairments (32,956 ) (33,805 )
Goodwill impairment (45,650 ) -
Other income, net   (7,282 )   -  
 
Income from continuing operations before income taxes $ 99,845   $ 142,944  
(1)   Earnings before interest and taxes (EBIT) excludes general corporate expenses, restructuring charges and asset impairments, goodwill impairment and other income, net.
(2) Interest, net includes financing interest expense, other interest expense and interest income.

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