Pitney Bowes Announces Third Quarter Results for 2011


Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited)

(Dollars in thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010

GAAP income from continuing operations
after income taxes, as reported	$	112,339		$	91,471		$	302,095		$	237,687
Restructuring charges and asset impairments		22,169			21,630			43,038			67,027
Goodwill impairment		31,334			-			31,334			-
Sale of leveraged lease		(26,689	)		-			(26,689	)		-
Tax adjustments		447			568			2,960			22,058
Income from continuing operations
after income taxes, as adjusted	$	139,600		$	113,669		$	352,738		$	326,772


GAAP diluted earnings per share from
continuing operations, as reported	$	0.56		$	0.44		$	1.48		$	1.15
Restructuring charges and asset impairments		0.11			0.10			0.21			0.32
Goodwill impairment		0.15			-			0.15			-
Sale of leveraged lease		(0.13	)		-			(0.13	)		-
Tax adjustments		0.00			0.00			0.01			0.11
Diluted earnings per share from continuing
operations, as adjusted	$	0.69		$	0.55		$	1.73		$	1.58


GAAP net cash provided by operating activities,
as reported	$	301,055		$	243,085		$	750,456		$	666,887
Capital expenditures		(35,012	)		(31,538	)		(123,029	)		(90,177	)
Restructuring payments		26,411			23,958			78,379			90,713
Pension contribution		-			-			123,000			-
Reserve account deposits		(32,616	)		(14,062	)		(14,528	)		5,405

Free cash flow, as adjusted	$	259,838		$	221,443		$	814,278		$	672,828



Note: The sum of the earnings per share amounts may not equal the totals above due to rounding.

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