Pitney Bowes Announces First Quarter Results for 2012

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

(Dollars in thousands, except per share data)

	Three Months Ended March 31,
	2012			2011

GAAP income from continuing operations
after income taxes, as reported	$	139,338		$	88,186
Restructuring charges and asset impairments		-			17,306
Sale of leveraged lease assets		(12,886	)		-
Tax adjustments		-			2,179
Income from continuing operations
after income taxes, as adjusted	$	126,452		$	107,671

GAAP diluted earnings per share from
continuing operations, as reported	$	0.69		$	0.43
Restructuring charges and asset impairments		-			0.08
Sale of leveraged lease		(0.06	)		-
Tax adjustments		-			0.01
Diluted earnings per share from continuing
operations, as adjusted	$	0.63		$	0.53


GAAP net cash provided by operating activities,
as reported	$	95,995		$	296,761
Capital expenditures		(50,029	)		(34,676	)
Restructuring payments		26,245			29,745
Pension contribution		95,000			-
Tax payments on sale of leveraged lease assets		69,233			-
Reserve account deposits		(25,674	)		(5,995	)

Free cash flow, as adjusted	$	210,770		$	285,835

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