Pitney Bowes Announces First Quarter Results for 2012

Pitney Bowes Inc.
Revenue and EBIT
Business Segments
March 31, 2012
(Unaudited)

(Dollars in thousands)	Three Months Ended March 31,
							%
	2012			2011			Change
Revenue

North America Mailing	$	461,305		$	509,039		(9	%)
International Mailing		168,014			170,533		(1	%)
Small & Medium Business Solutions		629,319			679,572		(7	%)

Production Mail		115,016			131,606		(13	%)
Software		100,327			95,985		5	%
Management Services		230,630			241,624		(5	%)
Mail Services		150,156			144,283		4	%
Marketing Services		30,208			29,999		1	%
Enterprise Business Solutions		626,337			643,497		(3	%)

Total revenue	$	1,255,656		$	1,323,069		(5	%)

EBIT (1)

North America Mailing	$	178,171		$	179,661		(1	%)
International Mailing		19,997			23,193		(14	%)
Small & Medium Business Solutions		198,168			202,854		(2	%)

Production Mail		2,779			7,174		(61	%)
Software		10,692			5,512		94	%
Management Services		13,315			21,029		(37	%)
Mail Services		31,905			10,265		211	%
Marketing Services		4,817			4,160		16	%
Enterprise Business Solutions		63,508			48,140		32	%

Total EBIT	$	261,676		$	250,994		4	%

Unallocated amounts:
Interest, net (2)		(48,773	)		(50,595	)
Corporate and other expenses		(54,212	)		(40,201	)
Restructuring charges and asset impairments		-			(26,024	)

Income from continuing operations before income taxes	$	158,691		$	134,174

(1)		Earnings before interest and taxes (EBIT) excludes general corporate expenses, restructuring charges and asset impairments and goodwill impairment.
(2)		Interest, net includes financing interest expense, other interest expense and interest income.

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