Pitney Bowes Announces Second Quarter Results for 2012
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Pitney Bowes Inc.
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Reconciliation of Reported Consolidated Results to Adjusted
Results
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(Unaudited)
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(Dollars in thousands, except per share data)
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Three Months Ended June 30,
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Six Months Ended June 30,
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2012
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2011
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2012
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2011
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GAAP income from continuing operations
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after income taxes, as reported
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$
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99,623
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$
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101,570
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$
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238,961
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$
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189,756
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Restructuring charges and asset impairments
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462
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3,563
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462
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20,869
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Sale of leveraged lease assets
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-
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-
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(12,886
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-
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Tax adjustments
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-
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334
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-
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2,513
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Income from continuing operations
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after income taxes, as adjusted
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$
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100,085
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$
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105,467
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$
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226,537
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$
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213,138
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GAAP diluted earnings per share from
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continuing operations, as reported
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$
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0.50
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$
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0.50
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$
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1.19
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$
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0.93
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Restructuring charges and asset impairments
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0.00
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0.02
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0.00
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0.10
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Sale of leveraged lease
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-
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-
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(0.06
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-
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Tax adjustments
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-
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0.00
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-
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0.01
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Diluted earnings per share from continuing
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operations, as adjusted
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$
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0.50
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$
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0.52
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$
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1.13
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$
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1.04
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GAAP net cash provided by operating activities,
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as reported
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$
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274,172
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$
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152,640
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$
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370,167
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$
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449,401
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Capital expenditures
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(38,722
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(53,341
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(88,751
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(88,017
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Restructuring payments
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21,630
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22,223
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47,875
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51,968
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Pension contribution
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-
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123,000
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95,000
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123,000
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Tax payments on sale of leveraged lease assets
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15,671
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-
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84,904
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-
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Reserve account deposits
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28,008
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24,083
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2,334
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18,088
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Free cash flow, as adjusted
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$
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300,759
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$
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268,605
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$
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511,529
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$
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554,440
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Note: The sum of the earnings per share amounts may not equal the
totals above due to rounding.
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