Pitney Bowes Announces Fourth Quarter and Annual Results for 2012


Pitney Bowes Inc.
Consolidated Balance Sheets
(Unaudited in thousands, except per share data)

Assets	12/31/12			12/31/11
Current assets:
Cash and cash equivalents	$	913,276		$	856,238
Short-term investments		36,611			12,971

Accounts receivable, gross		755,218			755,485
Allowance for doubtful accounts receivable		(26,968	)		(31,855	)
Accounts receivable, net		728,250			723,630

Finance receivables		1,213,776			1,296,673
Allowance for credit losses		(25,484	)		(45,583	)
Finance receivables, net		1,188,292			1,251,090

Inventories		179,678			178,599
Current income taxes		51,836			102,556
Other current assets and prepayments		114,184			134,774

Total current assets		3,212,127			3,259,858

Property, plant and equipment, net		385,377			404,146
Rental property and equipment, net		241,192			258,711

Finance receivables		1,041,099			1,123,638
Allowance for credit losses		(14,610	)		(17,847	)
Finance receivables, net		1,026,489			1,105,791

Investment in leveraged leases		34,546			138,271
Goodwill		2,136,138			2,147,088
Intangible assets, net		166,214			212,603
Non-current income taxes		94,434			89,992
Other assets		563,374			530,644

Total assets	$	7,859,891		$	8,147,104

Liabilities, noncontrolling interests and stockholders' equity (deficit)
Current liabilities:
Accounts payable and accrued liabilities	$	1,809,226		$	1,840,465
Current income taxes		240,681			242,972
Notes payable and current portion of long-term obligations		375,000			550,000
Advance billings		452,130			458,425

Total current liabilities		2,877,037			3,091,862

Deferred taxes on income		69,222			175,944
Tax uncertainties and other income tax liabilities		145,881			194,840
Long-term debt		3,642,375			3,683,909
Other non-current liabilities		718,375			743,165

Total liabilities		7,452,890			7,889,720

Noncontrolling interests (Preferred stockholders' equity in subsidiaries)		296,370			296,370

Stockholders' equity:
Cumulative preferred stock, $50 par value, 4% convertible		4			4
Cumulative preference stock, no par value, $2.12 convertible		648			659
Common stock, $1 par value		323,338			323,338
Additional paid-in-capital		223,847			240,584
Retained Earnings		4,744,802			4,600,217
Accumulated other comprehensive loss		(681,213	)		(661,645	)
Treasury Stock, at cost		(4,500,795	)		(4,542,143	)

Total Pitney Bowes Inc. stockholders' equity (deficit)		110,631			(38,986	)

Total liabilities, noncontrolling interests and stockholders' equity (deficit)	$	7,859,891		$	8,147,104

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