Pitney Bowes Announces Fourth Quarter and Annual Results for 2012


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

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

North America Mailing	$	456,243		$	482,843		(6	%)
International Mailing		187,973			182,928		3	%
Small & Medium Business Solutions		644,216			665,771		(3	%)

Production Mail		151,775			161,888		(6	%)
Software		104,550			102,481		2	%
Management Services		241,880			231,378		5	%
Mail Services		112,690			109,849		3	%
Marketing Services		32,196			33,788		(5	%)
Enterprise Business Solutions		643,091			639,384		1	%

Total revenue	$	1,287,307		$	1,305,155		(1	%)

EBIT (1)

North America Mailing	$	173,690		$	195,272		(11	%)
International Mailing		25,939			23,568		10	%
Small & Medium Business Solutions		199,629			218,840		(9	%)

Production Mail		13,716			19,591		(30	%)
Software		17,823			6,564		172	%
Management Services		19,012			17,065		11	%
Mail Services		19,841			34,651		(43	%)
Marketing Services		6,444			6,516		(1	%)
Enterprise Business Solutions		76,836			84,387		(9	%)

Total EBIT	$	276,465		$	303,227		(9	%)

Unallocated amounts:
Interest, net (2)		(45,533	)		(49,047	)
Corporate and other expenses		(60,873	)		(62,594	)
Restructuring and asset impairments		(22,291	)		(84,087	)
Goodwill impairment		-			(84,500	)

Income from continuing operations before income taxes	$	147,768		$	22,999

(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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