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)	Twelve Months Ended December 31,
							%
	2012			2011			Change
Revenue

North America Mailing	$	1,818,952		$	1,961,198		(7	%)
International Mailing		675,637			707,416		(4	%)
Small & Medium Business Solutions		2,494,589			2,668,614		(7	%)

Production Mail		512,109			544,483		(6	%)
Software		393,380			407,402		(3	%)
Management Services		920,959			948,891		(3	%)
Mail Services		445,092			411,634		8	%
Marketing Services		137,886			141,572		(3	%)
Enterprise Business Solutions		2,409,426			2,453,982		(2	%)

Total Revenue	$	4,904,015		$	5,122,596		(4	%)

EBIT (1)

North America Mailing	$	688,665		$	727,999		(5	%)
International Mailing		78,979			98,601		(20	%)
Small & Medium Business Solutions		767,644			826,600		(7	%)

Production Mail		25,644			32,562		(21	%)
Software		37,958			38,182		(1	%)
Management Services		55,198			76,321		(28	%)
Mail Services		101,005			103,026		(2	%)
Marketing Services		28,061			26,184		7	%
Enterprise Business Solutions		247,866			276,275		(10	%)

Total EBIT	$	1,015,510		$	1,102,875		(8	%)

Unallocated amounts:
Interest, net		(188,386	)		(197,266	)
Corporate and other expenses		(199,394	)		(198,020	)
Restructuring and asset impairments		(23,117	)		(136,548	)
Goodwill impairment		-			(84,500	)

Income from continuing operations before income taxes	$	604,613		$	486,541

(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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