Pitney Bowes Announces Fourth Quarter and Annual Results for 2012


Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited)

(Dollars in thousands, except per share data)

	Three Months Ended December 31,					Twelve Months Ended December 31,
	2012		2011			2012			2011

GAAP income from continuing operations
after income taxes, as reported	$	98,950	$	50,575		$	435,932		$	400,556
Restructuring charges and asset impairments		15,096		62,571			15,407			97,660
Goodwill impairment		-		82,890			-			82,890
Sale of leveraged lease assets		-		-			(12,886	)		(26,689	)
Tax adjustments		-		579			-			3,539
Income from continuing operations
after income taxes, as adjusted		114,046		196,615			438,453			557,956
Provision for income taxes, as adjusted		51,418		(9,623	)		174,718			138,539
Preferred stock dividends of subsidiaries
attributable to noncontrolling interests		4,594		4,594			18,376			18,375
Income from continuing operations, as adjusted		170,058		191,586			631,547			714,870
Interest expense, net		45,533		49,047			188,386			197,266
Adjusted EBIT		215,591		240,633			819,933			912,136
Depreciation and amortization		64,049		67,141			255,556			272,142
Adjusted EBITDA	$	279,640	$	307,774		$	1,075,489		$	1,184,278

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