Pitney Bowes Announces Second Quarter 2013 Results
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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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2013
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2012
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2013
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2012
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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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10,834
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$
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103,435
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$
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82,029
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$
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243,447
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Restructuring charges and asset impairments
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13,493
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(912
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13,493
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(912
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Goodwill impairment
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81,638
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-
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81,638
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-
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Sale of leveraged lease assets
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-
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-
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-
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(12,886
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Extinguishment of debt
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-
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-
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15,325
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-
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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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105,965
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$
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102,523
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$
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192,485
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$
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229,649
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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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0.05
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$
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0.51
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$
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0.41
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$
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1.21
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Restructuring charges and asset impairments
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0.07
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(0.00
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0.07
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(0.00
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Goodwill impairment
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0.40
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-
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0.40
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-
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Sale of leveraged lease
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-
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-
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-
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(0.06
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Extinguishment of debt
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-
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-
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0.08
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-
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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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0.52
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$
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0.51
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$
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0.95
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$
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1.14
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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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146,875
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$
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268,452
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$
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279,035
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$
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339,832
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Capital expenditures
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(34,602
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(38,722
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(73,441
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(88,751
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Restructuring payments
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10,980
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21,630
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27,255
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47,875
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Pension contribution
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-
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-
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-
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95,000
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Tax payments on sale of leveraged lease assets
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-
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15,671
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-
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84,904
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Reserve account deposits
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1,138
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28,008
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(26,189
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2,334
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Extinguishment of debt
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-
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-
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25,121
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-
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Free cash flow, as adjusted
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$
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124,391
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$
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295,039
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$
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231,781
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$
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481,194
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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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