Pitney Bowes Announces First Quarter 2014 Results


Pitney Bowes Inc.
Revenue and EBIT
Business Segments
March 31, 2014
(Unaudited)

(Dollars in thousands)	Three Months Ended March 31,
							%
	2014			2013			Change
Revenue

North America Mailing	$	381,027			388,836		-2	%
International Mailing		153,268			152,976		0	%
Small & Medium Business Solutions		534,295			541,812		-1	%

Production Mail		105,216			109,453		-4	%
Presort Services		116,491			110,900		5	%
Enterprise Business Solutions		221,707			220,353		1	%

Digital Commerce Solutions		181,495			147,198		23	%

Total revenue	$	937,497		$	909,363		3	%

EBIT (1)

North America Mailing	$	160,338		$	148,458		8	%
International Mailing		24,819			17,390		43	%
Small & Medium Business Solutions		185,157			165,848		12	%

Production Mail		7,737			7,832		-1	%
Presort Services		23,896			23,488		2	%
Enterprise Business Solutions		31,633			31,320		1	%

Digital Commerce Solutions		9,531			(279	)	N/M

Total EBIT	$	226,321		$	196,889		15	%

Unallocated amounts:
Interest, net (2)		(43,717	)		(48,010	)
Corporate and other expenses		(56,604	)		(41,893	)
Restructuring charges		(9,841	)		-
Other expense, net		(61,657	)		(25,121	)

Income from continuing operations before income taxes	$	54,502		$	81,865


⁽¹⁾		Earnings before interest and taxes (EBIT) excludes general corporate expenses and restructuring charges.

⁽²⁾		Interest, net includes financing interest expense, other interest expense and interest income.

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