Pitney Bowes Announces First Quarter 2014 Results


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

(Dollars in thousands, except per share data)

	Three Months Ended March 31,
	2014			2013

GAAP income from continuing operations
after income taxes, as reported	$	41,872		$	59,476
Restructuring charges		6,681			-
Extinguishment of debt		37,833			15,325
Income from continuing operations
after income taxes, as adjusted	$	86,386		$	74,801


GAAP diluted earnings per share from
continuing operations, as reported	$	0.21		$	0.29
Restructuring charges		0.03			-
Extinguishment of debt		0.19			0.08
Diluted earnings per share from continuing
operations, as adjusted	$	0.42		$	0.37


GAAP net cash provided by operating activities,
as reported	$	105,616		$	132,160
Capital expenditures		(30,143	)		(38,839	)
Restructuring payments		18,937			16,275
Reserve account deposits		(15,159	)		(27,327	)
Extinguishment of debt		58,357			25,121

Free cash flow, as adjusted	$	137,608		$	107,390

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