Pitney Bowes Announces First Quarter 2014 Results


Pitney Bowes Inc.
Consolidated Balance Sheets
(Unaudited in thousands, except per share data)

Assets	March 31, 2014			December 31, 2013
Current assets:
Cash and cash equivalents	$	903,342		$	907,806
Short-term investments		27,060			31,128

Accounts receivable, gross		444,149			482,949
Allowance for doubtful accounts receivable		(13,900	)		(13,149	)
Accounts receivable, net		430,249			469,800

Finance receivables		1,095,183			1,127,261
Allowance for credit losses		(23,607	)		(24,340	)
Finance receivables, net		1,071,576			1,102,921

Inventories		100,956			103,580
Current income taxes		30,006			28,934
Other current assets and prepayments		125,065			147,067
Assets held for sale		127,038			46,976

Total current assets		2,815,292			2,838,212

Property, plant and equipment, net		237,901			245,171
Rental property and equipment, net		219,512			226,146

Finance receivables		886,853			974,972
Allowance for credit losses		(12,014	)		(12,609	)
Finance receivables, net		874,839			962,363

Investment in leveraged leases		33,690			34,410
Goodwill		1,726,596			1,734,871
Intangible assets, net		110,878			120,387
Non-current income taxes		69,008			73,751
Other assets		543,620			537,397

Total assets	$	6,631,336		$	6,772,708

Liabilities, noncontrolling interests and stockholders' equity
Current liabilities:
Accounts payable and accrued liabilities	$	1,484,250		$	1,644,582
Current income taxes		163,080			157,340
Notes payable and current portion of long-term obligations		274,879			-
Advance billings		466,410			425,833
Liabilities related to assets held for sale		1,116			-

Total current liabilities		2,389,735			2,227,755

Deferred taxes on income		58,975			60,667
Tax uncertainties and other income tax liabilities		187,423			186,452
Long-term debt		3,066,690			3,346,295
Other non-current liabilities		442,365			466,766

Total liabilities		6,145,188			6,287,935

Noncontrolling interests (Preferred stockholders' equity in subsidiaries)		296,370			296,370

Stockholders' equity:
Cumulative preferred stock, $50 par value, 4% convertible		1			4
Cumulative preference stock, no par value, $2.12 convertible		563			591
Common stock, $1 par value		323,338			323,338
Additional paid-in-capital		170,038			196,977
Retained Earnings		4,705,475			4,698,791
Accumulated other comprehensive loss		(573,333	)		(574,556	)
Treasury Stock, at cost		(4,436,304	)		(4,456,742	)

Total Pitney Bowes Inc. stockholders' equity		189,778			188,403

Total liabilities, noncontrolling interests and stockholders' equity	$	6,631,336		$	6,772,708

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