Pitney Bowes Announces Full Year 2014 and Fourth Quarter

Pitney Bowes Announces Full Year 2014 and Fourth Quarter Financial Results


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,
	2014			2013			2014			2013

GAAP income from continuing operations
after income taxes, as reported	$	58,952		$	75,141		$	300,006		$	287,612
Restructuring charges & asset impairments		44,188			23,363			59,349			59,024
Extinguishment of debt		-			4,586			37,833			19,911
Investment divestiture		-			-			(9,774	)		-
Income from continuing operations
after income taxes, as adjusted	$	103,140		$	103,090		$	387,414		$	366,547


GAAP diluted earnings per share from
continuing operations, as reported	$	0.29		$	0.37		$	1.47		$	1.42
Restructuring charges & asset impairments		0.22			0.11			0.29			0.29
Extinguishment of debt		-			0.02			0.19			0.10
Investment divestiture		-			-			(0.05	)		-
Diluted earnings per share from continuing
operations, as adjusted	$	0.51		$	0.51		$	1.90		$	1.81


GAAP net cash provided by operating activities,
as reported	$	258,094		$	131,264		$	655,526		$	624,824
Capital expenditures		(59,286	)		(34,120	)		(180,556	)		(137,512	)
Restructuring payments		14,011			18,167			56,162			59,520
Net tax receipts related to investment divestiture		(59,475	)		-			(5,737	)		-
Tax payments related to sale of businesses		-			75,545			-			75,545
Reserve account deposits		253			(3,142	)		(15,666	)		(20,104	)
Extinguishment of debt		-			7,518			61,657			32,639

Free cash flow, as adjusted	$	153,597		$	195,232		$	571,386		$	634,912



Note: The sum of the earnings per share amounts may not equal the totals above due to rounding.

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