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
Provision for income taxes, as adjusted		50,840		35,895		155,705			116,015
Preferred stock dividends of subsidiaries
attributable to noncontrolling interests		4,594		4,593		18,375			18,375
Income from continuing operations before income taxes, as adjusted		158,574		143,578		561,494			500,937
Interest, net		42,013		44,462		169,450			186,987
Adjusted EBIT		200,587		188,040		730,944			687,924
Depreciation and amortization		54,728		41,027		197,234			194,905
Adjusted EBITDA	$	255,315	$	229,067	$	928,178		$	882,829

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