Pitney Bowes Announces First Quarter 2015 Financial Results

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

	March 31,			December 31,
Assets	2015			2014
Current assets:
Cash and cash equivalents	$	871,687		$	1,079,145
Short-term investments		41,741			32,121

Accounts receivable, gross		389,744			424,479
Allowance for doubtful accounts receivable		(10,166	)		(10,742	)
Accounts receivable, net		379,578			413,737

Short-term finance receivables		979,495			1,019,412
Allowance for credit losses		(17,422	)		(19,108	)
Short-term finance receivables, net		962,073			1,000,304

Inventories		95,029			84,827
Current income taxes		36,743			40,542
Other current assets and prepayments		67,881			57,173
Assets held for sale		43,750			52,271

Total current assets		2,498,482			2,760,120

Property, plant and equipment, net		288,680			285,091
Rental property and equipment, net		193,369			200,380

Long-term finance receivables		782,702			828,723
Allowance for credit losses		(7,479	)		(9,002	)
Long-term finance receivables, net		775,223			819,721

Goodwill		1,635,171			1,672,721
Intangible assets, net		72,172			82,173
Non-current income taxes		85,259			96,377
Other assets		561,087			569,110

Total assets	$	6,109,443		$	6,485,693

Liabilities, noncontrolling interests and stockholders' equity
Current liabilities:
Accounts payable and accrued liabilities	$	1,354,876		$	1,558,731
Current income taxes		102,347			90,167
Current portion of long-term obligations		520,914			324,879
Advance billings		409,381			386,846

Total current liabilities		2,387,518			2,360,623

Deferred taxes on income		66,775			64,839
Tax uncertainties and other income tax liabilities		88,381			86,127
Long-term debt		2,554,317			2,927,127
Other non-current liabilities		661,147			673,348

Total liabilities		5,758,138			6,112,064

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

Stockholders' equity:
Cumulative preferred stock, $50 par value, 4% convertible		1			1
Cumulative preference stock, no par value, $2.12 convertible		543			548
Common stock, $1 par value		323,338			323,338
Additional paid-in-capital		152,869			178,852
Retained earnings		4,940,505			4,897,708
Accumulated other comprehensive loss		(908,647	)		(846,156	)
Treasury stock, at cost		(4,453,674	)		(4,477,032	)

Total Pitney Bowes Inc. stockholders' equity		54,935			77,259

Total liabilities, noncontrolling interests and stockholders' equity	$	6,109,443		$	6,485,693

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