Pitney Bowes Announces First Quarter 2015 Financial Results

Pitney Bowes Inc.
Revenue and EBIT
Business Segments
March 31, 2015
(Unaudited)

(Dollars in thousands)	Three Months Ended March 31,
							%
	2015			2014			Change
Revenue

North America Mailing	$	361,874		$	381,027		(5	%)
International Mailing		116,173			153,268		(24	%)
Small & Medium Business Solutions		478,047			534,295		(11	%)

Production Mail		99,503			105,216		(5	%)
Presort Services		121,531			116,491		4	%
Enterprise Business Solutions		221,034			221,707		-

Digital Commerce Solutions		191,600			181,495		6	%

Total revenue	$	890,681		$	937,497		(5	%)

EBIT (1)

North America Mailing	$	163,665		$	160,338		2	%
International Mailing		11,724			24,819		(53	%)
Small & Medium Business Solutions		175,389			185,157		(5	%)

Production Mail		9,032			7,737		17	%
Presort Services		27,494			23,896		15	%
Enterprise Business Solutions		36,526			31,633		15	%

Digital Commerce Solutions		15,895			9,531		67	%

Total EBIT	$	227,810		$	226,321		1	%

Unallocated amounts:
Interest, net (2)		(42,834	)		(43,717	)
Corporate and other expenses		(49,461	)		(56,604	)
Restructuring charges, net		81			(9,841	)
Other expense, net		-			(61,657	)

Income from continuing operations before income taxes	$	135,596		$	54,502

(1) Earnings before interest and taxes (EBIT) excludes general corporate expenses and restructuring charges, net.
(2) Interest, net includes financing interest expense, other interest expense and interest income.

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