Pitney Bowes Announces Second Quarter 2016 Financial Results

Pitney Bowes Inc.
Business Segments - Revenue and EBIT
(Unaudited; in thousands)

	Three months ended June 30,								Six months ended June 30,
	2016			2015			% Change		2016			2015			% Change
Revenue

North America Mailing	$	322,068		$	356,791		(10	%)	$	671,794		$	718,665		(7	%)
International Mailing		106,338			110,610		(4	%)		210,097			226,783		(7	%)
Small & Medium Business Solutions		428,406			467,401		(8	%)		881,891			945,448		(7	%)

Production Mail		95,874			97,731		(2	%)		183,299			197,234		(7	%)
Presort Services		115,765			113,922		2	%		243,161			235,453		3	%
Enterprise Business Solutions		211,639			211,653		0	%		426,460			432,687		(1	%)

Software Solutions		90,464			99,041		(9	%)		168,386			185,278		(9	%)
Global Ecommerce		105,377			77,966		35	%		203,738			153,352		33	%
Digital Commerce Solutions		195,841			177,007		11	%		372,124			338,630		10	%

Other		-			24,830		(100	%)		-			54,807		(100	%)

Total revenue	$	835,886		$	880,891		(5	%)	$	1,680,475		$	1,771,572		(5	%)

EBIT ⁽¹⁾

North America Mailing	$	142,227		$	159,392		(11	%)	$	298,142		$	323,057		(8	%)
International Mailing		12,781			14,122		(9	%)		24,632			25,846		(5	%)
Small & Medium Business Solutions		155,008			173,514		(11	%)		322,774			348,903		(7	%)

Production Mail		12,914			10,028		29	%		19,738			19,060		4	%
Presort Services		21,214			23,544		(10	%)		50,124			51,038		(2	%)
Enterprise Business Solutions		34,128			33,572		2	%		69,862			70,098		0	%

Software Solutions		10,151			16,158		(37	%)		7,579			20,291		(63	%)
Global Ecommerce		3,674			3,056		20	%		4,446			11,202		(60	%)
Digital Commerce Solutions		13,825			19,214		(28	%)		12,025			31,493		(62	%)

Other		-			5,611		(100	%)		-			10,569		(100	%)

Segment EBIT	$	202,961		$	231,911		(12	%)	$	404,661		$	461,063		(12	%)


Reconciliation of segment EBIT to net income

Segment EBIT	$	202,961		$	231,911				$	404,661		$	461,063
Corporate expenses		(48,777	)		(51,921	)				(106,544	)		(102,724	)
Adjusted EBIT		154,184			179,990					298,117			358,339
Interest, net ⁽²⁾		(34,294	)		(38,839	)				(68,510	)		(81,673	)
Restructuring charges and asset impairments, net		(26,076	)		(14,350	)				(33,009	)		(14,269	)
Other (expense) income, net		(536	)		93,135					(536	)		93,135
Acquisition/disposition related expenses		(40	)		(10,483	)				(3,160	)		(10,483	)
Income from continuing operations before income taxes		93,238			209,453					192,902			345,049
Provision for income taxes		(33,394	)		(52,351	)				(70,418	)		(102,898	)
Income from continuing operations		59,844			157,102					122,484			242,151
Loss from discontinued operations, net of tax		(1,660	)		(739	)				(1,660	)		(582	)
Net income	$	58,184		$	156,363				$	120,824		$	241,569

⁽¹⁾		Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges and other items, which are not allocated to a particular business segment.

⁽²⁾		Includes financing interest expense and interest expense, net.

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