Pitney Bowes Announces Fourth Quarter and Annual Results for 2012
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Pitney Bowes Inc.
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Reconciliation of Reported Consolidated Results to Adjusted
Results
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(Unaudited)
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(Dollars in thousands, except per share data)
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Three Months Ended December 31,
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Twelve Months Ended December 31,
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2012
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2011
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2012
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2011
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GAAP income from continuing operations
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after income taxes, as reported
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$
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98,950
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$
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50,575
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$
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435,932
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$
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400,556
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Restructuring charges and asset impairments
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15,096
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62,571
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15,407
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97,660
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Goodwill impairment
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-
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82,890
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-
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82,890
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Sale of leveraged lease assets
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-
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-
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(12,886
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(26,689
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Tax adjustments
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-
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579
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-
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3,539
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Income from continuing operations
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after income taxes, as adjusted
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$
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114,046
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$
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196,615
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$
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438,453
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$
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557,956
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GAAP diluted earnings per share from
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continuing operations, as reported
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$
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0.49
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$
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0.25
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$
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2.16
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$
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1.98
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Restructuring charges and asset impairments
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0.07
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0.31
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0.08
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0.48
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Goodwill impairment
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-
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0.41
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-
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0.41
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Sale of leveraged lease
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-
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-
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(0.06
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(0.13
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Tax adjustments
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-
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0.00
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-
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0.02
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Diluted earnings per share from continuing
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operations, as adjusted
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$
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0.56
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$
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0.98
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$
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2.18
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$
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2.75
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GAAP net cash provided by operating activities,
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as reported
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$
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255,560
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$
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198,531
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$
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660,188
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$
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948,987
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Capital expenditures
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(48,770
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(32,951
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(176,586
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(155,980
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Restructuring payments
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13,972
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28,623
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74,718
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107,002
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Pension contribution
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-
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-
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95,000
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123,000
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Tax payments on sale of leveraged lease assets
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14,879
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-
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114,128
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-
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Reserve account deposits
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17,009
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49,882
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1,636
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35,354
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Free cash flow, as adjusted
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$
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252,650
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$
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244,085
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$
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769,084
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$
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1,058,363
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NOTE:
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The sum of the earnings per share amounts may not equal the totals
above due to rounding.
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The above table includes an adjustment to GAAP net cash provided by
operating activities due to a reclassification between net cash
provided by operating activities and net cash used in investing
activities. As a result, GAAP net cash provided by operating
activities increased by $28.8 million for the year ended December
31, 2011, and decreased by $35.0 million for the nine months ended
September 30, 2012.
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