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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114,046
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196,615
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438,453
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557,956
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Provision for income taxes, as adjusted
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51,418
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(9,623
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)
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174,718
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138,539
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Preferred stock dividends of subsidiaries
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attributable to noncontrolling interests
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4,594
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4,594
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18,376
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18,375
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Income from continuing operations, as adjusted
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170,058
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191,586
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631,547
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714,870
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Interest expense, net
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45,533
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49,047
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188,386
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197,266
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Adjusted EBIT
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215,591
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240,633
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819,933
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912,136
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Depreciation and amortization
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64,049
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67,141
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255,556
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272,142
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Adjusted EBITDA
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$
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279,640
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$
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307,774
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$
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1,075,489
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$
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1,184,278
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