Pitney Bowes Announces Fourth Quarter and Annual Results for 2012


Pitney Bowes Inc.
Consolidated Statements of Income
(Unaudited)

(Dollars in thousands, except per share data)
	Three months ended December 31,						Twelve months ended December 31,
	2012			2011 ⁽²⁾			2012			2011 ⁽²⁾
Revenue:
Equipment sales	$	281,772		$	280,365		$	938,289		$	986,392
Supplies		69,815			72,246			283,604			307,974
Software		110,385			108,301			412,762			426,606
Rentals		141,445			151,926			569,619			618,990
Financing		121,435			134,311			495,130			547,269
Support services		173,243			175,798			689,667			706,505
Business services		389,212			382,208			1,514,944			1,528,860

Total revenue		1,287,307			1,305,155			4,904,015			5,122,596

Costs and expenses:
Cost of equipment sales		149,861			132,782			459,051			449,479
Cost of supplies		22,141			23,089			87,569			97,454
Cost of software		24,427			25,566			92,708			99,107
Cost of rentals		28,098			30,770			115,356			138,603
Financing interest expense		19,755			20,783			81,140			87,698
Cost of support services		105,750			107,815			440,055			452,582
Cost of business services		298,767			287,354			1,156,828			1,161,429
Selling, general and administrative		410,281			425,473			1,598,286			1,690,360
Research and development		32,390			40,873			136,908			148,645
Restructuring charges and asset impairments		22,291			84,087			23,117			136,548
Goodwill impairment		-			84,500			-			84,500
Other interest expense		27,967			29,357			115,228			115,363
Interest income		(2,189	)		(1,093	)		(7,982	)		(5,795	)
Other income, net		-			(9,200	)		1,138			(19,918	)

Total costs and expenses		1,139,539			1,282,156			4,299,402			4,636,055

Income from continuing operations before income taxes		147,768			22,999			604,613			486,541

Provision for income taxes		44,224			(32,170	)		150,305			67,610

Income from continuing operations		103,544			55,169			454,308			418,931

Income from discontinued operations, net of income tax		11,387			206,899			9,231			216,924

Net income before attribution of noncontrolling interests		114,931			262,068			463,539			635,855

Less: Preferred stock dividends of subsidiaries attributable
to noncontrolling interests		4,594			4,594			18,376			18,375

Net income - Pitney Bowes Inc.	$	110,337		$	257,474		$	445,163		$	617,480


Amounts attributable to common stockholders:
Income from continuing operations	$	98,950		$	50,575		$	435,932		$	400,556
Income from discontinued operations		11,387			206,899			9,231			216,924

Net income - Pitney Bowes Inc.	$	110,337		$	257,474		$	445,163		$	617,480

Basic earnings per share attributable to common stockholders ⁽¹⁾ :
Continuing operations		0.49			0.25			2.18			1.98
Discontinued operations		0.06			1.04			0.05			1.07

Net income - Pitney Bowes Inc.	$	0.55		$	1.29		$	2.22		$	3.06

Diluted earnings per share attributable to common stockholders ⁽¹⁾ :
Continuing operations		0.49			0.25			2.16			1.98
Discontinued operations		0.06			1.03			0.05			1.07

Net income - Pitney Bowes Inc.	$	0.55		$	1.28		$	2.21		$	3.05

⁽¹⁾		The sum of the earnings per share amounts may not equal the totals above due to rounding.

⁽²⁾		Certain prior year amounts have been reclassified to conform to the current year presentation.

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