| Pitney Bowes Inc. | |||||||||||||||||||||
| Reconciliation of Reported Consolidated Results to Adjusted Results | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| (Dollars in thousands, except per share data) | |||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
| GAAP income from continuing operations | |||||||||||||||||||||
| after income taxes, as reported | $ | 10,834 | $ | 103,435 | $ | 82,029 | $ | 243,447 | |||||||||||||
| Restructuring charges and asset impairments | 13,493 | (912 | ) | 13,493 | (912 | ) | |||||||||||||||
| Goodwill impairment | 81,638 | - | 81,638 | - | |||||||||||||||||
| Sale of leveraged lease assets | - | - | - | (12,886 | ) | ||||||||||||||||
| Extinguishment of debt | - | - | 15,325 | - | |||||||||||||||||
| Income from continuing operations | |||||||||||||||||||||
| after income taxes, as adjusted | 105,965 | 102,523 | 192,485 | 229,649 | |||||||||||||||||
| Provision for income taxes, as adjusted | 37,771 | 53,440 | 75,306 | 85,240 | |||||||||||||||||
| Preferred stock dividends of subsidiaries |
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attributable to noncontrolling interests |
4,594 | 4,594 | 9,188 |
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9,188 | ||||||||||||||||
| Income from continuing operations, as adjusted | 148,330 | 160,557 | 276,979 | 324,077 | |||||||||||||||||
| Interest expense, net | 49,843 | 48,992 | 98,709 | 97,765 | |||||||||||||||||
| Adjusted EBIT | 198,173 | 209,549 | 375,688 | 421,842 | |||||||||||||||||
| Depreciation and amortization | 56,475 | 67,237 | 113,702 | 131,607 | |||||||||||||||||
| Adjusted EBITDA | $ | 254,648 | $ | 276,786 | $ | 489,390 | $ | 553,449 | |||||||||||||
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Pitney Bowes Announces Second Quarter 2013 Results
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