Pitney Bowes Announces Full Year 2014 and Fourth Quarter Financial Results
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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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2014
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2013
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2014
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2013
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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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58,952
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$
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75,141
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$
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300,006
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$
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287,612
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Restructuring charges & asset impairments
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44,188
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23,363
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59,349
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59,024
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Extinguishment of debt
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-
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4,586
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37,833
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19,911
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Investment divestiture
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-
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-
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(9,774
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-
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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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103,140
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$
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103,090
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$
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387,414
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$
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366,547
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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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0.29
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$
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0.37
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$
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1.47
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$
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1.42
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Restructuring charges & asset impairments
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0.22
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0.11
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0.29
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0.29
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Extinguishment of debt
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-
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0.02
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0.19
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0.10
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Investment divestiture
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-
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-
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(0.05
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-
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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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0.51
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$
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0.51
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$
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1.90
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$
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1.81
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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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258,094
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$
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131,264
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$
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655,526
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$
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624,824
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Capital expenditures
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(59,286
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(34,120
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(180,556
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(137,512
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Restructuring payments
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14,011
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18,167
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56,162
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59,520
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Net tax receipts related to investment divestiture
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(59,475
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-
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(5,737
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)
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-
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Tax payments related to sale of businesses
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-
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75,545
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-
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75,545
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Reserve account deposits
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253
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(3,142
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(15,666
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(20,104
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Extinguishment of debt
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-
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7,518
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61,657
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32,639
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Free cash flow, as adjusted
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$
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153,597
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$
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195,232
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$
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571,386
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$
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634,912
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Note: The sum of the earnings per share amounts may not equal the
totals above due to rounding.
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