Pitney Bowes Announces Third Quarter 2015 Financial Results

Note: Consolidated statements of income; revenue and EBIT by business segment; and reconciliation of GAAP to non-GAAP measures for the three and nine months ended September 30, 2015 and 2014, and consolidated balance sheets at September 30, 2015 and December 31, 2014 are attached.

Pitney Bowes Inc.
Consolidated Statements of Income

(Unaudited; in thousands, except per share data)

                   
                   
     

Three months ended

September 30,

 

Nine months ended

September 30,

      2015   2014   2015   2014
Revenue:                
  Equipment sales   $ 163,857     $ 177,458     $ 495,328     $ 558,032
  Supplies     71,174       72,548       215,178       228,349
  Software     97,700       112,271       283,241       312,891
  Rentals     108,420       119,047       333,729       365,069
  Financing     99,925       107,835       306,992       325,529
  Support services     136,820       154,321       415,615       470,763
  Business services     191,645       198,164       591,030       576,958
                   
  Total revenue     869,541       941,644       2,641,113       2,837,591
                   
Costs and expenses:                
  Cost of equipment sales     78,650       90,984       232,706       262,336
  Cost of supplies     21,629       22,470       65,912       70,129
  Cost of software     27,219       29,775       85,584       93,423
  Cost of rentals     21,423       23,636       63,127       74,273
  Financing interest expense     17,533       19,667       54,171       59,733
  Cost of support services     79,747       92,500       244,853       288,203
  Cost of business services     130,004       142,512       405,559       406,472
  Selling, general and administrative     309,211       341,738       939,318       1,031,497
  Research and development     29,153       26,060       83,693       80,901
  Restructuring charges and asset impairments, net     36       4,526       14,305       22,666
  Interest expense, net     20,165       22,158       65,200       67,704
  Other (income) expense, net     (1,781 )     (15,919 )     (94,916 )     45,738
                   
  Total costs and expenses     732,989       800,107       2,159,512       2,503,075
                   
Income from continuing operations before income taxes     136,552       141,537       481,601       334,516
                   
Provision for income taxes     42,676       25,310       145,574       79,681
                   
Income from continuing operations     93,876       116,227       336,027       254,835
                   
Income (loss) from discontinued operations, net of tax     -       20,655       (582 )     30,173
                   
Net income before attribution of noncontrolling interests     93,876       136,882       335,445       285,008
                   

Less: Preferred stock dividends of subsidiaries attributable to noncontrolling interests

    4,594       4,593       13,781       13,781
                   
Net income - Pitney Bowes Inc.   $ 89,282     $ 132,289     $ 321,664     $ 271,227
                   
                   
Amounts attributable to common stockholders:                
  Income from continuing operations   $ 89,282     $ 111,634     $ 322,246     $ 241,054
  Income (loss) from discontinued operations, net of tax     -       20,655       (582 )     30,173
                   
  Net income - Pitney Bowes Inc.   $ 89,282     $ 132,289     $ 321,664     $ 271,227
                   
Basic earnings per share attributable to common stockholders (1) :                
  Continuing operations   $ 0.45     $ 0.55     $ 1.60     $ 1.19
  Discontinued operations     -       0.10       -       0.15
                   
  Net income - Pitney Bowes Inc.   $ 0.45     $ 0.65     $ 1.60     $ 1.34
                   
Diluted earnings per share attributable to common stockholders (1) :                
  Continuing operations   $ 0.44     $ 0.55     $ 1.60     $ 1.18
  Discontinued operations     -       0.10       -       0.15
                   
  Net income - Pitney Bowes Inc.   $ 0.44     $ 0.65     $ 1.59     $ 1.33
                   
Weighted-average shares used in diluted EPS     201,016,809       203,968,557       201,884,967       203,959,978
                 

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

 
 

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