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) |
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Three months ended September 30, |
Nine months ended September 30, |
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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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