Pitney Bowes Announces Second Quarter 2016 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 six months ended June 30, 2016 and 2015, and consolidated balance sheets at June 30, 2016 and December 31, 2015 are attached.

Pitney Bowes Inc.
Consolidated Statements of Income
(Unaudited; in thousands, except share and per share amounts)
 
  Three months ended June 30,     Six months ended June 30,
2016   2015 2016   2015
Revenue:
Equipment sales $ 152,641 $ 165,507 $ 312,002 $ 331,471
Supplies 65,274 70,636 137,325 144,004
Software 90,615 99,184 168,673 185,541
Rentals 102,869 111,312 206,959 225,309
Financing 91,609 101,437 189,032 207,067
Support services 131,418 139,237 259,678 278,795
Business services   201,460     193,578     406,806     399,385  
 
Total revenue   835,886     880,891     1,680,475     1,771,572  
 
Costs and expenses:
Cost of equipment sales 78,055 79,043 149,594 154,056
Cost of supplies 19,624 21,624 40,314 44,283
Cost of software 26,983 28,501 53,798 58,365
Cost of rentals 18,415 21,003 38,910 41,704
Financing interest expense 13,495 17,868 28,410 36,638
Cost of support services 74,742 81,507 149,991 165,106
Cost of business services 140,830 135,636 276,368 275,555
Selling, general and administrative 288,580 315,578 615,462 630,107
Research and development 34,513 28,492 61,081 54,540
Restructuring charges and asset impairments, net 26,076 14,350 33,009 14,269
Interest expense, net 20,799 20,971 40,100 45,035
Other expense (income), net   536     (93,135 )   536     (93,135 )
 
Total costs and expenses   742,648     671,438     1,487,573     1,426,523  
 
Income from continuing operations before income taxes 93,238 209,453 192,902 345,049
Provision for income taxes   33,394     52,351     70,418     102,898  
 
Income from continuing operations 59,844 157,102 122,484 242,151
Loss from discontinued operations, net of tax   (1,660 )   (739 )   (1,660 )   (582 )
 
Net income 58,184 156,363 120,824 241,569
Less: Preferred stock dividends attributable to noncontrolling interests   4,594     4,593     9,188     9,187  
 
Net income - Pitney Bowes Inc. $ 53,590   $ 151,770   $ 111,636   $ 232,382  
 
Amounts attributable to common stockholders:
Net income from continuing operations $ 55,250 $ 152,509 $ 113,296 $ 232,964
Loss from discontinued operations, net of tax   (1,660 )   (739 )   (1,660 )   (582 )
 
Net income - Pitney Bowes Inc. $ 53,590   $ 151,770   $ 111,636   $ 232,382  
 
Basic earnings per share attributable to common stockholders (1) :
Continuing operations $ 0.29 $ 0.76 $ 0.60 $ 1.16
Discontinued operations   (0.01 )   -     (0.01 )   -  
 
Net income - Pitney Bowes Inc. $ 0.29   $ 0.75   $ 0.59   $ 1.15  
 
Diluted earnings per share attributable to common stockholders (1) :
Continuing operations $ 0.29 $ 0.75 $ 0.59 $ 1.15
Discontinued operations   (0.01 )   -     (0.01 )   -  
 
Net income - Pitney Bowes Inc. $ 0.28   $ 0.75   $ 0.59   $ 1.15  
 
Weighted-average shares used in diluted earnings per share   188,362,278     202,839,944     190,806,261     202,634,107  
(1)   The sum of the earnings per share amounts may not equal the totals due to rounding.
 

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