Pitney Bowes Announces Third Quarter Results for 2011

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, 2011 and 2010, and consolidated balance sheets at September 30, 2011 and June 30, 2011 are attached.

 

Pitney Bowes Inc.

Consolidated Statements of Income

(Unaudited)

             
(Dollars in thousands, except per share data)
 
Three Months Ended September 30, Nine Months Ended September 30,
2011 2010 (2) 2011 2010 (2)
Revenue:
Equipment sales $ 221,475 $ 245,634 $ 706,027 $ 713,021
Supplies 74,271 77,304 235,728 239,635
Software 113,224 98,444 318,305 270,508
Rentals 140,172 151,399 425,799 456,977
Financing 150,038 157,333 454,223 476,712
Support services 175,286 175,844 530,707 531,176
Business services   425,258     439,784     1,266,478     1,303,183  
 
Total revenue   1,299,724     1,345,742     3,937,267     3,991,212  
 
Costs and expenses:
Cost of equipment sales 97,559 113,282 316,697 320,191
Cost of supplies 22,611 23,843 74,365 73,381
Cost of software 23,431 23,630 73,541 65,993
Cost of rentals 32,581 36,277 97,989 107,658
Financing interest expense 21,430 22,189 66,915 65,948
Cost of support services 114,074 111,521 344,767 337,822
Cost of business services 326,415 335,588 985,232 1,003,712
Selling, general and administrative 430,650 435,292 1,296,584 1,304,941
Research and development 35,573 38,454 107,772 117,487
Restructuring charges and asset impairments 32,956 33,805 63,974 103,039
Goodwill impairment 45,650 - 45,650 -
Other interest expense 28,932 29,310 86,006 86,172
Interest income (1,265 ) (393 ) (4,702 ) (1,851 )
Other income, net   (10,718 )   -     (10,718 )   -  
 
Total costs and expenses   1,199,879     1,202,798     3,544,072     3,584,493  
 
Income from continuing operations before income taxes 99,845 142,944 393,195 406,719
 
Provision for income taxes   (17,087 )   46,880     77,319     155,302  
 
Income from continuing operations 116,932 96,064 315,876 251,417
 
Gain (loss) from discontinued operations, net of income tax   60,428     (2,536 )   57,911     (8,332 )
 
Net income before attribution of noncontrolling interests 177,360 93,528 373,787 243,085
 
Less: Preferred stock dividends of subsidiaries
attributable to noncontrolling interests   4,593     4,593     13,781     13,730  
 
Net income - Pitney Bowes Inc. $ 172,767   $ 88,935   $ 360,006   $ 229,355  
 
 
 
Amounts attributable to Pitney Bowes Inc.:
Income from continuing operations $ 112,339 $ 91,471 $ 302,095 $ 237,687
Gain (loss) from discontinued operations   60,428     (2,536 )   57,911     (8,332 )
 
Net income - Pitney Bowes Inc. $ 172,767   $ 88,935   $ 360,006   $ 229,355  
 
Basic earnings per share of common stock attributable to
Pitney Bowes Inc. common stockholders (1):
Continuing operations $ 0.56 $ 0.44 $ 1.49 $ 1.15
Discontinued operations   0.30     (0.01 )   0.29     (0.04 )
 
Net income - Pitney Bowes Inc. $ 0.86   $ 0.43   $ 1.78   $ 1.11  
 
Diluted earnings per share of common stock attributable to
Pitney Bowes Inc. common stockholders (1):
Continuing operations $ 0.56 $ 0.44 $ 1.48 $ 1.15
Discontinued operations   0.30     (0.01 )   0.28     (0.04 )
 
Net income - Pitney Bowes Inc. $ 0.85   $ 0.43   $ 1.77   $ 1.11  
 
 
(1) The sum of the earnings per share amounts may not equal the totals above due to rounding.
(2) Certain prior year amounts have been reclassified to conform to the current year presentation.

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15  Next Page »



Review Article Be the first to review this article

Featured Video
Editorial
Jeff RoweJeff's MCAD Blogging
by Jeff Rowe
Re-Use Your CAD: The ModelCHECK Handbook
Jobs
Business Partner Manager for Cityworks - Azteca Systems, LLC at Sandy, UT
GIS Analyst II for Air Worldwide at Boston, MA
Upcoming Events
Design & Manufacturing, Feb 7 - 9, 2017 Anaheim Convention Center, Anaheim, CA at Anaheim Convention Center Anaheim CA - Feb 7 - 9, 2017
Innorobo 2017 at Docks de Paris Paris France - May 16 - 18, 2017
Display Week 2017 at Los Angeles Convention Center 1201 S Figueroa St Los Angeles CA - May 21 - 26, 2017



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy Advertise