Pitney Bowes Announces Third Quarter Results for 2011

Revenue improved versus the prior year because of increased vendor advertising, despite a slight decline in the number of household moves. EBIT margin declined year-over-year in part because of incremental investments in new services, including the MyMove website. MyMove is a recently launched on-line service for movers that allows individuals, who are moving, to opt-in to various move-relevant products and services. Click through rates from the traditional MoverSource product to MyMove have been increasing steadily.

2011 Annual Guidance

This guidance discusses future results which are inherently subject to unforeseen risks and developments. As such, discussions about the business outlook should be read in the context of an uncertain future, as well as the risk factors identified in the safe harbor language at the end of this release.

The company is modifying its guidance to reflect results year-to-date, as well as, the impacts of a prolonged global economic slowdown, the impact in the third quarter of the tax settlement with the IRS, a charge to goodwill, and the sale of leveraged lease assets in Canada.

As a result of the heightened, global economic uncertainty and the recent impact it has had on some of the company’s Enterprise and SMB customers, the company now expects 2011 revenue, excluding the impacts of currency, in the range of minus 3 percent to minus 4 percent compared to our prior guidance of a range of minus 2 to positive one percent growth.

The company is narrowing its 2011 guidance for adjusted diluted earnings per share from continuing operations to reflect the impact in the third quarter of the tax settlement with the IRS for tax years 2001 thru 2004. The company now expects adjusted earnings per diluted share for the year in the range of $2.30 to $2.35 versus $2.15 to $2.35 previously provided.

The company is also narrowing its 2011 guidance range for GAAP diluted earnings per share from continuing operations to a range of $1.89 to $2.04 compared with $1.80 to $2.10 previously provided. The change in the GAAP guidance range reflects changes in adjusted earnings per diluted share expectations; an asset impairment charge and a charge to goodwill related to International Mail Services; and the sale of a leveraged lease in Canada. The reconciliation between adjusted diluted earnings per share and GAAP diluted earnings per share is summarized below:

     
    Full Year
2011 Adjusted EPS from Continuing Operations   $2.30 to $2.35
Restructuring Charges and Asset Impairments   ($0.39 to $0.29)
Goodwill Charge   ($0.15)
Sale of Leveraged Lease   $0.13
2011 GAAP EPS from Continuing Operations   $1.89 to $2.04
 

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