Pitney Bowes Announces Third Quarter Results for 2011

 
Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results

(Unaudited)

       
(Dollars in thousands, except per share data)
 
Three Months Ended September 30,   Nine Months Ended September 30,
2011 2010 2011 2010
 
GAAP income from continuing operations
after income taxes, as reported $ 112,339 $ 91,471 $ 302,095 $ 237,687
Restructuring charges and asset impairments 22,169 21,630 43,038 67,027
Goodwill impairment 31,334 - 31,334 -
Sale of leveraged lease (26,689 ) - (26,689 ) -
Tax adjustments   447     568     2,960     22,058  
Income from continuing operations
after income taxes, as adjusted $ 139,600   $ 113,669   $ 352,738   $ 326,772  
 
 
GAAP diluted earnings per share from
continuing operations, as reported $ 0.56 $ 0.44 $ 1.48 $ 1.15
Restructuring charges and asset impairments 0.11 0.10 0.21 0.32
Goodwill impairment 0.15 - 0.15 -
Sale of leveraged lease (0.13 ) - (0.13 ) -
Tax adjustments   0.00     0.00     0.01     0.11  
Diluted earnings per share from continuing
operations, as adjusted $ 0.69   $ 0.55   $ 1.73   $ 1.58  
 
 
GAAP net cash provided by operating activities,
as reported $ 301,055 $ 243,085 $ 750,456 $ 666,887
Capital expenditures (35,012 ) (31,538 ) (123,029 ) (90,177 )
Restructuring payments 26,411 23,958 78,379 90,713
Pension contribution - - 123,000 -
Reserve account deposits   (32,616 )   (14,062 )   (14,528 )   5,405  
 
Free cash flow, as adjusted $ 259,838   $ 221,443   $ 814,278   $ 672,828  
 
 
 
Note: The sum of the earnings per share amounts may not equal the totals above due to rounding.

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