Pitney Bowes Announces Third Quarter Results for 2012

Within the Enterprise Business Solutions Group:

Worldwide Production Mail

  3Q 2012   Y-O-Y Change   Change ex Currency
Revenue $122 million 4% 7%
EBIT   $ 4 million   204%    
 

Production Mail revenue benefited from increased worldwide equipment sales following the Drupa trade show held during the second quarter.

The company continues to make progress with its Volly™ service and has now signed 60 large third-party mail service providers who will offer the Volly secure digital mail service to 6,500 companies and consumer brands. As it continues to work with billers and develop its software, the company has decided to add to and enhance its technology to provide additional capabilities that will improve the onboarding process for billers. This will result in improving the scalability of the service and facilitating biller density. Therefore, the company has determined that Volly’s long-term value will be enhanced by deferring its availability to consumers until 2013.

EBIT improved when compared to the prior year due to the growth of revenue and cost reduction initiatives in the U.S. and Europe, offset by continued investment in Volly. Excluding the investment in Volly, EBIT margin would have been approximately 540 basis points higher this quarter.

Software

  3Q 2012   Y-O-Y Change   Change ex Currency
Revenue $ 89 million (19%) (18%)
EBIT   $ 1 million   (94%)    
 

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