Pitney Bowes Announces Fourth Quarter and Annual Results for 2012

       
Pitney Bowes Inc.
Consolidated Statements of Income
(Unaudited)
 
(Dollars in thousands, except per share data)
Three months ended December 31, Twelve months ended December 31,
2012

2011 (2)

2012

2011 (2)

Revenue:
Equipment sales $ 281,772 $ 280,365 $ 938,289 $ 986,392
Supplies 69,815 72,246 283,604 307,974
Software 110,385 108,301 412,762 426,606
Rentals 141,445 151,926 569,619 618,990
Financing 121,435 134,311 495,130 547,269
Support services 173,243 175,798 689,667 706,505
Business services   389,212     382,208     1,514,944     1,528,860  
 
Total revenue   1,287,307     1,305,155     4,904,015     5,122,596  
 
Costs and expenses:
Cost of equipment sales 149,861 132,782 459,051 449,479
Cost of supplies 22,141 23,089 87,569 97,454
Cost of software 24,427 25,566 92,708 99,107
Cost of rentals 28,098 30,770 115,356 138,603
Financing interest expense 19,755 20,783 81,140 87,698
Cost of support services 105,750 107,815 440,055 452,582
Cost of business services 298,767 287,354 1,156,828 1,161,429
Selling, general and administrative 410,281 425,473 1,598,286 1,690,360
Research and development 32,390 40,873 136,908 148,645
Restructuring charges and asset impairments 22,291 84,087 23,117 136,548
Goodwill impairment - 84,500 - 84,500
Other interest expense 27,967 29,357 115,228 115,363
Interest income (2,189 ) (1,093 ) (7,982 ) (5,795 )
Other income, net   -     (9,200 )   1,138     (19,918 )
 
Total costs and expenses   1,139,539     1,282,156     4,299,402     4,636,055  
 
Income from continuing operations before income taxes 147,768 22,999 604,613 486,541
 
Provision for income taxes   44,224     (32,170 )   150,305     67,610  
 
Income from continuing operations 103,544 55,169 454,308 418,931
 
Income from discontinued operations, net of income tax   11,387     206,899     9,231     216,924  
 
Net income before attribution of noncontrolling interests 114,931 262,068 463,539 635,855
 
Less: Preferred stock dividends of subsidiaries attributable
to noncontrolling interests   4,594     4,594     18,376     18,375  
 
Net income - Pitney Bowes Inc. $ 110,337   $ 257,474   $ 445,163   $ 617,480  
 
 
Amounts attributable to common stockholders:
Income from continuing operations $ 98,950 $ 50,575 $ 435,932 $ 400,556
Income from discontinued operations   11,387     206,899     9,231     216,924  
 
Net income - Pitney Bowes Inc. $ 110,337   $ 257,474   $ 445,163   $ 617,480  
 

Basic earnings per share attributable to common stockholders (1) :

Continuing operations 0.49 0.25 2.18 1.98
Discontinued operations   0.06     1.04     0.05     1.07  
 
Net income - Pitney Bowes Inc. $ 0.55   $ 1.29   $ 2.22   $ 3.06  
 
Diluted earnings per share attributable to common stockholders (1) :
Continuing operations 0.49 0.25 2.16 1.98
Discontinued operations   0.06     1.03     0.05     1.07  
 
Net income - Pitney Bowes Inc. $ 0.55   $ 1.28   $ 2.21   $ 3.05  
 
(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.
 

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