Pitney Bowes Announces Full Year 2014 and Fourth Quarter Financial Results

In the Small and Medium Business (SMB) Solutions group, revenue declined 7 percent on a reported basis and 5 percent on a constant currency basis. When revenue is adjusted for the impacts of currency and the divested revenues in Europe that are included in the prior year, for comparative purposes revenue would have declined 3 percent for SMB Solutions, reflecting renewed stabilization.

Adjusted earnings per diluted share from continuing operations for the fourth quarter were $0.51. Earnings per diluted share from continuing operations on a GAAP basis were $0.29, which includes a restructuring charge of $0.22 per share associated with an expansion of previously announced cost reduction plans. GAAP earnings per diluted share for the fourth quarter were $0.31, which includes income of $0.02 per share from discontinued operations.

The Company’s results for the quarter and the year are summarized in the table below:

   
Fourth Quarter Full Year

2014

 

2013

2014

 

2013

Adjusted EPS from continuing operations $0.51 $0.51 $1.90 $1.81
Restructuring charges and asset impairments ($0.22) ($0.11) ($0.29) ($0.29)
Extinguishment of debt - ($0.02) ($0.19) ($0.10)
Investment divestiture - - $0.05 -
GAAP EPS from continuing operations $0.29 $0.37 $1.47 $1.42
Discontinued operations – income (loss) $0.02 $0.07 $0.17 ($0.71)
GAAP EPS $0.31 $0.44 $1.64 $0.70
* The sum of the earnings per share may not equal the totals above due to rounding
 

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