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Pitney Bowes Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: PBI

Please keep in mind that we do not undertake any obligation to update any forward-looking statements as a result of new information or developments.

Now, our Chairman, President and Chief Executive Officer, Murray Martin, will start with an overview of the quarter. Murray?

Murray D. Martin

Thanks, Charlie. Good afternoon, and thanks for joining us. I'll start by putting our overall performance this quarter into context. Mike will follow with the details on our second quarter results, and then I'll discuss our outlook for 2012. After the presentation, we'll take your questions.

For the last few years, we've been on a journey to deliver long-term customer and shareholder value. We are fundamentally transforming our business processes, reducing our cost structure and diversifying our range of offerings beyond physical mail. During the quarter, we continue to make progress against these long-term goals. We also continue to see favorable trends in parts of our business despite ongoing economic uncertainty and fluctuations in currency.

Although total revenue declined during the quarter, there was growth on a constant currency basis in 3 of our 7 business segments. And in 2 of the remaining segments, the rate of revenue decline has moderated.

There are drivers, particularly in the enterprise group, that we anticipate will moderate year-over-year revenue declines in the second half of the year as compared with the first half of the year. These drivers include expansion of e-commerce and direct mail opportunities in Mail Services, new print outsourcing services provided by management services and increased backlog of equipment orders for Production Mail.

In the quarter, we signed a strategic partnership with ORION Holdings to provide print management services that create substantial cost savings and increased value for the global network of interpublic companies, groups, agencies and clients. We will provide a platform that supports ORION Printing worldwide, which includes project management, global network of selected printers, print outsourcing expertise and technology that provides visibility tracking and accountability to each project.

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