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Pitney Bowes Announces Third Quarter Results For 2012

EBIT margin for the segment again improved versus the prior year, even though there were fewer lease extensions on existing equipment. The higher proportion of equipment sales revenue will result in an improvement in customer retention and future recurring revenue streams; however, fewer lease extensions reduced EBIT margin in the quarter.

International Mailing

  3Q 2012   Y-O-Y Change   Change ex Currency
Revenue $154 million (13%) (7%)
EBIT   $ 11 million   (55%)    

International Mailing revenue was negatively impacted by the uncertain economic environment in Europe, resulting in fewer upgrades and lower equipment sales, especially in the U.K. In addition, revenue comparisons were impacted by a postal rate change in France in the third quarter of last year, which generated $6 million of equipment sales related to postal rate updates (PROMs), which was not repeated this year.

EBIT margin declined year-over-year due to lower revenue, lack of high-margin PROM sales contribution this quarter and the overall mix of business.

Enterprise Business Solutions Group

  3Q 2012   Y-O-Y Change   Change ex Currency
Revenue $614 million (5%) (4%)
EBIT   $ 41 million   (46%)    

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.

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