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Pitney Bowes Announces Fourth Quarter And Annual Results For 2012

Stocks in this article: PBI

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

Earnings Per Share Reconciliation*   Q4 2012   Q4 2011       FY 2012   FY 2011
Adjusted EPS from continuing operations before net tax benefit   $0.56   $0.61 $2.07   $2.31
Net tax benefit   -   $0.37 $0.11   $0.44
Adjusted EPS from continuing operations   $0.56   $0.98 $2.18   $2.75
Restructuring and asset impairments   ($0.07)   ($0.31) ($0.08)   ($0.48)
Goodwill charge   -   ($0.41) -   ($0.41)
Tax charge   -   - -   ($0.02)
Sale of leveraged lease assets   -   - $0.06   $0.13
GAAP EPS from continuing operations   $0.49   $0.25 $2.16   $1.98
Discontinued operations – income (loss)   $0.06   $1.03 $0.05   $1.07
GAAP EPS   $0.55   $1.28       $2.21   $3.05
*2012 and 2011 results reflect the International Mail Services (IMS) business as a discontinued operation.
The sum of the earnings per share may not equal the totals above due to rounding.

Free Cash Flow Results

Free cash flow during the quarter was $253 million and $769 million for the year. On a GAAP basis, the Company generated $256 million in cash from operations for the quarter and $660 million for the year. During the fourth quarter, the Company used cash to pay $84 million in dividends. For the year, the Company has used its cash primarily to reduce debt, pay dividends, contribute to its pension plans and make restructuring payments.

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