Pitney Bowes ( PBI) said it would consider alternatives for its Capital Services business in light of a regulatory ruling that could delay a planned spinoff till next year. The office gear company also rolled out a $300 million stock buyback. The Stamford, Conn., company said it is "assessing a broader range of asset and business disposition options, including a spin-off, a sale of the business, or a sale of all or a portion of the assets." Pitney said improved economic conditions and other factors make those options more attractive than they were three years ago, when the company said it would seek to divest itself of the assets. Capital Services provides commercial financing solutions for non-Pitney Bowes equipment in three areas: capital equipment, vendor financing, and commercial real estate. At the end of 2004, the board approved a plan to pursue a spinoff, contingent upon certain events. Pitney Bowes also agreed to sell a lease portfolio that's part of the assets that were designated for spinoff to a Rabobank unit. The company said it definitively agreed to sell the Imagistics International leases to De Lage Landen Operational Services for roughly $285 million. The decision came after the Securities and Exchange Commission staff told Pitney it would need to include three years of historical audited financial statements for the legal entity holding the assets of the Capital Services external financing business, rather than for the Capital Services business alone. "Fulfillment of this requirement could extend the timeframe for completion of the spin into 2007," Pitney said.