Pitney Bowes Announces First Quarter 2013 Results

 
Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited)
 
(Dollars in thousands, except per share data)
 
Three Months Ended March 31,
2013   2012
 

GAAP income from continuing operations
  after income taxes, as reported

$ 69,568 $ 140,942
Extinguishment of debt 15,325 -
Sale of leveraged lease assets   -     (12,886 )

Income from continuing operations
  after income taxes, as adjusted

$ 84,893   $ 128,056  
 
 

GAAP diluted earnings per share from
  continuing operations, as reported

$ 0.34 $ 0.70
Extinguishment of debt 0.08 -
Sale of leveraged lease   -     (0.06 )

Diluted earnings per share from continuing
  operations, as adjusted

$ 0.42   $ 0.64  
 
 

GAAP net cash provided by operating activities,
  as reported

$ 132,160 $ 71,380
Capital expenditures (38,839 ) (50,029 )
Restructuring payments 16,275 26,245
Extinguishment of debt 25,121 -
Pension contribution - 95,000
Tax payments on sale of leveraged lease assets - 69,233
Reserve account deposits   (27,327 )   (25,674 )
 
Free cash flow, as adjusted $ 107,390   $ 186,155  
 
NOTE:
 
The sum of the earnings per share amounts may not equal the totals above due to rounding.
 

The above table includes an adjustment to GAAP net cash provided by operating activities due to a

reclassification between net cash provided by operating activities and net cash used in investing activities.

As a result, GAAP net cash provided by operating activities decreased by $24.6 million for the three months

ended March 31, 2012.

 

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