Pitney Bowes Announces First Quarter 2013 Results

 

Pitney Bowes Inc.
Consolidated Balance Sheets
(Unaudited in thousands, except per share data)

   

Assets

March 31,

2013

December 31,

2012

Current assets:
Cash and cash equivalents $ 909,664 $ 913,276
Short-term investments 37,712 36,611
 
Accounts receivable, gross 663,357 748,469
Allowance for doubtful accounts receivable   (15,739 )   (20,219 )
Accounts receivable, net 647,618 728,250
 
Finance receivables 1,160,865 1,213,776
Allowance for credit losses   (23,774 )   (25,484 )
Finance receivables, net 1,137,091 1,188,292
 
Inventories 167,469 179,678
Current income taxes 49,082 51,836
Other current assets and prepayments   113,142     114,184  
 
Total current assets 3,061,778 3,212,127
 
Property, plant and equipment, net 377,246 385,377
Rental property and equipment, net 236,026 241,192
 
Finance receivables 993,242 1,041,099
Allowance for credit losses   (13,206 )   (14,610 )
Finance receivables, net 980,036 1,026,489
 
Investment in leveraged leases 34,236 34,546
Goodwill 2,115,450 2,136,138
Intangible assets, net 153,440 166,214
Non-current income taxes 93,391 94,434
Other assets   564,503     563,374  
 
Total assets $ 7,616,106   $ 7,859,891  
 

Liabilities, noncontrolling interests and stockholders' equity

Current liabilities:
Accounts payable and accrued liabilities $ 1,586,957 $ 1,809,226
Current income taxes 207,081 240,681
Notes payable and current portion of long-term obligations 375,000 375,000
Advance billings   466,677     452,130  
 
Total current liabilities 2,635,715 2,877,037
 
Deferred taxes on income 94,883 69,222
Tax uncertainties and other income tax liabilities 144,739 145,881
Long-term debt 3,657,634 3,642,375
Other non-current liabilities   713,578     718,375  
 
Total liabilities   7,246,549     7,452,890  
 
Noncontrolling interests (Preferred stockholders' equity in subsidiaries) 296,370 296,370
 
Stockholders' equity:
Cumulative preferred stock, $50 par value, 4% convertible 4 4
Cumulative preference stock, no par value, $2.12 convertible 648 648
Common stock, $1 par value 323,338 323,338
Additional paid-in-capital 203,454 223,847
Retained Earnings 4,736,961 4,744,802
Accumulated other comprehensive loss (711,974 ) (681,213 )
Treasury Stock, at cost   (4,479,244 )   (4,500,795 )
 
Total Pitney Bowes Inc. stockholders' equity   73,187     110,631  
 
Total liabilities, noncontrolling interests and stockholders' equity $ 7,616,106   $ 7,859,891  

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