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Pitney Bowes Board Authorizes Additional $300 Million in Stock Repurchase

Friday, March 10, 2006

Press release from the issuing company

STAMFORD, Conn., March 9 -- Pitney Bowes Inc. today announced that its Board of Directors authorized the repurchase of up to an additional $300 million of the company's common stock. With this additional authorization, the company now has a total of $500 million remaining authorization for future repurchases. Including shares repurchased to date, the company expects to repurchase up to $350 million in the open market by the end of this year. This move demonstrates the Board's confidence in the company's strategic direction according to Michael J. Critelli, Chairman and CEO, Pitney Bowes Inc. "Several years ago we embarked upon a very disciplined course of strategic transformation to deliver enhanced value to shareholders and customers. We have emerged as a stronger, more focused company as reflected in our 2005 performance that featured excellent growth in revenue and earnings before interest and taxes. We are confident in our ability to provide sustained growth and shareholder value as we execute our mailstream strategies."

 

 

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