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Pitney Bowes Announces Q4 and 2013 Annual Results

Thursday, January 30, 2014

Press release from the issuing company

STAMFORD, Conn. - Pitney Bowes Inc. (NYSE:PBI) today reported financial results for the fourth quarter and full year 2013.

HIGHLIGHTS

Results for the quarter:

  • Revenue of $1.0 billion, growth of 2 percent over prior year
  • Adjusted EPS of $0.53
  • GAAP EPS from continuing operations of $0.39; GAAP EPS of $0.44
  • SG&A expenses of $365 million, a decline of $27 million year-over-year
  • Free cash flow of $195 million; cash from operations of $131 million
  • Board of Directors approved first quarter 2014 dividend of $0.1875 per share for the Company’s common stock

“We delivered an excellent fourth quarter, both in terms of our financial performance and meeting our overall strategic objectives to transform our business,” said Marc Lautenbach, President and Chief Executive Officer. “Revenue grew in the quarter and our full year results were within or exceeded our guidance.

“I am encouraged by our solid progress in 2013, but there is more to do,” Lautenbach continued. “Going forward, we will continue to focus on our strategic objectives to transform our business, while at the same time invest in areas that will ensure our long-term growth. As we head into 2014, I am confident that we are on the right track and are well-positioned to continue to capitalize on the opportunities to further unlock the value of Pitney Bowes for our clients, shareholders and employees around the world.”

FOURTH QUARTER 2013 RESULTS

Revenue in the fourth quarter totaled $1.0 billion, growth of 2 percent on both a reported and constant currency basis, when compared to the prior year. The revenue results in the fourth quarter reflected a continuation of the year-over-year improving trends that the Company delivered throughout 2013, resulting in a return to growth. Revenue for the quarter benefited from 17 percent growth on a reported basis and 18 percent growth on a constant currency basis in the Digital Commerce Solutions segment. Revenue also benefited from 3 percent growth in the Enterprise Business Solutions group. In the Small and Medium Business (SMB) Solutions group, revenue declined 3 percent on a reported basis and 2 percent on a constant currency basis. However, the decline was less than in prior years and reflected further stabilization in the SMB business.

Adjusted earnings per diluted share from continuing operations for the fourth quarter were $0.53, which includes a $0.04 per share benefit related to the favorable resolution of certain tax matters.

Fourth quarter earnings per diluted share from continuing operations, on a Generally Accepted Accounting Principles (GAAP) basis were $0.39, which includes a restructuring charge of $0.11 per share and a charge related to net costs associated with the early retirement of debt of $0.02 per share. GAAP earnings per diluted share for the fourth quarter were $0.44, which includes income of $0.05 per share from discontinued operations.

 

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