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Pitney Bowes Board Authorizes an Additional $300 Million in Stock Repurchase

Press release from the issuing company

STAMFORD, Conn., Sept. 12 -- The Board of Directors of Pitney Bowes Inc. today authorized the repurchase of up to $300 million of the company's common stock. The company expects to repurchase these shares in the open market over the next 12 to 24 months. The move demonstrates the Board's continued confidence in the company's strategic direction according to company Chairman and CEO Michael J. Critelli. "We continue to execute on our disciplined strategies to deliver enhanced value to shareholders and customers," Critelli said. "Consistent with these strategies, we are using our free cash flow to increase dividends, repurchase shares of our stock and make acquisitions within our strategic framework. Today's action by the Board signals its endorsement that we are on the right path."