Pitney Bowes Announces First Quarter 2015 Financial Results

Pitney Bowes Inc., Stamford, Conn., recently reported financial results for the first quarter 2015.

Quarterly Financial Results:

• Revenue of $891 million, a decline of 1 percent on a constant currency basis and a decline of 5 percent as reported. Revenue was flat to the prior year when adjusted for the impacts of currency and the divestment of certain European revenue streams.

• GAAP EPS of $0.40, which includes a $0.01 per share negative impact from currency

• SG&A of $315 million, a decline of $37 million, or 10 percent

• Adjusted EBIT of $178 million, an increase of $9 million, or 5 percent

• Free cash flow of $85 million; GAAP cash from operations of $104 million

• Reduced debt by $175 million

• Reaffirming 2015 annual guidance

"2015 is an important year for Pitney Bowes as we continue to transform our company," said Marc B. Lautenbach, president and CEO, Pitney Bowes. "Despite currency headwinds affecting our first quarter results, we continued to unlock value in our company. In the first quarter, we reduced costs across the company and grew operating income, even as we increased our investments in marketing, infrastructure and the growth areas of our business.

"Our Enterprise Business Solutions group delivered constant currency revenue and profit growth, and our performance in North America Mailing was consistent with the previous quarters. Software licensing revenue increased by high, single digits and despite the strengthening dollar, our ecommerce business continued to deliver solid results. Looking beyond our first quarter, I remain confident in our ability to continue to meet our strategic objectives and, as a result, we are reaffirming our 2015 guidance."

FIRST QUARTER 2015 RESULTS

Revenue totaled $891 million, a decline of 1 percent on a constant currency basis and 5 percent on a reported basis versus the prior year. For comparative purposes, revenue would have been flat compared to the prior year when the current and prior periods are adjusted for the impacts of currency and the reduction in revenue resulting from the exit of direct operations in some European countries that we completed in the third quarter of 2014.