Pitney Bowes Reports Slightly Lower 2010 Revenue but Remains Positive on Future

Headquartered in Stamford, Conn., Pitney Bowes reported 2010 fourth quarter and full year 2010 results.

Revenue for the quarter was $1.4 billion, a decline of 1 percent compared with the prior year. Adjusted earnings per diluted share from continuing operations for the fourth quarter was $0.66 compared with $0.64 for the prior year. On a Generally Accepted Accounting Principles (GAAP) basis, the company reported earnings per diluted share of $0.31 for the fourth quarter, compared with $0.47 per diluted share for the prior year. GAAP earnings per diluted share for the quarter included a $0.27 per share charge for restructuring and asset impairment costs associated with the company’s Strategic Transformation initiatives, including $0.07 per share for pension and retiree medical curtailment related non-cash charges; a non-cash net tax charge of $0.03 per share, associated with out-of-the money stock options that expired during the quarter; and a $0.05 per share loss associated with discontinued operations.