Pitney Bowes Reports Slightly Lower 2010 Revenue but Remains Positive

On a GAAP basis, the company expects 2011 earnings per diluted share from continuing operations in the range of $1.80 to $2.10 including the expected impact of $0.25 to $0.35 per share for restructuring charges associated with Strategic Transformation.

The company expects to generate free cash flow for 2011 in the range of $750 million to $850 million. As compared to the prior year, the company expects increased investment in finance receivables through higher levels of equipment sales, and higher capital expenditures associated with investments in business growth which would result in lower free cash flow in 2011.

The company’s board of directors approved an increase of $100 million in the company’s share repurchase authorization from $50 million to a total of $150 million. The company plans to utilize this authorization over the next 12 to 18 months.

In closing, Martin noted, “In 2011 we expect increasing benefit from the actions we took to transform our business and invest in long-term value creation. We are excited about pursuing the promising growth opportunities that we see in leveraging our leadership in physical mail and growing our digital and hybrid capabilities to help our customers connect more effectively with their customers and prospects.”

For more information visit www.pb.com/investorrelations.