Pitney Bowes Sees Earnings Dip in Q3
THIRD QUARTER 2013 RESULTS
Revenue for the quarter, excluding discontinued operations of the Nordic furniture business, was $939 million, which was a decline of 1 percent when compared to the prior year. This was similar to second quarter results despite a very strong second quarter comparison in Production Mail. Revenue for the quarter grew 9 percent in the Digital Commerce Solutions segment, was slightly positive in the Enterprise Business Solutions group and declined 4 percent in the Small and Medium Business Solutions group.
Adjusted earnings per diluted share from continuing operations for the quarter were $0.49 per share, which includes a $0.06 per share tax benefit primarily associated with an affiliate reorganization.
Earnings per diluted share from continuing operations, on a Generally Accepted Accounting Principles (GAAP) basis, were $0.38 per share, which includes a non-cash asset impairment charge of $0.08 per share related to the signed agreement to sell the Company’s headquarters building and a restructuring charge of $0.03 per share. Including the net loss in discontinued operations of $0.40 per share, primarily related to taxes on the sale of the North America Management Services business, there was a net loss of $0.03 per share on a GAAP basis.
The full release is available on the company's website.