Pitney Bowes Announces Full Year and Fourth Quarter 2017 Financial Results

Pitney Bowes Inc.
Consolidated Statements of Income
(Unaudited; in thousands, except share and per share amounts)
 
      Three months ended December 31,       Twelve months ended December 31,
2017     2016 2017     2016
Revenue:
Equipment sales $ 200,555 $ 190,306 $ 679,803 $ 675,451
Supplies 64,482 64,051 252,824 262,682
Software 88,464 90,901 352,595 348,661
Rentals 94,578 103,032 386,348 412,738
Financing 80,834 89,632 331,416 366,547
Support services 123,911 129,188 478,536 512,820
Business services   396,293     219,959     1,068,426   827,676  
 
Total revenue   1,049,117     887,069     3,549,948   3,406,575  
 
Costs and expenses:
Cost of equipment sales 108,347 96,201 340,745 331,942
Cost of supplies 22,785 20,758 82,992 81,420
Cost of software 26,153 26,345 101,969 105,841
Cost of rentals 21,214 21,089 84,270 76,040
Financing interest expense 12,219 13,866 50,665 55,241
Cost of support services 71,744 70,895 288,976 295,685
Cost of business services 302,162 151,152 773,052 568,509
Selling, general and administrative 329,570 283,882 1,237,739 1,200,327
Research and development 32,896 31,545 129,767 121,306
Goodwill impairment - 171,092 - 171,092
Restructuring charges and asset impairments, net 28,929 13,793 59,431 63,296
Interest expense, net 31,620 26,576 113,497 88,970
Other expense, net   3,856     -     3,856   536  
 
Total costs and expenses   991,495     927,194     3,266,959   3,160,205  
 
Income (loss) before income taxes 57,622 (40,125 ) 282,989 246,370
(Benefit) provision for income taxes   (32,326 )   38,204     21,649   131,819  
 
Income (loss) from continuing operations 89,948 (78,329 ) 261,340 114,551
Loss from discontinued operations, net of tax   -     (750 )   -   (2,701 )
 
Net income (loss) 89,948 (79,079 ) 261,340 111,850
 
Less: Preferred stock dividends attributable to noncontrolling interests   -     5,264     -   19,045  
 
Net income (loss) - Pitney Bowes Inc. $ 89,948   $ (84,343 ) $ 261,340 $ 92,805  
 
Amounts attributable to common stockholders:
Net income (loss) from continuing operations $ 89,948 $ (83,593 ) $ 261,340 $ 95,506
Loss from discontinued operations, net of tax   -     (750 )   -   (2,701 )
 
Net income (loss) - Pitney Bowes Inc. $ 89,948   $ (84,343 ) $ 261,340 $ 92,805  
 
Basic earnings (loss) per share attributable to common stockholders (1) :
Continuing operations $ 0.48 $ (0.45 ) $ 1.40 $ 0.51
Discontinued operations   -     -     -   (0.01 )
 
Net income (loss) - Pitney Bowes Inc. $ 0.48   $ (0.45 ) $ 1.40 $ 0.49  
 
Diluted earnings (loss) per share attributable to common stockholders (1) :
Continuing operations $ 0.48 $ (0.45 ) $ 1.39 $ 0.51
Discontinued operations   -     -     -   (0.01 )
 
Net income (loss) - Pitney Bowes Inc. $ 0.48   $ (0.45 ) $ 1.39 $ 0.49  
 
Weighted-average shares used in diluted earnings per share   188,046,578     185,645,814     187,435,080   188,975,198  

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