PBI FY 2008 Earnings Report — Pitney Bowes Inc. Revenue & Financial Results | Market Cap Arena

Pitney Bowes Inc.PBI

FY 2008 Earnings

Reported February 26, 2009

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2008	Prior Q	FY 2007	QoQ Change	YoY Change
Revenue	$6.3B	—	$6.1B	—	2.2%
Op. Income	$1.1B	—	$1.2B	—	-3.1%
Gross Margin	52.4%	—	53.2%	—	-0.7pp
Net Margin	6.7%	—	6.0%	—	0.7pp
EPS (Diluted)	$2.00	—	$1.66	—	20.5%
Free Cash Flow	$753M	—	$796M	—	-5.4%

Revenue Flow

Item	Amount
REVENUE	$6.3B
Cost of Revenue	$3.0B
GROSS PROFIT	$3.3B
R&D Expenses	$206M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.9B
Other Expenses	$0
Operating Expenses	$2.2B
Cost & Expenses	$5.1B
OPERATING INCOME	$1.1B
Interest Income	$13M
Interest Expense	$229M
Other Income/Expenses	-$417M
INCOME BEFORE TAX	$713M
Income Tax Expense	$245M
Net Income from Continuing Ops	$468M
Net Income from Discontinued Ops	-$28M
Other Adjustments	-$28M
NET INCOME	$420M
Net Income Deductions	-$77.0K
BOTTOM LINE NET INCOME	$420M
D&A	$379M
EBIT	$943M
EBITDA	$1.3B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$6.3B
Cost of Revenue	$3.0B
GROSS PROFIT	$3.3B
R&D Expenses	$206M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.9B
Other Expenses	$0
Operating Expenses	$2.2B
Cost & Expenses	$5.1B
OPERATING INCOME	$1.1B
Interest Income	$13M
Interest Expense	$229M
Other Income/Expenses	-$417M
INCOME BEFORE TAX	$713M
Income Tax Expense	$245M
Net Income from Continuing Ops	$468M
Net Income from Discontinued Ops	-$28M
Other Adjustments	-$28M
NET INCOME	$420M
Net Income Deductions	-$77.0K
BOTTOM LINE NET INCOME	$420M
D&A	$379M
EBIT	$943M
EBITDA	$1.3B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$420M
Depreciation & Amortization	$379M
Stock-Based Compensation	$26M
Deferred Income Tax	$0
Other Non-Cash Items	$87M
Change in Working Capital	$78M
OPERATING CASH FLOW	$990M
Capital Expenditure	-$237M
Acquisitions (Net)	-$68M
Purchases of Investments	$0
Sales/Maturities of Investments	$38M
Other Investing Activities	$33M
NET CASH FROM INVESTING	-$234M
Net Debt Issuance	-$125M
Common Stock Repurchased	-$333M
Common Dividends Paid	-$292M
Other Financing Activities	-$2M
NET CASH FROM FINANCING	-$742M
FREE CASH FLOW	$753M
Net Change in Cash	-$505.0K

Balance Sheet

Item	Amount
Cash & Equivalents	$377M
Short-Term Investments	$22M
Net Receivables	$2.3B
Inventory	$161M
Other Current Assets	$70M
TOTAL CURRENT ASSETS	$3.0B
PP&E (Net)	$972M
Goodwill	$2.3B
Intangible Assets	$376M
Long-Term Investments	$202M
Tax Assets	$64M
Other Non-Current Assets	$1.8B
TOTAL NON-CURRENT ASSETS	$5.7B
TOTAL ASSETS	$8.7B
Account Payables	$952M
Short-Term Debt	$771M
Deferred Revenue	$0
Other Current Liabilities	$1.1B
TOTAL CURRENT LIABILITIES	$3.2B
Long-Term Debt	$3.9B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$307M
Other Non-Current Liabilities	$1.4B
TOTAL NON-CURRENT LIABILITIES	$5.7B
TOTAL LIABILITIES	$8.9B
Common Stock	$323M
Additional Paid-In Capital	$259M
Retained Earnings	$4.3B
Treasury Stock	-$4.5B
Accum. Other Comp. Income	-$596M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	-$188M
Minority Interest	$0
TOTAL EQUITY	-$188M
TOTAL LIABILITIES & EQUITY	$8.7B
Total Debt	$4.7B
Net Debt	$4.3B