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PBI > SEC Filings for PBI > Form 8-K on 17-Apr-2014All Recent SEC Filings

Show all filings for PITNEY BOWES INC /DE/

Form 8-K for PITNEY BOWES INC /DE/


17-Apr-2014

Other Events


ITEM 8.01. OTHER EVENTS

On April 15, 2014, Pitney Bowes of Canada Ltd. (PB Canada), a subsidiary of Pitney Bowes Inc. (the Company), sold its Canadian Document Imaging Solutions (DIS) business, which consists of hardware (copiers and printers), document management software solutions and the related lease portfolio, to Konica Minolta Business Solutions (Canada) Ltd. (Konica Minolta) and a business equipment leasing services provider in two separate transactions. PB Canada and Konica Minolta also entered into a strategic alliance whereby Konica Minolta will represent PB Canada's mailing business in certain territories in Canada.

The DIS business will be reflected as a discontinued operation in the first quarter of 2014 and the Company will provide reclassified historical financial statements at the time of its earnings announcement on April 30, 2014.

Revenues and expenses directly related to the DIS business will be reclassified as discontinued operations in the consolidated statements of income. The discontinued operations of the DIS business exclude certain corporate and indirect business expenses which were historically allocated to the DIS business. These costs primarily include service, sales and infrastructure support expenses of $4 million and $16 million, respectively, for the quarter ended March 31, 2013 and the year ended December 31, 2013. In addition, in computing interest expense related to the DIS business, the Company assumed a 10:1 leverage ratio of debt to equity and applied its overall effective interest rate to the average outstanding DIS finance receivables.

The results of the DIS business, which will be reflected in discontinued operations, for the first quarter and year ended 2013, were as follows:

U.S. dollars in thousands, except per share       Quarter Ended            Year Ended
amounts                                          March 31, 2013        December 31, 2013

Revenue                                        $          19,650      $           78,068

Earnings before interest and taxes             $           4,527      $           22,604
Financing interest expense                                  (856 )                (3,378 )
Provision for income taxes                                  (974 )                (5,103 )
Income from discontinued operations, net of    $           2,697      $           14,123
tax

Diluted earnings per share                     $            0.01      $             0.07


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