8-K: Current report
Published on
United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 8 - K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 8, 2001
PITNEY BOWES INC.
Commission File Number: 1-3579
State of Incorporation IRS Employer Identification No.
Delaware 06-0495050
World Headquarters
Stamford, Connecticut 06926-0700
Telephone Number: (203) 356-5000
Item 5 - Other Events.
The registrant's web-posting, on February 8, 2001, including consolidated
statements of income and selected segment data for the quarters ended in 2000
and 1999, and the years ended December 31, 2000 and 1999, reflecting the results
of Office Systems in discontinued operations, are attached.
Item 7 - Financial Statements and Exhibits.
c. Exhibits.
The following exhibits are furnished in accordance with the provisions of Item
601 of Regulation S-K:
Exhibit Description
------- -------------------------------------------------------------
(1) Pitney Bowes Inc. consolidated statements of income for the
periods specified in Item 5 above.
(2) Pitney Bowes Inc. selected segment data for the periods
specified in Item 5 above.
Signatures
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PITNEY BOWES INC.
February 8, 2001
/s/ B. Nolop
-------------------------------------
B. Nolop
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
/s/ A. F. Henock
-------------------------------------
A. F. Henock
Vice President - Controller
and Chief Tax Counsel
(Principal Accounting Officer)
EXHIBIT 1
PITNEY BOWES INC.
CONSOLIDATED STATEMENTS OF INCOME - RESTATED FOR DISCONTINUED OPERATIONS
ANALYSTS' P&L
(UNAUDITED)
<TABLE>
<CAPTION>
1999
-----------------------------------------------------------------------------
First Second Third Fourth
($000'S, EXCEPT PER SHARE DATA) Quarter Quarter Quarter Quarter Annual
------------- ------------- ------------- ------------- ------------
<S> <C> <C> <C> <C> <C>
REVENUE FROM:
SALES.................................. $ 432,979 $ 467,823 $ 452,512 $ 509,439 $1,862,753
RENTALS AND FINANCING.................. 354,052 366,740 367,938 396,869 1,485,599
SUPPORT SERVICES....................... 109,622 116,787 116,750 120,065 463,224
------------- ------------- ------------- ------------- ------------
TOTAL REVENUE................... 896,653 951,350 937,200 1,026,373 3,811,576
------------- ------------- ------------- ------------- ------------
COSTS AND EXPENSES:
COST OF SALES.......................... 259,949 273,283 263,958 274,592 1,071,782
COST OF RENTALS AND FINANCING.......... 93,782 98,153 98,610 105,122 395,667
SELLING, SERVICE AND ADMINISTRATIVE.... 305,621 315,455 318,816 350,288 1,290,180
RESEARCH AND DEVELOPMENT............... 25,904 27,698 25,105 30,193 108,900
OTHER INCOME........................... - - (49,574) - (49,574)
INTEREST, NET.......................... 43,404 44,724 39,206 43,345 170,679
------------- ------------- ------------- ------------- ------------
TOTAL COSTS AND EXPENSES........ 728,660 759,313 696,121 803,540 2,987,634
------------- ------------- ------------- ------------- ------------
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES........................ 167,993 192,037 241,079 222,833 823,942
PROVISION FOR INCOME TAXES................. 54,132 59,641 77,745 69,434 260,952
------------- ------------- ------------- ------------- ------------
INCOME FROM CONTINUING OPERATIONS.......... 113,861 132,396 163,334 153,399 562,990
DISCONTINUED OPERATIONS.................... 28,410 (2,655) 22,743 24,724 73,222
CUMULATIVE EFFECT OF ACCOUNTING CHANGE..... - - - - -
------------- ------------- ------------- ------------- ------------
NET INCOME................................. $ 142,271 $ 129,741 $ 186,077 $ 178,123 $ 636,212
============= ============= ============= ============= ============
BASIC EARNINGS PER SHARE:
CONTINUING OPERATIONS.................. $ 0.42 $ 0.49 $ 0.61 $ 0.58 $ 2.11
DISCONTINUED OPERATIONS................ 0.11 (0.01) 0.09 0.09 0.27
CUMULATIVE EFFECT OF ACCOUNTING CHANGE. - - - - -
------------- ------------- ------------- ------------- ------------
NET INCOME............................. $ 0.53 $ 0.48 $ 0.70 $ 0.67 $ 2.38
============= ============= ============= ============= ============
DILUTED EARNINGS PER SHARE:
CONTINUING OPERATIONS.................. $ 0.42 $ 0.49 $ 0.60 $ 0.57 $ 2.07
DISCONTINUED OPERATIONS................ 0.10 (0.01) 0.09 0.09 0.27
CUMULATIVE EFFECT OF ACCOUNTING CHANGE. - - - - -
------------- ------------- ------------- ------------- ------------
NET INCOME............................. $ 0.52 $ 0.48 $ 0.69 $ 0.66 $ 2.34
============= ============= ============= ============= ============
AVERAGE COMMON AND POTENTIAL
COMMON SHARES OUTSTANDING.............. 274,962,244 273,016,885 271,196,789 268,775,741 272,006,143
============= ============= ============= ============= ============
</TABLE>
PITNEY BOWES INC.
CONSOLIDATED STATEMENTS OF INCOME - RESTATED FOR DISCONTINUED OPERATIONS
ANALYSTS' P&L
(UNAUDITED)
<TABLE>
<CAPTION>
2000
----------------------------------------------------------------------
First Second Third Fourth
($000'S, EXCEPT PER SHARE DATA) Quarter Quarter Quarter Quarter Annual
------------- ------------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C>
REVENUE FROM:
SALES..................................... $ 441,194 $ 488,301 $ 469,838 $ 483,168 $1,882,501
RENTALS AND FINANCING 380,671 386,648 366,763 371,019 1,505,101
SUPPORT SERVICES.......................... 122,900 122,676 123,393 124,297 493,266
------------- ------------- ----------- ---------- -----------
TOTAL REVENUE...................... 944,765 997,625 959,994 978,484 3,880,868
------------- ------------- ----------- ---------- -----------
COSTS AND EXPENSES:
COST OF SALES............................. 258,094 280,211 264,320 271,552 1,074,177
COST OF RENTALS AND FINANCING............. 99,916 95,644 86,608 91,064 373,232
SELLING, SERVICE AND ADMINISTRATIVE....... 317,869 327,326 339,182 333,371 1,317,748
RESEARCH AND DEVELOPMENT.................. 29,511 30,528 27,640 32,807 120,486
OTHER INCOME.............................. - - - - -
INTEREST, NET............................. 44,684 50,411 49,021 48,261 192,377
------------- ------------- ----------- ---------- ------------
TOTAL COSTS AND EXPENSES........... 750,074 784,120 766,771 777,055 3,078,020
------------- ------------- ----------- ---------- ------------
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES........................... 194,691 213,505 193,223 201,429 802,848
PROVISION FOR INCOME TAXES.................... 61,238 67,172 47,538 63,775 239,723
------------- ------------- ----------- ---------- ------------
INCOME FROM CONTINUING OPERATIONS............. 133,453 146,333 145,685 137,654 563,125
DISCONTINUED OPERATIONS....................... 18,100 19,624 15,748 10,632 64,104
CUMULATIVE EFFECT OF ACCOUNTING CHANGE........ (4,683) - - - (4,683)
------------- ------------- ----------- ---------- ------------
NET INCOME.................................... $ 146,870 $ 165,957 $ 161,433 $ 148,286 $ 622,546
============= ============= =========== ========== ============
BASIC EARNINGS PER SHARE:
CONTINUING OPERATIONS..................... $ 0.51 $ 0.57 $ 0.57 $ 0.55 $ 2.20
DISCONTINUED OPERATIONS................... 0.07 0.07 0.06 0.04 0.25
CUMULATIVE EFFECT OF ACCOUNTING CHANGE.... (0.02) - - - (0.02)
------------- ------------- ----------- ---------- ------------
NET INCOME................................ $ 0.56 $ 0.64 $ 0.63 $ 0.59 $ 2.43
============= ============= =========== ========== ============
DILUTED EARNINGS PER SHARE:
CONTINUING OPERATIONS..................... $ 0.50 $ 0.56 $ 0.57 $ 0.55 $ 2.18
DISCONTINUED OPERATIONS................... 0.07 0.08 0.06 0.04 0.25
CUMULATIVE EFFECT OF ACCOUNTING CHANGE.... (0.02) - - - (0.02)
------------- ------------- ----------- ----------- ------------
NET INCOME................................ $ 0.55 $ 0.64 $ 0.63 $ 0.59 $ 2.41
============= ============= =========== =========== ============
AVERAGE COMMON AND POTENTIAL
COMMON SHARES OUTSTANDING................. 266,033,984 259,702,184 256,113,963 252,517,006 258,602,218
============= ============= =========== =========== ============
</TABLE>
EXHIBIT 2
PITNEY BOWES INC.
SEGMENT REPORTING
(UNAUDITED)
RESTATED FOR DISCONTINUED OPERATIONS
------------------------------------
<TABLE>
<CAPTION>
(Dollars in Thousands)
1999 2000
------------------------------------------------------- ------------------------------------------------------
First Second Third Fourth First Second Third Fourth
Revenue Quarter Quarter Quarter Quarter Annual Quarter Quarter Quarter Quarter Annual
- ------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Global Mailing $ 658,062 $ 695,672 $ 690,240 $ 754,954 $2,798,928 $ 698,051 $ 732,488 $ 700,448 $ 705,278 $2,836,265
Enterprise Solutions 194,015 205,090 197,470 205,887 802,462 201,537 217,830 212,080 230,070 861,517
---------- ---------- ---------- ---------- ---------- ---------- ---------- --------- --------- ---------
Total Messaging
Solutions 852,077 900,762 887,710 960,841 3,601,390 899,588 950,318 912,528 935,348 3,697,782
---------- ---------- ---------- ---------- ---------- ---------- ---------- --------- --------- ---------
Capital Services 44,576 50,588 49,490 65,532 210,186 45,177 47,307 47,466 43,136 183,086
---------- ---------- ---------- ---------- ---------- ---------- ---------- --------- --------- ---------
Total Revenue $ 896,653 $ 951,350 $ 937,200 $1,026,373 $3,811,576 $ 944,765 $ 997,625 $ 959,994 $ 978,484 $3,880,868
========== ========== ========== ========== ========== ========== ========== ========= ========= =========
Operating Profit (1)
- ----------------
Global Mailing $ 174,674 $ 196,782 $ 198,208 $ 219,911 $ 789,575 $ 197,177 $ 221,157 $ 217,542 $ 210,637 $ 846,513
Enterprise Solutions 8,268 13,396 13,881 15,963 51,508 14,695 19,786 14,903 23,830 73,214
---------- ---------- ---------- ---------- ---------- ---------- ---------- --------- --------- ---------
Total Messaging
Solutions 182,942 210,178 212,089 235,874 841,083 211,872 240,943 232,445 234,467 919,727
---------- ---------- ---------- ---------- ---------- ---------- ---------- --------- --------- ---------
Capital Services 11,785 16,509 15,265 21,862 65,421 13,121 15,997 17,517 15,325 61,960
---------- ---------- ---------- ---------- ---------- ---------- ---------- --------- --------- ---------
Total Operating
Profit $ 194,727 $ 226,687 $ 227,354 $ 257,736 $ 906,504 $ 224,993 $ 256,940 $ 249,962 $ 249,792 $ 981,687
========== ========== ========== ========== ========== ========== ========== ========= ========= =========
<FN>
(1) Operating Profit excludes general corporate expenses, income taxes and net
interest other than that related to finance operations
</FN>
</TABLE>