RESTATED FINANCIAL DATA SCHEDULE
Published on
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS FINANCIAL INFORMATION EXTRACTED FROM PITNEY BOWES INC.
CONSOLIDATED BALANCE SHEET, CONSOLIDATED STATEMENT OF INCOME, CORRESPONDING
FOOTNOTE #3 FIXED ASSETS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 142,718
<SECURITIES> 12,336
<RECEIVABLES> 1,788,128<F1>
<ALLOWANCES> 58,549<F1>
<INVENTORY> 263,947
<CURRENT-ASSETS> 2,283,824
<PP&E> 2,751,271<F2>
<DEPRECIATION> 1,458,816<F2>
<TOTAL-ASSETS> 8,184,794
<CURRENT-LIABILITIES> 3,363,115
<BONDS> 1,299,155
<PREFERRED-MANDATORY> 200,000
<PREFERRED> 2,375
<COMMON> 323,338
<OTHER-SE> 1,810,800
<TOTAL-LIABILITY-AND-EQUITY> 8,184,794
<SALES> 417,822
<TOTAL-REVENUES> 961,370
<CGS> 253,808
<TOTAL-COSTS> 381,482
<OTHER-EXPENSES> 20,648
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 51,905
<INCOME-PRETAX> 183,635
<INCOME-TAX> 63,690
<INCOME-CONTINUING> 119,945
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 119,945
<EPS-PRIMARY> .41
<EPS-DILUTED> .40
<FN>
<F1>Receivables are comprised of trade receivables of $342,661 and short-term
finance receivables of $1,445,467. Allowances are comprised of allowance for
trade receivables of $15,952 and for short-term finance receivables of $42,597.
<F2>Property, plant and equipment are comprised of fixed assets of $1,102,196
and rental equipment and related inventories of $1,649,075. Depreciation is
comprised of depreciation on fixed assets of $619,493 and on rental equipment
and related inventories of $839,323.
</FN>
</TABLE>