Pitney Bowes 2007 Annual Report Download - page 10

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We made investments to strengthen
our customer value proposition
and expand our capabilities in faster-
growing areas of the mailstream—
software, marketing services, and
mail services.
This annual report begins with stories about our customers to make a
simple but important point: Our success depends on our ability to make
our customers successful. It is only by achieving this goal that we are able
to create value for all our stakeholders—our employees, our communities
and, of course, you, our shareholders.
With this in mind, how did we do in 2007? Despite delivering less growth
than planned in the second half of the year, we had a number of signifi cant
accomplishments that we are confi dent will yield ben efi ts in 2008 and
beyond. We made investments to strengthen our customer value proposition
and expand our capabilities in faster-growing areas of the mailstream—
software, marketing services, and mail services. We also reorganized our
businesses to be more customer-centric and launched a comprehensive effort
to improve the end-to-end customer experience. And, we maintained a steady
focus on operational effi ciencies, free cash fl ow, and expense management.
In the area of U.S. postal reform, we continue to be actively engaged in the
industry dialogue to implement the legislation that is transforming the mail-
stream market environment in the United States. Postal reform sets the stage
for long-term benefi ts arising from unprecedented fl ex ibility in rate structure,
the integration of more technology into the mailstream, and more incentives
for partnerships to enhance the effi ciency of the postal network.
Murray D. Martin
President and Chief Executive Offi cer
To our shareholders
8 PITNEY BOWES ANNUAL REPORT 2007