Pitney Bowes 2009 Annual Report Download - page 29

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11
ITEM 7. – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contains statements that are
forward-looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties.
Actual results could differ materially because of some of the factors discussed below and elsewhere in this report.
Forward-Looking Statements
We want to caution readers that any forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 in this Form 10-K may change based on various factors. The future is difficult to
predict. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. These forward-looking statements are those which talk about our current expectations as to
the future and include, but are not limited to, statements about the transformation initiatives, and amounts, timing and results of
possible restructuring charges and future earnings or risks. Words such as “estimate”, “target”, “project”, “plan”, “believe”, “expect”,
“anticipate”, “intend”, and similar expressions may identify such forward-looking statements. Some of the factors which could cause
future financial performance to differ materially from the expectations as expressed in any forward-looking statement made by or on
our behalf include:
xnegative developments in economic conditions, including adverse impacts on customer demand
xchanges in postal or banking regulations
xtimely development and acceptance of new products
xsuccess in gaining product approval in new markets where regulatory approval is required
xsuccessful entry into new markets
xmailers’ utilization of alternative means of communication or competitors’ products
xour success at managing customer credit risk
xour success at managing costs associated with our strategy of outsourcing functions and operations not central to our business
xchanges in interest rates
xforeign currency fluctuations
xcost, timing and execution of our transformation plans including any potential asset impairments
xregulatory approvals and satisfaction of other conditions to consummation of any acquisitions and integration of recent
acquisitions
xinterrupted use of key information systems
xchanges in privacy laws
xchanges in international or national political conditions, including any terrorist attacks
xintellectual property infringement claims
ximpact on mail volume resulting from current concerns over the use of the mail for transmitting harmful biological agents
xthird-party suppliers’ ability to provide product components, assemblies or inventories
xnegative income tax adjustments for prior audit years and changes in tax laws or regulations
xchanges in pension and retiree medical costs
xacts of nature