Pitney Bowes 2009 Annual Report Download - page 4

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2
Fellow Shareholders:
Our company was solidly profitable in 2009, underscoring the strength of our business model
and our ability to manage through worldwide economic uncertainty and pressures within
our own industry. While revenues were down, we performed well by other measures. We
exceeded our guidance for free cash flow. We were also able to retire $242 million in debt and
reduce selling, general and administrative expenses by more than $170 million even while
continuing to invest in the business. In a remarkable record of consistency, we were also
able to increase an already attractive dividend for the 28th consecutive year. These were all
significant achievements.
Equally important, we staked out territory in attractive new markets and launched innovative
products and services. We are demonstrating to the marketplace that Pitney Bowes is
broadening its value proposition, from simply making customers more productive to also
helping them drive revenue growth.
We are moving to establish ourselves as the one company that integrates every customer
touch point: mail, the Web, mobile devices, even retail locations. By doing so, we are creating
new opportunities for ourselves and our customers. That is the message of our cover: Every
connection is a new opportunity.
Murray D. Martin
Chairman, President and
Chief Executive Officer
“Pitney Bowes is
broadening its
value proposition,
from simply making
customers more
productive to also
helping them drive
revenue growth.”