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14 Pitney Bowes Annual Report 2010
We are committed to providing our shareholders with excellent returns, and are pleased that in February our Board
of Directors decided to increase our dividend to $0.37 per common share for the fi rst quarter of 2011 and to increase
our authorization for repurchase of our common shares from $50 million to a total of $150 million. This marks the
29th consecutive year that we increased our quarterly dividend.
In 2011 our focus for transformation is on continuing to create the capacity to support and accelerate growth. That is
why we are projecting a return to revenue growth through a number of initiatives that are designed to further stabilize
our base business and drive new opportunities. We have been successful in transforming and diversifying our sources
of revenue while maintaining high recurring revenue levels and superior operating margins. This has resulted from
broadening the elements of the customer communication value chain in which we participate and building a robust,
variable-cost infrastructure to support these new growth opportunities.
We are changing as our transformative journey continues, and stand poised to grow and deliver shareholder and
customer value in new ways in 2011 and beyond.
Michael Monahan
Executive Vice President
and Chief Financial Offi cer
Summary of Selected Financial Data
For the year 2010 2009 2008
(Dollars in thousands, except per share amounts)
As reported
Revenue $ 5,425,254 $ 5,569,171 $ 6,262,305
Income from continuing operations $ 310,483 $ 431,554 $ 447,493
Diluted earnings per share from continuing operations $ 1.50 $ 2.08 $ 2.13
Net cash provided by operating activities $ 952,111 $ 824,068 $ 1,009,415
Depreciation and amortization $ 303,653 $ 338,895 $ 379,117
Capital expenditures $ 119,768 $ 166,728 $ 237,308
Cash dividends per share of common stock $ 1.46 $ 1.44 $ 1.40
Average common and potential common shares outstanding 206,752,872 207,322,440 209,699,471
Total assets $ 8,444,023 $ 8,571,039 $ 8,810,236
Total debt $ 4,292,742 $ 4,439,662 $ 4,705,366
Stockholders’ deficit $ (96,581) $ (3,152) $ (303,594)
Total employees 30,661 33,004 35,140
As adjusted
EBIT $ 918,175 $ 950,278 $ 1,136,085
Income from continuing operations $ 460,884 $ 473,399 $ 583,233
Diluted earnings per share from continuing operations $ 2.23 $ 2.28 $ 2.78
Free cash flow $ 962,307 $ 889,094 $ 908,739
EBIT to interest 4.6 4.7 5.2