Pitney Bowes 2010 Annual Report Download - page 30

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11
ITEM 7. – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our
Consolidated Financial Statements contained in this report. All table amounts are presented in millions of dollars, unless otherwise
stated.
Forward-Looking Statements
This Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contains statements that are
forward-looking. 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. These
forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties and actual
results could differ materially. Words such as “estimate”, “target”, “project”, “plan”, “believe”, “expect”, “anticipate”, “intend”, and
similar expressions may identify such forward-looking statements. We undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise. 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, without limitation:
• negative developments in economic conditions, including adverse impacts on customer demand
• changes in postal or banking regulations
• timely development and acceptance of new products
• declining physical mail volumes
• success in gaining product approval in new markets where regulatory approval is required
• successful entry into new markets
• mailers’ utilization of alternative means of communication or competitors’ products
• our success at managing customer credit risk
• our success at managing costs associated with our strategy of outsourcing functions and operations not central to our business
• changes in interest rates
• foreign currency fluctuations
• cost, timing and execution of our transformation plans including any potential asset impairments
• regulatory approvals and satisfaction of other conditions to consummate and integrate any acquisitions
• interrupted use of key information systems
• changes in international or national political conditions, including any terrorist attacks
• intellectual property infringement claims
• impact on mail volume resulting from current concerns over the use of the mail for transmitting harmful biological agents
• third-party suppliers’ ability to provide product components, assemblies or inventories
• negative income tax adjustments or other regulatory levies for prior audit years and changes in tax laws or regulations
• changes in pension, health care and retiree medical costs
• changes in privacy laws
• acts of nature