Pitney Bowes 2015 Annual Report Download - page 72

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PITNEY BOWES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in thousands, except per share amounts)
56
4. Discontinued Operations
Discontinued operations include the results of our Document Imaging Solutions (DIS) business sold in 2014 and our Management Services
business (PBMS), Nordic furniture business and International Mailing business (IMS) sold in 2013. Discontinued operations also include
certain tax benefits related to our Capital Services business that was sold in 2006.
Income from discontinued operations in 2015 of $5.3 million primarily includes a favorable tax adjustment related to the sale of DIS.
Income (loss) from discontinued operations for 2014 and 2013 are shown in the following tables.
Year Ended December 31, 2014
PBMS IMS
Nordic
furniture
business DIS Total
Revenue $ — $ — $ — $ 19,858 $ 19,858
(Loss) income from operations $ (245) $ 308 $ 509 $ 2,123 $ 2,695
Gain on sale 2,778 1,994 — 24,733 29,505
Income before taxes 2,533 2,302 509 26,856 32,200
Tax (benefit) provision (6,931) 851 141 18,184 12,245
Net income $ 9,464 $ 1,451 $ 368 $ 8,672 $ 19,955
Capital Services, net of tax 13,794
Income from discontinued operations $ 33,749
Year Ended December 31, 2013
PBMS IMS
Nordic
furniture
business DIS Total
Revenue $ 639,237 $ 23,036 $ 37,785 $ 78,066 $ 778,124
(Loss) income from operations $ (118,017)$ (3,057)$ (4,037) $ 19,223 $ (105,888)
Gain (loss) on sale 5,126 (2,717) 4,562 — 6,971
(Loss) income before taxes (112,891)(5,774) 525 19,223 (98,917)
Tax provision (benefit) 41,384 (1,064) 149 5,102 45,571
Net (loss) income $ (154,275)$ (4,710) $ 376 $ 14,121 $ (144,488)
Capital Services, net of tax (289)
Loss from discontinued operations $ (144,777)