-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SsInBLaSd/V5j7qPsdVrWAyrz2N7JZfVsxMImzXqin8mqctwV9G9gkAQhh5bmCXR w3ZnFx5/e9AvCVylEzE1nA== 0000078814-99-000006.txt : 19990726 0000078814-99-000006.hdr.sgml : 19990726 ACCESSION NUMBER: 0000078814-99-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990630 ITEM INFORMATION: FILED AS OF DATE: 19990723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PITNEY BOWES INC /DE/ CENTRAL INDEX KEY: 0000078814 STANDARD INDUSTRIAL CLASSIFICATION: OFFICE MACHINES, NEC [3579] IRS NUMBER: 060495050 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-03579 FILM NUMBER: 99669166 BUSINESS ADDRESS: STREET 1: WORLD HEADQUARTERS 61-11 STREET 2: ONE ELMCROFT ROAD CITY: STAMFORD STATE: CT ZIP: 06926 BUSINESS PHONE: 2033565000 8-K 1 PRESS RELEASE - EARNINGS FORM 8 - K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549-1004 FORM 8 - K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 20, 1999 PITNEY BOWES INC. Commission File Number: 1-3579 State of Incorporation IRS Employer Identification No. Delaware 06-0495050 World Headquarters Stamford, Connecticut 06926-0700 Telephone Number: (203) 356-5000 Item 5 - Other Events. The registrant's press release dated July 20, 1999, regarding its financial results for the period ended June 30, 1999, including consolidated statements of income for the three and six months ended June 30, 1999 and 1998 and consolidated balance sheets at June 30, 1999, December 31, 1998 and June 30, 1998, are attached. Consolidated statements of income and selected segment data for the quarters ended in 1999 and 1998, the year ended December 31, 1998, and the six months ended June 30, 1999 reflecting the results of Atlantic Mortgage and Investment Corporation in discontinued operations are also attached. Item 7 - Financial Statements and Exhibits. c. Exhibits. The following exhibits are furnished in accordance with the provisions of Item 601 of Regulation S-K: Exhibit Description ------- -------------------------------------------------------------- (1) Pitney Bowes Inc. press release dated July 20, 1999. (2) Pitney Bowes Inc. consolidated statements of income for the periods specified in Item 5 above. (3) Pitney Bowes Inc. selected segment data for the periods specified in Item 5 above. Signatures ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PITNEY BOWES INC. July 23, 1999 /s/ M. L. Reichenstein ------------------------------- M. L. Reichenstein Vice President and Chief Financial Officer (Principal Financial Officer) /s/ A. F. Henock ------------------------------- A. F. Henock Vice President - Controller and Chief Tax Counsel (Principal Accounting Officer) (1) Exhibit 1 PITNEY BOWES REPORTS STRONG SECOND QUARTER EARNINGS Highlights o 18th Consecutive Quarter of Double-Digit Earnings Per Share Growth o Continued Strength in Mailing and Integrated Logistics (MAIL) Segment o Decision to Dispose of Mortgage Servicing Unit to Focus on Core Businesses FOR IMMEDIATE RELEASE Stamford, Conn., July 20, 1999 - Pitney Bowes Inc. (NYSE: PBI) today reported strong second quarter results with a 21.5-percent increase in diluted earnings per share from continuing operations to 58 cents. Revenue increased by nine percent on a consolidated basis to $1.1 billion for the strongest second quarter growth rate in nine years. Income from continuing operations grew 19 percent to $157.4 million versus $132.8 million in the second quarter 1998. The company has now recorded 18 consecutive quarters of double-digit, year-on-year diluted earnings per share growth from continuing operations. Net income, including a one-time charge for discontinued operations attributable to the company's decision to dispose of its mortgage servicing business, is $129.7 million or 48 cents per diluted share, versus $142.0 million or 51 cents per diluted share in the second quarter 1998. Chairman and Chief Executive Officer Michael J. Critelli discussed the company's performance during the quarter: "We are pleased with this quarter's strong financial performance, which was led by our Mailing and Integrated Logistics (MAIL) segment. The segment continues to benefit from demand for our customized mail creation and full range of shipping solutions, complementing our core mailing and financing offerings. As a result, we have again experienced excellent revenue growth and expanding operating profit margin in our largest business segment." (2) Adds Mr. Critelli: "The underlying strength of our mailing and shipping business has allowed us to accelerate our efforts to position the Office Solutions segment for even greater future profitable growth." In segment performance for the quarter, Mailing and Integrated Logistics posted strong revenue growth of 12 percent and a 22-percent increase in operating profit. The segment includes revenues and related expenses from the rental, sale and financing of mailing and shipping equipment, related supplies and service, and software. Contributors to growth included: o The Internet's positive impact on package delivery and direct mail volumes. Our multi-carrier, shipping and logistics systems enable customers to rate shop for the most cost-effective and efficient ways to ship overnight letters and packages with systems which integrate with enterprise-wide resource planning systems o Customized, high-speed production mail equipment used in Automated Document Factories and high-volume mailrooms o Advanced, multi-functional mailing systems, such as ParagonTM and the recently introduced digital GalaxyTM system, which enable customers to process mid- to high volumes of mail quickly and conveniently o Demand for Mail Creation solutions, led by DocuMatchTM, which prints and prepares customized, one-to-one marketing materials The U.S. Postal Service recently honored Pitney Bowes for helping customers transition to advanced metering technologies by converting 98 percent of its meter unit base to electronic and digital systems. In fact, with over 40 percent of our meter unit base now digital, the company continues to lead in delivering the most advanced technologies to the marketplace, while recognizing excellent supplies revenues and reduced costs related to supporting new metering systems. (3) As the inventor of PC-based postage, Pitney Bowes is excited about the potential benefits this innovative technology will deliver for certain mailing applications of small businesses and entrepreneurs who today use stamps. While several other companies are currently testing products, Pitney Bowes is the only company that has two versions of the PC-based postage product in the U.S. Postal Service supervised beta product review and testing process: o ClickStampTM Plus, that allows customers to print postage via the computer without a constant connection to the Internet, and o ClickStampTM Online, which is designed for customers who prefer to maintain an Internet connection. The extensive testing process consists of three beta phases with limited quantities of product available in specific Zip codes. During the limited launch testing phase, companies will be allowed to place up to 10,000 units, with a review by the U.S. Postal Service, before permission is given to distribute another 10,000 units. None of the companies involved in the testing process have been given a timetable for the unrestricted, national availability of this product. The Office Solutions Segment includes Pitney Bowes Office Systems and Pitney Bowes Management Services. Second-quarter performance in this segment featured four-percent revenue growth and a five-percent increase in operating profit. During the quarter, Management Services revenues grew four percent as the company continues to focus on profitable growth through providing high value services, such as business recovery, to both new and existing customers. The focus on profitability resulted in double-digit operating profit growth. Office Systems, featuring Copier and Facsimile, grew revenues five percent for the quarter. The copier business remains solid, posting strong sales growth. Additionally, the business continues the transition from stand-alone analog copiers, to digital, networked solutions while strengthening the ability to sell to national and major accounts. Facsimile revenues were helped by strong unit placements partly offset by ongoing price pressure in the market. (4) The Capital Services Segment includes primarily asset- and fee-based income generated by large ticket external assets. During the quarter, the segment's revenue decreased by two percent while its operating profit increased five percent. This performance is consistent with the company's previously announced strategy to shift from asset-based income by lowering the asset base and concentrating on fee-based income opportunities. The results from Mortgage Servicing have been excluded from continuing operations. Pitney Bowes decided to dispose of Atlantic Mortgage & Investment Corporation (AMIC) after an extensive review of various strategic options to determine how best to enhance shareholder value. This decision will also allow the company to actively market the business and focus on its core businesses. The company has recorded a $27.7 million after-tax charge, which includes costs associated with: o Net loss from mortgage servicing operations of $2.7 million for the second quarter primarily attributable to increased amortization of mortgage servicing rights o Expected loss of $34.3 million after-tax on the disposal of AMIC offset by gains of $9.3 million from the company's sale of Colonial Pacific Leasing Corporation (CPLC) completed in 1998 The company commenced its review of AMIC earlier this year. The process was consistent with earlier reviews of its financial services businesses, which resulted in the GATX transaction in 1997 and the CPLC transaction in 1998. The strategic review was undertaken to address the changing profile of the mortgage servicing industry, the dynamic interest rate environment and the potential impact of fluctuating interest rates and prepayment patterns on the business in the future. Mr. Critelli concluded, "This quarter we continued to take actions that will maximize long-term shareholder value. While we have decided to exit the mortgage servicing business, the quarter's performance underscores the ongoing demand for advanced business messaging solutions worldwide. We will continue to invest in research and development and provide innovative products and services that reduce the cost, increase the efficiency and enhance the productivity of mail and messaging. The outlook for our business remains very positive." (5) The company previously announced an 11.6-million share repurchase program. During the second quarter the company repurchased approximately 1.9 million shares on the open market under this program, for a total of 4.1 million shares repurchased year-to-date. Second quarter 1999 revenue included $546.4 million from sales, up 11 percent from $492.3 million in the second quarter of 1998; $418.8 million from rentals and financing, up six percent from $393.8 million; and $140.3 million from support services, up nine percent from $128.5 million. Second quarter 1999 net income was $129.7 million, or 48 cents per diluted share, compared to $142.0 million, or 51 cents per diluted share, in 1998. Second quarter net income included a $27.7 million charge, or 10 cents per diluted share related to discontinued operations, compared to $9.2 million of income, or three cents per diluted share, in 1998. For the six-month period ended June 30, 1999 revenue was $2.155 billion, up nine percent from $1.968 billion in 1998; and net income in 1999 was $272.0 million, or 99 cents per diluted share, compared to $271.7 million, or 97 cents per diluted share in 1998. The year-to-date net income included a $24.0 million net after-tax charge, or nine cents per diluted share, for discontinued operations compared to $16.6 million of income, or six cents per diluted share, in 1998. Pitney Bowes is a global provider of informed mail and messaging management. The forward-looking statements contained in this news release involve risks and uncertainties, and are subject to change based on various important factors including timely development and acceptance of new products, gaining product approval, successful entry into new markets, changes in interest rates, and changes in postal regulations, as more fully outlined in the company's 1998 Form 10-K Annual Report filed with the Securities and Exchange Commission. # # # Note: Consolidated statements of income for the three and six months ended June 30, 1999 and 1998 and consolidated balance sheets at June 30, 1999, December 31, 1998, and June 30, 1998 are attached. Pitney Bowes Inc. Consolidated Statements of Income (Unaudited) -----------
(Dollars in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, ------------------------------- ------------------------------ 1999 1998 1999 1998 ------------- ------------- -------------- ------------- Revenue from: Sales $ 546,370 $ 492,310 $ 1,056,752 $ 942,735 Rentals and financing 418,773 393,825 824,498 774,196 Support services 140,289 128,455 273,506 251,444 ------------- ------------- -------------- ------------- Total revenue 1,105,432 1,014,590 2,154,756 1,968,375 ------------- ------------- -------------- ------------- Costs and expenses: Cost of sales 306,351 289,983 603,070 564,983 Cost of rentals and financing 117,443 104,355 228,376 206,976 Selling, service and administrative 373,132 352,916 734,160 683,898 Research and development 27,698 25,065 53,602 48,696 Interest, net 46,938 40,451 92,438 75,948 ------------- ------------- -------------- ------------- Total costs and expenses 871,562 812,770 1,711,646 1,580,501 ------------- ------------- -------------- ------------- Income from continuing operations before income taxes 233,870 201,820 443,110 387,874 Provision for income taxes 76,462 69,051 147,131 132,770 ------------- ------------- -------------- ------------- Income from continuing operations 157,408 132,769 295,979 255,104 Discontinued operations (27,667) 9,248 (23,967) 16,600 ------------- ------------- -------------- ------------- Net income $ 129,741 $ 142,017 $ 272,012 $ 271,704 ============= ============= ============== ============= Basic earnings per share Continuing operations $ 0.58 $ 0.49 $ 1.10 $ 0.92 Discontinued operations (0.10) 0.03 (0.09) .06 ------------- ------------- -------------- ------------- $ 0.48 $ 0.52 $ 1.01 $ 0.98 ============= ============= ============== ============= Diluted earnings per share Continuing operations $ 0.58 $ 0.48 $ 1.08 $ 0.91 Discontinued operations (0.10) 0.03 (0.09) .06 ------------- ------------- -------------- ------------- $ 0.48 $ 0.51 $ 0.99 $ 0.97 ============= ============= ============== ============= Average common and potential common shares outstanding 273,016,885 279,494,653 274,073,691 281,413,128 ============= ============= ============== =============
Pitney Bowes Inc. Consolidated Balance Sheets --------------------------- (Dollars in thousands, except per share data) (*) (Unaudited) (Unaudited) Assets 6/30/99 12/31/98 6/30/98 - ------ ----------- ----------- ---------- Current assets: Cash and cash equivalents $ 132,693 $ 125,684 $ 115,322 Short-term investments, at cost which approximates market 949 3,302 1,943 Accounts receivable, less allowances: 6/99 $24,983 12/98 $24,665 6/98 $21,883 416,302 382,406 367,409 Finance receivables, less allowances: 6/99 $48,642 12/98 $51,232 6/98 $61,867 1,498,531 1,400,786 1,646,627 Inventories 259,858 266,734 240,045 Other current assets and prepayments 83,173 330,051 282,931 Net assets of discontinued operations 156,507 - - ----------- ----------- ---------- Total current assets 2,548,013 2,508,963 2,654,277 ----------- ----------- ---------- Property, plant and equipment, net 467,013 477,476 491,552 Rental equipment and related inventories, net 842,176 806,585 823,530 Property leased under capital leases, net 3,269 3,743 4,080 Long-term finance receivables, less allowances: 6/99 $76,291 12/98 $79,543 6/98 $77,755 1,954,990 1,999,339 2,327,915 Investment in leveraged leases 962,531 827,579 776,930 Goodwill, net of amortization: 6/99 $51,425 12/98 $47,514 6/98 $44,208 227,874 222,980 208,946 Other assets 454,198 814,374 785,738 Net assets of discontinued operations 313,063 - - ----------- ----------- ---------- Total assets $ 7,773,127 $ 7,661,039 $8,072,968 =========== =========== ========== Liabilities and stockholders' equity - ------------------------------------ Current liabilities: Accounts payable and accrued liabilities $ 776,665 $ 898,548 $ 845,562 Income taxes payable 186,279 194,443 139,867 Notes payable and current portion of long-term obligations 1,273,197 1,259,193 1,761,162 Advance billings 391,103 369,628 376,871 ----------- ----------- ---------- Total current liabilities 2,627,244 2,721,812 3,123,462 ----------- ----------- ---------- Deferred taxes on income 1,029,923 920,521 925,837 Long-term debt 1,898,942 1,712,937 1,627,127 Other noncurrent liabilities 352,911 347,670 368,039 ----------- ----------- ---------- Total liabilities 5,909,020 5,702,940 6,044,465 ----------- ----------- ---------- Preferred stockholders' equity in a subsidiary company 310,000 310,097 300,000 Stockholders' equity: Cumulative preferred stock, $50 par value, 4% convertible 29 34 34 Cumulative preference stock, no par value, $2.12 convertible 1,945 2,031 2,112 Common stock, $1 par value 323,338 323,338 323,338 Capital in excess of par value 11,927 16,173 21,864 Retained earnings 3,208,052 3,073,839 2,892,080 Accumulated other comprehensive income (85,851) (88,217) (74,630) Treasury stock, at cost (1,905,333) (1,679,196) (1,436,295) ----------- ----------- ---------- Total stockholders' equity 1,554,107 1,648,002 1,728,503 ----------- ----------- ---------- Total liabilities and stockholders' equity $ 7,773,127 $ 7,661,039 $8,072,968 =========== =========== ========== (*) Certain prior year amounts have been reclassified to conform with the current year presentation.
Pitney Bowes Inc. Revenue and Operating Profit By Business Segment June 30, 1999 (Unaudited) (Dollars in thousands) % 1999 1998 Change ----------- ----------- --------- Second Quarter - -------------- Revenue ------- Mailing and Integrated Logistics $ 746,952 $ 668,281 12% Office Solutions 316,753 303,682 4% Capital Services 41,727 42,627 (2%) ----------- ----------- --------- Total Revenue $1,105,432 $1,014,590 9% =========== =========== ========= Operating Profit (1) -------------------- Mailing and Integrated Logistics $ 200,654 $ 164,223 22% Office Solutions 60,656 57,610 5% Capital Services 12,784 12,202 5% ----------- ----------- --------- Total Operating Profit $ 274,094 $ 234,035 17% =========== =========== ========= (1) Operating profit excludes general corporate expenses, income taxes and net interest other than that related to finance operations.
Pitney Bowes Inc. Revenue and Operating Profit By Business Segment June 30, 1999 (Unaudited) (Dollars in thousands) % 1999 1998 Change ----------- ----------- --------- Year to Date - ------------ Revenue ------- Mailing and Integrated Logistics $1,445,581 $1,294,521 12% Office Solutions 631,333 594,864 6% Capital Services 77,842 78,990 (1%) ----------- ----------- --------- Total Revenue $2,154,756 $1,968,375 9% =========== =========== ========= Operating Profit (1) -------------------- Mailing and Integrated Logistics $ 375,039 $ 308,630 22% Office Solutions 119,201 110,069 8% Capital Services 20,966 20,547 2% ----------- ----------- --------- Total Operating Profit $ 515,206 $ 439,246 17% =========== =========== ========= (1) Operating profit excludes general corporate expenses, income taxes and net interest other than that related to finance operations.
Exhibit 2 PITNEY BOWES INC. CONSOLIDATED STATEMENTS OF INCOME ANALYSTS' P&L (UNAUDITED) RESTATED FOR DISCONTINUED OPERATIONS
($000'S, EXCEPT PER SHARE DATA) -------------------------------------------------- ---------- ------------------------- ----------- First Second Third Fourth Year First Second Six Months Quarter Quarter Quarter Quarter Ended Quarter Quarter Ended 1998 1998 1998 1998 1998 1999 1999 1999 -------------------------------------------------- ---------- ------------------------- ----------- REVENUE FROM: SALES........................ $ 450,425 $ 492,310 $ 488,575 $ 562,236 $ 1,993,546 $ 510,382 $ 546,370 $ 1,056,752 RENTALS AND FINANCING........ 380,371 393,825 396,329 411,341 1,581,866 405,725 418,773 824,498 SUPPORT SERVICES............. 122,989 128,455 128,271 135,788 515,503 133,217 140,289 273,506 ------------------------------------------------- ------------ ------------------------ ----------- TOTAL REVENUE......... 953,785 1,014,590 1,013,175 1,109,365 4,090,915 1,049,324 1,105,432 2,154,756 ------------------------------------------------- ------------ ------------------------ ----------- COSTS AND EXPENSES: COST OF SALES................ 275,000 289,983 282,503 298,918 1,146,404 296,719 306,351 603,070 COST OF RENTALS AND FINANCING 102,621 104,355 102,767 109,380 419,123 110,933 117,443 228,376 SELLING, SERVICE AND ADMINISTRATIVE............... 330,982 352,916 362,921 396,261 1,443,080 361,028 373,132 734,160 RESEARCH AND DEVELOPMENT..... 23,631 25,065 24,699 27,411 100,806 25,904 27,698 53,602 INTEREST, NET................ 35,497 40,451 39,261 41,689 156,898 45,500 46,938 92,438 ------------------------------------------------- ------------ ------------------------ ----------- TOTAL COSTS AND EXPENSES.. 767,731 812,770 812,151 873,659 3,266,311 840,084 871,562 1,711,646 ------------------------------------------------- ------------ ------------------------ ----------- INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES. 186,054 201,820 201,024 235,706 824,604 209,240 233,870 443,110 PROVISION FOR INCOME TAXES..... 63,719 69,051 68,201 81,121 282,092 70,669 76,462 147,131 ------------------------------------------------- ------------ ------------------------ ----------- INCOME FROM CONTINUING OPERATIONS.................... 122,335 132,769 132,823 154,585 542,512 138,571 157,408 295,979 DISCONTINUED OPERATIONS....... 7,352 9,248 8,763 8,519 33,882 3,700 (27,667) (23,967) ------------------------------------------------- ------------ ------------------------ ----------- NET INCOME.................... $ 129,687 $ 142,017 $ 141,586 $163,104 $ 576,394 $ 142,271 $ 129,741 $ 272,012 ================================================= ============ ======================== =========== BASIC EARNINGS PER SHARE: CONTINUING OPERATIONS........ $ 0.43 $ 0.49 $ 0.49 $ 0.57 $ 1.98 $ 0.52 $ 0.58 $ 1.10 DISCONTINUED OPERATIONS...... 0.03 0.03 0.03 0.03 0.12 0.01 (0.10) (0.09) ------------------------------------------------- ----------- ------------------------- ----------- NET INCOME................... $ 0.46 $ 0.52 $ 0.52 $ 0.60 $ 2.10 $ 0.53 $ 0.48 $ 1.01 ================================================= =========== ========================= =========== DILUTED EARNINGS PER SHARE: CONTINUING OPERATIONS........ $ 0.43 $ 0.48 $ 0.48 $ 0.56 $ 1.94 $ 0.51 $ 0.58 $ 1.08 DISCONTINUED OPERATIONS...... 0.03 0.03 0.03 0.03 0.12 0.01 (0.10) (0.09) ------------------------------------------------- ----------- ------------------------- ----------- NET INCOME................... $ 0.46 $ 0.51 $ 0.51 $ 0.59 $ 2.06 $ 0.52 $ 0.48 $ 0.99 ================================================= =========== ========================= =========== AVERAGE COMMON AND POTENTIAL COMMON SHARES OUTSTANDING... 283,871,448 279,494,653 278,712,757 276,722,479 279,656,603 274,962,244 273,016,885 274,073,691 ================================================= =========== ========================== ============
Exhibit 3 Pitney Bowes Inc. Segment Reporting RESTATED FOR DISCONTINUED OPERATIONS
(Dollars in thousands) ------------------------------------------------- ------------- ------------------------- ------------- First Second Third Fourth Year First Second Six Months Quarter Quarter Quarter Quarter Ended Quarter Quarter Ended Revenue 1998 1998 1998 1998 1998 1999 1999 1999 - --------------------------- ------------------------------------------------- ------------- ------------------------- ------------- Business segments: Mailing and Integrated Logistics $ 626,240 $ 668,281 $ 666,141 $ 746,382 $ 2,707,044 $ 698,629 $ 746,952 $1,445,581 Office Solutions 291,182 303,682 306,716 314,427 1,216,007 314,580 316,753 631,333 Capital Services 36,363 42,627 40,318 48,556 167,864 36,115 41,727 77,842 ------------------------------------------------- ------------- ------------------------- ------------- Total Revenue $ 953,785 $1,014,590 $1,013,175 $1,109,365 $ 4,090,915 $1,049,324 $1,105,432 $2,154,756 ================================================= ============= ========================= ============= ------------------------------------------------- ------------- ------------------------- ------------- First Second Third Fourth Year First Second Six Months Quarter Quarter Quarter Quarter Ended Quarter Quarter Ended Operating Profit (1) 1998 1998 1998 1998 1998 1999 1999 1999 - --------------------------- ------------------------------------------------- ------------ -------------------------- ------------- Business segments: Mailing and Integrated Logistics $ 144,407 $ 164,223 $ 163,702 $ 188,408 $ 660,740 $ 174,385 $ 200,654 $ 375,039 Office Solutions 52,459 57,610 59,461 65,626 235,156 58,545 60,656 119,201 Capital Services 8,345 12,202 11,482 19,402 51,431 8,182 12,784 20,966 ------------------------------------------------- ------------- ------------------------- ------------- Total Operating Profit $ 205,211 $ 234,035 $ 234,645 $ 273,436 $ 947,327 $ 241,112 $ 274,094 $ 515,206 ================================================= ============= ========================= ============= (1) Operating profit excludes general corporate expenses, income taxes and net interest other than that related to finance operations.
-----END PRIVACY-ENHANCED MESSAGE-----