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Read MoreTag: Pitney Bowes
Delivery Problems
Pitney Bowes throws off lots of cash but hasn’t yet figured out what to do with it. Pitney Bowes generated USD879 million in cash on USD5 billion in sales last year, enough to hand back USD482 million to shareholders in dividends and stock buybacks and run a USD317 million capital spending budget. It’s like that when you have a license to print money. Ever since Arthur Pitney and Walter Bowes convinced the U.S. postal authorities to authorize the then-novel idea of a prepaid-postage machine in 1920, Pitney Bowes has dominated the business. It built an empire around the ubiquitous postage meter, now selling customers USD4.2 billion a year in equipment, services and financing in addition to the USD840 million a year it takes in on rent (U.S. law requires meters to be leased, not sold). Yet the company now finds itself in a quandary any other businesses would kill for–how to spend all that cash.
Read MorePitney Bowes Expands Global Reach
Pitney Bowes Inc. (NYSE: PBI) today announced that it has completed two transactions that extend its penetration and reach outside of the U.S. — the acquisition of certain assets of Kilburn Office Automation Ltd. (Kilburn) in India and the formation of a joint venture with Semco Participacoes Limitada (Semco) in Brazil. Through these transactions Pitney Bowes is establishing direct sales operations in two of the world’s top fifteen mailing markets, whose combined mail volumes are approximately 23 billion pieces annually.
Read MorePitney Bowes US set to buy Ancora Capital
Pitney Bowes Inc., the world’s largest producer of postage meters, said Monday it plans to purchase assets of Ancora Capital & Management Group LLC, which has a mail facility in Baltimore.
The Stamford, Conn.-based firm plans to pay about USD35 million in cash and assumed debt for the provider of first-class, standard-letter and international mail processing and presort services. Ancora, headquartered in San Fernando, Calif., has five operations in southern California, Pennsylvania and Maryland.
The assets will become part of Pitney Bowes’ PSI operation and its national presort network, the nation’s largest with 25 locations, including one in Rockville.
Read MorePitney Bowes second-quarter earnings rise 14 percent
Pitney Bowes Inc has reported a 14 percent increase in second-quarter profits, citing the success of new products and acquisitions.
The Stamford-based postage equipment company said net income for the April-June period was USD134.7 million, or 58 cents per share, compared with USD118.9 million, or 50 cents per share, a year ago.
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