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): December 23, 2002
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 December 23, 2002 regarding its
announcement to record a charge for its investment in commercial aircraft
leasing transactions.
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
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(1) Pitney Bowes Inc. press release dated December 23, 2002.
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.
December 24, 2002
/s/ B.P. Nolop
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B. P. Nolop
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
/s/ A.F. Henock
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A. F. Henock
Vice President - Finance
(Principal Accounting Officer)
EXHIBIT 1
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For Immediate Release
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PITNEY BOWES TO RECORD A CHARGE FOR ITS INVESTMENT IN COMMERCIAL AIRCRAFT
LEASING TRANSACTIONS
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STAMFORD, Conn., December 23, 2002 - Pitney Bowes Inc. (NYSE:PBI) today
announced that it will take a fourth quarter pre-tax non-cash charge of
approximately $100 million, or 26 cents per diluted share, to write down its
investments in commercial aircraft leases with US Airways Group, Inc.
(US Airways) and United Air Lines (United). This charge is precipitated by the
estimated cumulative loss of future payments over the next ten years and
reflects the expected final outcome of the current negotiations with both
US Airways and United. However, the actual outcome will not be determined
until negotiations with both airlines are completed and any necessary
bankruptcy court approvals are obtained.
This charge is consistent with the range disclosed in the company's
second and third quarter 2002 quarterly reports on Form 10-Q. The charge
reflects recent events concerning US Airways and United including the
progress of negotiations with both airlines and the decision of United to
file for bankruptcy, which exacerbated an already difficult environment in the
airline industry. Additional details related to this charge will be provided in
the company's fourth quarter 2002 quarterly earnings release scheduled for
January 28, 2003.
The company estimates that the loss of income associated with its
investments in commercial aircraft leases with US Airways and United will be
approximately two cents per diluted share in 2003.
Pitney Bowes is a $4 billion global provider of integrated mail
and document management solutions headquartered in Stamford, Connecticut.
The company serves over 2 million businesses of all sizes through direct and
dealer operations in more than 130 countries. For additional information on
the company, its products and solutions, visit www.pb.com.
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