<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS FINANCIAL INFORMATION EXTRACTED FROM PITNEY BOWES INC.
CONSOLIDATED BALANCE SHEET, CONSOLIDATED STATEMENT OF INCOME, CORRESPONDING
FOOTNOTE #3 FIXED ASSETS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                          88,511
<SECURITIES>                                     2,160
<RECEIVABLES>                                1,674,284<F1>
<ALLOWANCES>                                    50,813<F1>
<INVENTORY>                                    303,843
<CURRENT-ASSETS>                             2,155,646
<PP&E>                                       2,699,516<F2>
<DEPRECIATION>                               1,419,405<F2>
<TOTAL-ASSETS>                               7,860,043
<CURRENT-LIABILITIES>                        3,684,848
<BONDS>                                        849,172
<PREFERRED-MANDATORY>                          200,000
<PREFERRED>                                      2,549
<COMMON>                                       323,338
<OTHER-SE>                                   1,782,694
<TOTAL-LIABILITY-AND-EQUITY>                 7,860,043
<SALES>                                        384,004
<TOTAL-REVENUES>                               906,265
<CGS>                                          238,764
<TOTAL-COSTS>                                  364,516
<OTHER-EXPENSES>                                18,710
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              49,912
<INCOME-PRETAX>                                163,439
<INCOME-TAX>                                    56,930
<INCOME-CONTINUING>                            106,509
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   106,509
<EPS-PRIMARY>                                      .35
<EPS-DILUTED>                                      .35
<FN>
<F1>Receivables are comprised of trade receivables of $393,304 and short-term
finance receivables of $1,280,980. Allowances are comprised of allowance for
trade receivables of $12,654 and for short-term finance receivables of $38,159.
<F2>Property, plant and equipment are comprised of fixed assets of $1,083,437
and rental equipment and related inventories of $1,616,079. Depreciation is
comprised of depreciation on fixed assets of $586,972 and on rental equipment
and related inventories of $832,433.
</FN>