Pitney Bowes Declares Dividends and Announces Additional Share Repurchase Authorization
STAMFORD, Conn., February 09, 2016 - Pitney Bowes Inc. (NYSE:PBI), a global technology company that provides innovative products and solutions that power commerce, today announced that its Board of Directors declared a quarterly cash dividend on the company’s common stock of $0.1875 per share. The dividend will be paid on March 12, 2016, to stockholders of record on February 19, 2016. In addition to its dividend on common shares, a quarterly cash dividend of $0.53 per share on the company’s $2.12 convertible preference stock will be paid on April 1, 2016, to stockholders of record on March 15, 2016, and a quarterly cash dividend of $0.50 per share on the company’s 4 percent convertible cumulative preferred stock will be paid on May 1, 2016, to stockholders of record on April 15, 2016.
Further, the Board of Directors increased the Company’s authorization to repurchase an additional $150 million of Pitney Bowes’ outstanding common stock, which it expects to complete in 2016. This is in addition to the $65 million of authorization available at the beginning of the year, of which the company has repurchased $54 million through February 8, 2016. Taken together, the Company expects to repurchase $215 million of its common stock in 2016.
During the past three fiscal years, the company has returned $676 million to shareholders through a combination of dividends and share repurchases.
“Our disciplined capital allocation strategy gives us the flexibility to enhance shareholder value by returning cash to our shareholders while continuing to invest in the long-term growth of our business,” said Marc B. Lautenbach, President and Chief Executive Officer. "The Board’s actions today illustrate how we are continuing to return significant amounts of cash to shareholders through dividends and share repurchases. We have returned this cash while also making significant progress in transforming Pitney Bowes over the last several years, by stabilizing our mailing businesses, enhancing operational excellence and investing in strategic growth initiatives.”
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global technology company offering innovative products and solutions that enable commerce in the areas of customer information management, location intelligence, customer engagement, shipping and mailing, and global ecommerce. More than 1.5 million clients in approximately 100 countries around the world rely on products, solutions and services from Pitney Bowes. For additional information, visit Pitney Bowes at www.pb.com.