Pitney Bowes Board Authorizes Additional $300 Million in Stock Repurchase
STAMFORD, Conn., March 13, 2007 - Pitney Bowes Inc. (NYSE: PBI) today announced that its Board of Directors authorized the repurchase of up to an additional $300 million of the company’s common stock. With this additional authorization, the company now has a total of $372 million remaining authorization for future repurchases. Including shares repurchased to date, the company expects to repurchase up to $300 million in the open market by the end of this year.
This move is part of the company’s ongoing plan to deliver enhanced shareholder value according to Michael J. Critelli, Chairman and CEO, Pitney Bowes Inc. “We will continue to invest for growth, while also providing more immediate returns to shareholders through our dividend yield and by repurchasing shares.”
Pitney Bowes provides the world’s most comprehensive suite of mailstream systems, software, services and solutions to help companies manage their flow of mail, documents and packages to improve communication. Pitney Bowes, with $5.7 billion in annual revenue, takes an all-inclusive view of its customers’ operations, helping organizations of all sizes enjoy the competitive advantage that comes from an optimized mailstream. The company’s 86 years of technological leadership have produced many major mailstream innovations, and it is consistently on the Intellectual Property Owners Association’s list of top U.S. patent holders. With approximately 35,000 employees worldwide, Pitney Bowes serves more than 2 million businesses through direct and dealer operations. More information about the company can be found at www.pb.com.