Pitney Bowes Announces First Quarter Results for 2011

Pitney Bowes PBI today reported first quarter 2011 results. Revenue for the quarter was $1.3 billion, which was a decline of 2 percent when compared to the prior year. The positive impacts of currency movements added less than one percent to revenue. Revenue for the quarter benefited from increased software and equipment sales, which was more than offset by the decline in supplies, rentals and financing revenues. The decline in these recurring revenue streams is moderating because equipment sales have stabilized compared to prior periods. Revenue and earnings were also adversely affected by a fire in Dallas at the company's largest mail presort center in its network.