The annual report summarizes the company's activities over the past year. It includes a letter from the chairman, customer stories, financial highlights and selected financial data. The report focuses on how the company helps customers by engineering the flow of communication through services like document delivery, customer record integration, workflow improvement and security.
The document discusses several Forever Living products including Aloe Vera gel, Berry Nectar, Pomesteen, Freedom, Aloe Bits n' peaches herbal tea, Arcitic-Sea, Gin-Chia, Absorbent-C, A-Beta-CarE, Lycium Plus, B 12 Plus, Echinacea Supreme, Fields of Greens calcium supplement, Nature's 18, Sro 6, and Gingko Plus. For each product, key ingredients are listed such as aloe vera, vitamins, minerals, and other herbal extracts. Health benefits are also mentioned for conditions like skin problems, lupus, and menopause symptoms. Product serving
The document discusses several Forever Living products including Aloe Vera gel, Berry Nectar, Pomesteen, Freedom, Aloe Bits n' peaches, Aloe Blossom Herbal Tea, Arctic-Sea, Gin-Chia, Absorbent-C, A-Beta-CarE, Lycium Plus, B 12 Plus, Echinacea Supreme, Fields of Greens, Calcium, Nature's 18, SRO 6, and Gingko Plus. For each product, it provides information on ingredients, benefits, dosage, and price. The products contain ingredients like aloe vera gel, vitamins, minerals, herbs and are used to support health, beauty and wellness
Fiserv is a leading provider of financial technology and services. It serves over 10,000 clients worldwide including banks, brokerages, insurance companies, and other financial institutions. In 1999, Fiserv's revenues were $1.41 billion, a 14% increase over 1998. Net income was $137.9 million, or $1.09 per share. The document discusses Fiserv's strategic vision and positioning in providing technology solutions to help financial institutions adapt to a converging and expanding financial world driven by consumer demands, regulation changes, and advancing technology.
The Tribune Company saw declines in operating revenues and income from continuing operations in the second quarter of 2007 compared to the same period in 2006. Operating revenues fell 6.8% and income from continuing operations dropped 78.2%. Expenses rose due to restructuring charges and plant closure costs. Non-operating losses also increased significantly due to losses on derivatives and investments. Net income declined 58.7% due to lower operating results and higher non-operating losses.
The annual report summarizes Pitney Bowes' strong financial performance in 2005, with organic growth and improved operating margins across all core businesses. It highlights the success of Pitney Bowes' long-term growth strategies, with nearly a quarter of revenue now coming from acquisitions since 2001. It also discusses opportunities in the growing mailstream and how Pitney Bowes is pursuing these opportunities through its portfolio of businesses and technology.
This document is The Hershey Company's annual report (Form 10-K) filed with the SEC for the fiscal year ending December 31, 2005. It provides an overview of The Hershey Company's business including its principal product groups, brands, manufacturing and distribution operations, marketing strategies, raw material sourcing, and recent acquisitions. It also discloses that over 20% of its total net sales in 2005 were to McLane Company, one of the largest wholesale distributors in the US, and that cocoa is a significant raw material used in chocolate production which is imported from various regions including West Africa.
The Tribune Company reported its fourth quarter and full year 2004 results. For the fourth quarter, operating revenues increased 1% to $1.48 billion while operating expenses rose 4.3% to $1.12 billion, decreasing operating profit by 7.9%. Net income declined 35.9% to $216.8 million due to lower non-operating gains. For the full year, operating revenues grew 2.4% to $6.1 billion but operating expenses increased 3.5%, reducing operating profit growth to 0.6%. Net income fell 26.5% to $849.4 million due to decreased non-operating gains.
The document discusses several Forever Living products including Aloe Vera gel, Berry Nectar, Pomesteen, Freedom, Aloe Bits n' peaches herbal tea, Arcitic-Sea, Gin-Chia, Absorbent-C, A-Beta-CarE, Lycium Plus, B 12 Plus, Echinacea Supreme, Fields of Greens calcium supplement, Nature's 18, Sro 6, and Gingko Plus. For each product, key ingredients are listed such as aloe vera, vitamins, minerals, and other herbal extracts. Health benefits are also mentioned for conditions like skin problems, lupus, and menopause symptoms. Product serving
The document discusses several Forever Living products including Aloe Vera gel, Berry Nectar, Pomesteen, Freedom, Aloe Bits n' peaches, Aloe Blossom Herbal Tea, Arctic-Sea, Gin-Chia, Absorbent-C, A-Beta-CarE, Lycium Plus, B 12 Plus, Echinacea Supreme, Fields of Greens, Calcium, Nature's 18, SRO 6, and Gingko Plus. For each product, it provides information on ingredients, benefits, dosage, and price. The products contain ingredients like aloe vera gel, vitamins, minerals, herbs and are used to support health, beauty and wellness
Fiserv is a leading provider of financial technology and services. It serves over 10,000 clients worldwide including banks, brokerages, insurance companies, and other financial institutions. In 1999, Fiserv's revenues were $1.41 billion, a 14% increase over 1998. Net income was $137.9 million, or $1.09 per share. The document discusses Fiserv's strategic vision and positioning in providing technology solutions to help financial institutions adapt to a converging and expanding financial world driven by consumer demands, regulation changes, and advancing technology.
The Tribune Company saw declines in operating revenues and income from continuing operations in the second quarter of 2007 compared to the same period in 2006. Operating revenues fell 6.8% and income from continuing operations dropped 78.2%. Expenses rose due to restructuring charges and plant closure costs. Non-operating losses also increased significantly due to losses on derivatives and investments. Net income declined 58.7% due to lower operating results and higher non-operating losses.
The annual report summarizes Pitney Bowes' strong financial performance in 2005, with organic growth and improved operating margins across all core businesses. It highlights the success of Pitney Bowes' long-term growth strategies, with nearly a quarter of revenue now coming from acquisitions since 2001. It also discusses opportunities in the growing mailstream and how Pitney Bowes is pursuing these opportunities through its portfolio of businesses and technology.
This document is The Hershey Company's annual report (Form 10-K) filed with the SEC for the fiscal year ending December 31, 2005. It provides an overview of The Hershey Company's business including its principal product groups, brands, manufacturing and distribution operations, marketing strategies, raw material sourcing, and recent acquisitions. It also discloses that over 20% of its total net sales in 2005 were to McLane Company, one of the largest wholesale distributors in the US, and that cocoa is a significant raw material used in chocolate production which is imported from various regions including West Africa.
The Tribune Company reported its fourth quarter and full year 2004 results. For the fourth quarter, operating revenues increased 1% to $1.48 billion while operating expenses rose 4.3% to $1.12 billion, decreasing operating profit by 7.9%. Net income declined 35.9% to $216.8 million due to lower non-operating gains. For the full year, operating revenues grew 2.4% to $6.1 billion but operating expenses increased 3.5%, reducing operating profit growth to 0.6%. Net income fell 26.5% to $849.4 million due to decreased non-operating gains.
- Tribune Company reported a net loss of $4.5 billion for Q2 2008 compared to net income of $36 million in Q2 2007. This was largely due to a $3.8 billion write-down of intangible assets.
- Operating revenues declined 5.7% year-over-year to $1.1 billion in Q2 2008. Operating expenses increased significantly due to the $3.8 billion write-down.
- For the first half of 2008, Tribune reported a net loss of $2.7 billion compared to net income of $13 million in the first half of 2007, again largely due to the $3.8 billion intangible asset write-down.
- The document is the notice and proxy statement for Tribune Company's 2002 Annual Meeting of Shareholders, to be held on May 7, 2002.
- Two long-serving directors, Andy McKenna and Arnie Weber, will retire from the board in accordance with the company's by-laws, after over 33 combined years of service.
- Since the last annual meeting, the board has added three new members: Jack Fuller, Bob Morrison, and Bill Osborn. Shareholders will vote on Fuller's election at this year's meeting.
The document summarizes key investor questions about Pitney Bowes and provides responses. It discusses:
1) Why Pitney Bowes retained its management services business and growth drivers.
2) Restructuring initiatives are on target to achieve $150 million in savings.
3) The company's capital allocation priorities including increasing dividends and reducing shares through buybacks.
- Tribune Company reported a 3.4% increase in operating revenues but a 2.5% decrease in operating profit for the third quarter of 2003 compared to the same period in 2002.
- Net income decreased 23.0% to $182.3 million due primarily to lower non-operating gains.
- For the first three quarters of 2003, operating revenues rose 4.3% while operating profit before restructuring charges increased 4.7% compared to the same period in 2002. However, net income increased significantly due to the absence of a large accounting charge in 2002.
Pitney Bowes reported their fourth quarter and annual financial results for 2008. Their adjusted earnings per share increased 8% for the quarter and 2% for the full year. On a GAAP basis, they reported earnings per share of $0.36 for the quarter and $2.00 for the full year. For 2009, they expect revenue to decline 4-7% due to currency impacts, and for adjusted earnings per share to be in the range of $2.55 to $2.75.
- Tribune Company reported a net loss of $138.9 million for Q3 2001 compared to net income of $79.2 million in Q3 2000. Operating revenues decreased 7% to $1.275 billion.
- Operating profit declined significantly due to restructuring charges of $130.7 million related to workforce reductions. Excluding restructuring charges, operating profit declined 37% to $148.7 million.
- Non-operating losses totaled $144.4 million, driven by losses on derivatives and investment write-downs, compared to a gain of $3.1 million in the prior year.
This document is Hershey Foods Corporation's 2003 annual report and proxy statement to shareholders. It discusses Hershey's financial performance in 2003, including 13% earnings per share growth and continued gross margin expansion. It outlines the company's strategy of investing in core brands and expanding into snack market adjacencies. Key initiatives included restructuring the US sales force, creating a US Snack Group, and launching new better-for-you snack products. The report also discusses governance improvements and leadership changes on the board and in management.
Fiserv has experienced strong growth over its 20 year history, with revenues increasing at a 24% compounded annual rate and earnings per share growing at 21%. The company focuses on organic revenue growth through expanding existing client relationships and adding new clients by providing integrated solutions and value-added services. Fiserv's transaction processing expertise positions it well to capitalize on emerging trends in financial services and health plan management. The company's integration initiative aims to tightly integrate its technology platforms to better serve clients and drive organic growth.
Pitney Bowes is a global mailstream technology company that has been in business since 1920. It offers hardware, software, and services for mail and document management to over 2 million customers in 130 countries. The company has 35,000 employees and generates over $6 billion in annual revenue from its mailstream solutions and services segments. Pitney Bowes continues to grow through strategic acquisitions, having spent over $2.6 billion on acquisitions since 2001 to expand its offerings and customer base.
The document outlines Sovereign's vision of being a world-class financial services provider known for outstanding customer service. It discusses strategies such as building a strong team, embracing a culture of open communication, and aligning team and shareholder interests. The company focuses on relationship-oriented banking, optimizing its franchise through cross-selling six or more services per customer, and adhering to strong corporate governance standards.
- The 2007 Annual Meeting of Shareholders of Tribune Company will be held on May 9, 2007 at 11:00 am at Tribune Tower in Chicago, Illinois.
- Shareholders will vote on the election of three directors, ratification of the selection of PricewaterhouseCoopers LLP as independent accountants, and a shareholder proposal.
- Shareholders as of March 14, 2007 are entitled to vote. The meeting will be held if a quorum consisting of a majority of shares entitled to vote is present.
This document is Starwood Hotels & Resorts Worldwide's 2008 proxy statement and 2007 annual report. It contains the CEO's letter to shareholders, highlighting several accomplishments in 2007 including 10.3% worldwide RevPAR growth and opening 67 new hotels. The CEO outlines Starwood's strategy going forward, which focuses on five pillars: world-class brands, operational excellence, growth, smart growth, and expense control. Starwood aims to strengthen its brands, deliver excellent guest experiences, expand its global footprint especially in luxury and upper-upscale segments, invest wisely in growth, and reduce costs. The CEO expresses confidence in Starwood's pipeline of over 120,000 rooms to drive substantial growth in the coming years.
- The document is Pitney Bowes' 2008 annual report which discusses their financial performance, growth strategies, and innovations that year.
- Despite economic challenges, Pitney Bowes grew revenue and income in 2008 and generated robust cash flow. They increased their dividend for the 27th consecutive year.
- The company strengthened their core mailing business and expanded into new markets through new solutions that leverage their expertise in funds management, secure transactions, document management, and outsourcing services.
- Pitney Bowes launched new high-speed mail inserting systems and expanded their environmental sustainability services to help customers reduce costs and their carbon footprint.
The document discusses 3 Forever Living products: Aloe Vera Gel, Forever Berry Nectar, and Forever Pomesteen. The Aloe Vera Gel contains aloe vera and sorbitol and has benefits such as supporting the immune system. The Forever Berry Nectar contains various berries and vitamins and can help with skin conditions. The Forever Pomesteen product contains pomegranate and aloe vera gel, which have anti-aging properties.
Motorola's 2002 annual report summarizes the company's financial performance and strategic initiatives. It reports that Motorola returned to profitability in the second half of 2002 by focusing on cost reductions and improving efficiency. While sales decreased compared to 2001, the net loss narrowed and Motorola exceeded most of its financial targets. The report also outlines Motorola's continued focus on innovation, strategic acquisitions and portfolio optimization to drive future growth.
Storms, Thematic Mapping, and KML - by Robert Innisdmthompson
The document discusses thematic mapping using Keyhole Markup Language (KML) to visualize geographic data. It provides examples of different types of thematic maps like choropleth, isarithmic, and dasymetric maps. The document also profiles Bjorn Sandvik, a student who wrote about using KML for thematic mapping and later created the website thematicmapping.org to generate KML files from UN data.
Chengwei Plastic Model Co., Ltd. is a factory located in Dongguan, China that has been in operation since 2002. They specialize in designing, manufacturing, and processing a variety of plastic products including Christmas ornaments, light pendants, drilled pendants, and mobile battery chargers. The company aims to provide higher quality products and services at lower costs while also offering full supply chain management.
- Tribune Company reported a net loss of $4.5 billion for Q2 2008 compared to net income of $36 million in Q2 2007. This was largely due to a $3.8 billion write-down of intangible assets.
- Operating revenues declined 5.7% year-over-year to $1.1 billion in Q2 2008. Operating expenses increased significantly due to the $3.8 billion write-down.
- For the first half of 2008, Tribune reported a net loss of $2.7 billion compared to net income of $13 million in the first half of 2007, again largely due to the $3.8 billion intangible asset write-down.
- The document is the notice and proxy statement for Tribune Company's 2002 Annual Meeting of Shareholders, to be held on May 7, 2002.
- Two long-serving directors, Andy McKenna and Arnie Weber, will retire from the board in accordance with the company's by-laws, after over 33 combined years of service.
- Since the last annual meeting, the board has added three new members: Jack Fuller, Bob Morrison, and Bill Osborn. Shareholders will vote on Fuller's election at this year's meeting.
The document summarizes key investor questions about Pitney Bowes and provides responses. It discusses:
1) Why Pitney Bowes retained its management services business and growth drivers.
2) Restructuring initiatives are on target to achieve $150 million in savings.
3) The company's capital allocation priorities including increasing dividends and reducing shares through buybacks.
- Tribune Company reported a 3.4% increase in operating revenues but a 2.5% decrease in operating profit for the third quarter of 2003 compared to the same period in 2002.
- Net income decreased 23.0% to $182.3 million due primarily to lower non-operating gains.
- For the first three quarters of 2003, operating revenues rose 4.3% while operating profit before restructuring charges increased 4.7% compared to the same period in 2002. However, net income increased significantly due to the absence of a large accounting charge in 2002.
Pitney Bowes reported their fourth quarter and annual financial results for 2008. Their adjusted earnings per share increased 8% for the quarter and 2% for the full year. On a GAAP basis, they reported earnings per share of $0.36 for the quarter and $2.00 for the full year. For 2009, they expect revenue to decline 4-7% due to currency impacts, and for adjusted earnings per share to be in the range of $2.55 to $2.75.
- Tribune Company reported a net loss of $138.9 million for Q3 2001 compared to net income of $79.2 million in Q3 2000. Operating revenues decreased 7% to $1.275 billion.
- Operating profit declined significantly due to restructuring charges of $130.7 million related to workforce reductions. Excluding restructuring charges, operating profit declined 37% to $148.7 million.
- Non-operating losses totaled $144.4 million, driven by losses on derivatives and investment write-downs, compared to a gain of $3.1 million in the prior year.
This document is Hershey Foods Corporation's 2003 annual report and proxy statement to shareholders. It discusses Hershey's financial performance in 2003, including 13% earnings per share growth and continued gross margin expansion. It outlines the company's strategy of investing in core brands and expanding into snack market adjacencies. Key initiatives included restructuring the US sales force, creating a US Snack Group, and launching new better-for-you snack products. The report also discusses governance improvements and leadership changes on the board and in management.
Fiserv has experienced strong growth over its 20 year history, with revenues increasing at a 24% compounded annual rate and earnings per share growing at 21%. The company focuses on organic revenue growth through expanding existing client relationships and adding new clients by providing integrated solutions and value-added services. Fiserv's transaction processing expertise positions it well to capitalize on emerging trends in financial services and health plan management. The company's integration initiative aims to tightly integrate its technology platforms to better serve clients and drive organic growth.
Pitney Bowes is a global mailstream technology company that has been in business since 1920. It offers hardware, software, and services for mail and document management to over 2 million customers in 130 countries. The company has 35,000 employees and generates over $6 billion in annual revenue from its mailstream solutions and services segments. Pitney Bowes continues to grow through strategic acquisitions, having spent over $2.6 billion on acquisitions since 2001 to expand its offerings and customer base.
The document outlines Sovereign's vision of being a world-class financial services provider known for outstanding customer service. It discusses strategies such as building a strong team, embracing a culture of open communication, and aligning team and shareholder interests. The company focuses on relationship-oriented banking, optimizing its franchise through cross-selling six or more services per customer, and adhering to strong corporate governance standards.
- The 2007 Annual Meeting of Shareholders of Tribune Company will be held on May 9, 2007 at 11:00 am at Tribune Tower in Chicago, Illinois.
- Shareholders will vote on the election of three directors, ratification of the selection of PricewaterhouseCoopers LLP as independent accountants, and a shareholder proposal.
- Shareholders as of March 14, 2007 are entitled to vote. The meeting will be held if a quorum consisting of a majority of shares entitled to vote is present.
This document is Starwood Hotels & Resorts Worldwide's 2008 proxy statement and 2007 annual report. It contains the CEO's letter to shareholders, highlighting several accomplishments in 2007 including 10.3% worldwide RevPAR growth and opening 67 new hotels. The CEO outlines Starwood's strategy going forward, which focuses on five pillars: world-class brands, operational excellence, growth, smart growth, and expense control. Starwood aims to strengthen its brands, deliver excellent guest experiences, expand its global footprint especially in luxury and upper-upscale segments, invest wisely in growth, and reduce costs. The CEO expresses confidence in Starwood's pipeline of over 120,000 rooms to drive substantial growth in the coming years.
- The document is Pitney Bowes' 2008 annual report which discusses their financial performance, growth strategies, and innovations that year.
- Despite economic challenges, Pitney Bowes grew revenue and income in 2008 and generated robust cash flow. They increased their dividend for the 27th consecutive year.
- The company strengthened their core mailing business and expanded into new markets through new solutions that leverage their expertise in funds management, secure transactions, document management, and outsourcing services.
- Pitney Bowes launched new high-speed mail inserting systems and expanded their environmental sustainability services to help customers reduce costs and their carbon footprint.
The document discusses 3 Forever Living products: Aloe Vera Gel, Forever Berry Nectar, and Forever Pomesteen. The Aloe Vera Gel contains aloe vera and sorbitol and has benefits such as supporting the immune system. The Forever Berry Nectar contains various berries and vitamins and can help with skin conditions. The Forever Pomesteen product contains pomegranate and aloe vera gel, which have anti-aging properties.
Motorola's 2002 annual report summarizes the company's financial performance and strategic initiatives. It reports that Motorola returned to profitability in the second half of 2002 by focusing on cost reductions and improving efficiency. While sales decreased compared to 2001, the net loss narrowed and Motorola exceeded most of its financial targets. The report also outlines Motorola's continued focus on innovation, strategic acquisitions and portfolio optimization to drive future growth.
Storms, Thematic Mapping, and KML - by Robert Innisdmthompson
The document discusses thematic mapping using Keyhole Markup Language (KML) to visualize geographic data. It provides examples of different types of thematic maps like choropleth, isarithmic, and dasymetric maps. The document also profiles Bjorn Sandvik, a student who wrote about using KML for thematic mapping and later created the website thematicmapping.org to generate KML files from UN data.
Chengwei Plastic Model Co., Ltd. is a factory located in Dongguan, China that has been in operation since 2002. They specialize in designing, manufacturing, and processing a variety of plastic products including Christmas ornaments, light pendants, drilled pendants, and mobile battery chargers. The company aims to provide higher quality products and services at lower costs while also offering full supply chain management.
The document discusses the benefits and use cases of online communities for businesses. It describes how communities can provide two-way engagement with customers, build brands, and generate incremental revenue. Examples of potential communities include those focused on topics like photography, fitness, politics, or current events. Communities can also be used to solicit customer input on new products or services, engage loyal customers in a rewards program, or provide peer support. Metrics for evaluating success include participation rates, page views, member contributions, and customer satisfaction scores.
Bioinformetics - genetic variation between haemoglobin protein of humans and ...Aniket Bagul
This document contains two DNA sequences that are likely variants of the same gene. The sequences share many similarities, with only a few nucleotide differences. They both encode for a putative protein with a high degree of sequence identity. Overall, this suggests that the two sequences are alleles of the same gene found in different individuals.
- Haml is a templating language that generates HTML and aims to be cleaner and more readable than raw HTML
- Sass is a CSS preprocessor that adds features like variables, nested rules, and mixins to regular CSS
- Compass is a framework built on Sass that provides useful CSS mixins and patterns like resets, grids, and typography helpers
western unionCorporate Governance Guidelinesfinance47
The Board of Directors is responsible for overseeing Western Union and selecting the CEO and other executive management. The Board's primary functions are oversight, ethics and integrity, evaluating performance, reviewing strategic plans, advising management, and ensuring compliance. The Board establishes committees, evaluates itself, and plans for CEO succession to fulfill its responsibilities.
western unionRelated Person Transactions Policy finance47
The policy establishes guidelines for approving related person transactions between the company and its directors, executive officers, or significant shareholders. It requires that all related person transactions be approved or ratified by the Corporate Governance Committee or disinterested members of the Board. The committee must consider factors like the transaction's size, the related person's interest, potential conflicts, and whether comparable terms could be obtained from an unaffiliated third party. Ongoing related person transactions are also subject to annual review. All approved transactions must be disclosed as required by securities laws.
The document summarizes Western Union's 2006 annual report. It highlights that Western Union has a 150-year history of connecting people around the world through money transfers, with its brand synonymous with speed, trust, reliability and convenience. It processes nearly 150 million consumer-to-consumer transactions annually, accounting for over 80% of its revenue. It is also expanding its consumer-to-business services to allow bill payments, having recently acquired a company in Argentina, as it looks to increase diversification and growth opportunities.
Western Union had a very successful 2007 financially, with revenue, operating profit, and cash flow from operating activities all reaching record highs and growing at double-digit annual rates. The company strengthened its global network by increasing its number of agent locations worldwide to over 335,000 across more than 200 countries and territories. International consumer-to-consumer money transfers now make up 65% of Western Union's total revenue, demonstrating the company's increasing global reach and focus on serving migrant populations worldwide. Western Union aims to continue growing this business segment and meeting the evolving financial needs of global consumers.
Western Union's 2008 annual report summarizes the company's strong financial performance in 2008. The company delivered record revenue of $5.3 billion and cash flow from operations of $1.25 billion. Western Union's share of the global cross-border remittance market increased to 17% in 2008. Looking ahead, the company plans to focus on accelerating profitable growth, expanding payments services, innovating new products, and improving profitability through cost reductions.
Hershey Foods Corporation saw decreased sales and net income in 1999 compared to 1998. Sales declined due to the divestiture of the pasta business in early 1999 and difficulties fulfilling orders after implementing a new IT system. Net income increased due to a gain on the pasta sale, but excluding this was down 13% due to the sales decline and higher costs. The financial position remained strong with reduced debt from the pasta sale proceeds. Capital expenditures of $150-170 million annually are planned for manufacturing expansion and modernization.
Hershey Foods Corporation saw decreased sales and net income in 1999 compared to 1998. Sales declined due to the divestiture of the pasta business in early 1999 and difficulties fulfilling orders after implementing a new IT system. Net income increased due to a gain on the pasta sale, but excluding this was down 13% due to the sales decline and higher costs. The financial position remained strong with reduced debt from the pasta sale proceeds. Capital expenditures of $150-170 million annually are planned for manufacturing expansion and modernization.
This document provides an analysis of Hershey Foods Corporation's financial condition and results of operations. It discusses increases in net sales and gross margin from 1999 to 2000 primarily due to lower raw material costs. Selling and administrative expenses also increased from 1999 to 2000 due to higher marketing and staffing costs. In 2000, Hershey acquired Nabisco's mint and gum businesses for $135 million. The acquisition increased assets but did not materially impact 2000 results. Cash flow from operations and prior asset sales exceeded capital expenditures, share repurchases and dividends. Liquidity remains strong with continued capital investments planned.
1) Net sales for Hershey Foods Corporation increased 6% from 1999 to 2000 due to higher core confectionery and grocery product sales in North America, new product introductions, and lower returns and discounts. Net sales decreased 10% from 1998 to 1999 primarily due to the sale of the pasta business.
2) Gross margin increased from 40.7% in 1999 to 41.5% in 2000 due to lower raw material costs and returns/discounts, but was partially offset by higher distribution costs. Gross margin decreased from 40.8% in 1998 to 40.7% in 1999 due to product mix and higher distribution costs.
3) Net income decreased 27% from 1999 to 2000 due to the 1999
- Hershey Foods Corporation produces and distributes a broad line of chocolate and non-chocolate confectionery and grocery products.
- Net sales rose in 2001 primarily due to acquisitions of mint and gum businesses and new product introductions. Net sales also rose in 2000 due to increased sales of base confectionery products.
- Gross margin was unchanged at 41.5% in 2000 and 2001. Excluding one-time charges, gross margin rose to 42.6% in 2001 due to lower costs and supply chain efficiencies.
- Hershey Foods Corporation produces and distributes a broad line of chocolate and non-chocolate confectionery and grocery products.
- Net sales rose in 2001 primarily due to acquisitions of mint and gum businesses and new product introductions. Net sales also rose in 2000 due to increased sales of base confectionery products.
- Gross margin was unchanged at 41.5% in 2000 and 2001. Excluding one-time charges, gross margin rose to 42.6% in 2001 due to lower costs and supply chain efficiencies.
Hershey Foods Corporation manufactures and distributes confectionery and grocery products. In 2002, the company's net sales decreased from 2001 primarily due to increased promotion costs, divestitures of some brands, and the timing of sales from an acquired gum and mint business. Cost of sales also decreased in 2002 from 2001 mainly because of lower costs for raw materials. However, gross margin increased due to decreased raw material costs and supply chain efficiencies. Selling, marketing, and administrative expenses decreased slightly in 2002 driven by savings from business realignment initiatives and the elimination of goodwill amortization, partially offset by expenses to explore a possible sale of the company.
Hershey Foods Corporation manufactures and distributes confectionery and grocery products. Net sales decreased in 2002 due to increased promotion costs, divestitures, and sluggish retail conditions. Cost of sales decreased due to lower raw material costs and supply chain efficiencies. In late 2001, the company approved a business realignment plan to improve efficiency, including outsourcing manufacturing, rationalizing product lines, improving supply chain, and workforce reductions, generating $75-80 million in annual savings. Charges of $312 million were recorded for these initiatives.
- Hershey Foods Corporation manufactures and sells confectionery and grocery products. In 2003, the company saw increased net sales and net income compared to 2002 through strategies focusing on key brands, gross margin expansion, and earnings growth per share.
- The company's strategies over a three-year period resulted in increased sales, gross margins, and returns through price increases, improved sales mix, lower costs, and share repurchases. However, challenges remain in driving profitable core confectionery growth and portfolio evolution.
- Hershey Foods Corporation manufactures and sells confectionery and grocery products. In 2003, the company saw increased net sales and income compared to 2002 through strategies focused on key brands, gross margin expansion, and earnings growth per share.
- Primary challenges for 2004 and beyond include profitable sales growth in core confectionery and broader snacks, evolving the product portfolio to meet consumer trends, and balancing growth and profit in seasonal and packaged candy businesses. The company expects continued revenue growth, margin expansion, and earnings growth per share through focus on these strategies.
This document is Hershey Foods Corporation's 2003 annual report and proxy statement to shareholders. It discusses Hershey's financial performance in 2003, including 13% earnings per share growth and continued margin expansion. It outlines the company's strategy of investing in core brands and expanding into snack market adjacencies. Key initiatives included restructuring the US sales force, creating a US Snack Group, and launching new better-for-you snack products. The report also discusses governance improvements and leadership changes on the board and in management.
This document is a Form 10-K annual report filed by Hershey Foods Corporation with the SEC for the fiscal year ending December 31, 2004. It provides information on Hershey's business operations, products, sales, marketing strategies, distribution networks, raw material costs, and price increases. Key details include that Hershey manufactures and sells over 50 brands of confectionery, snack, refreshment and grocery products in North America and other countries. It sources cocoa beans, its primary raw material, from various global regions.
This document is a Form 10-K annual report filed by Hershey Foods Corporation with the SEC for the fiscal year ending December 31, 2004. It provides information on Hershey's business operations, products, sales, distribution, raw materials, and pricing. Key details include: Hershey manufactures and sells confectionery, snack, refreshment and grocery products worldwide; its major brands include Hershey's, Reese's, and Kit Kat; cocoa beans are its primary raw material; and it announced price increases on half its domestic confectionery line in late 2004 and early 2005.
The document is The Hershey Company's annual report filed with the SEC for the fiscal year ended December 31, 2005. It provides information on Hershey's business operations including that it manufactures, distributes and sells confectionery, snack, refreshment and grocery products. It operates in the United States, Canada and Mexico and markets over 50 brands. The report lists the company's principal product groups and brands of confectionery, snack and refreshment products sold in the US. It also discusses the acquisitions of Joseph Schmidt Confections and Scharffen Berger Chocolate Maker in 2005.
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...Alexander Belyaev
Calculation of compliance cost in the fishing industry of Russia after extended SCM model (Veterinary and sanitary control of aquatic biological resources (ABR) - Preparation of documents, passing expertise)
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
2. CONTENTS
4 CHAIRMAN’S LETTER
8 CUSTOMER STORIES
22 THE DETAILS
27 FINANCIAL HIGHLIGHTS FROM OUR CFO
28 SUMMARY OF SELECTED FINANCIAL DATA
30 DIRECTORS AND CORPORATE OFFICERS
31 STOCKHOLDER INFORMATION
32 MAJOR INTERNATIONAL LOCATIONS
3. I deliver Internet
mail services so
you can do more.
I write software
to integrate your
customer records.
ENGINEERING
I improve your
THE FLOW OF
workflow to save
TM
COMMUNICATION
you money.
IT’S WHAT WE DO.
I transform your
I optimize
statements into
your shipping.
marketing tools.
I secure your
documents.
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Your statements. Your contracts. Your records.
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Your invoices. Your payments. Your promotions.
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These are central to your business. Your revenues.
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Your relationships. Whether they travel by
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paper or electronically, or both, they have a huge
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impact on your business. But when they hit a
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snag, they cost you time, customers and income.
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Pitney Bowes is changing all that. We apply
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intelligent technology and process improvements
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to transform your mail and documents into
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powerful tools for advancing business. 3
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This is what we mean by our brand promise:
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TM
Engineering the flow of communication.
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6. CHAIRMAN’S LETTER
Pitney Bowes is a stronger, more focused company
today than it was a year ago at this time.
Thanks to an exciting portfolio of report. Bruce outlines how we delivered solid
integrated mail and document solutions, results and established greater financial
our brand promise of “Engineering the flexibility for our growth strategies.
flow of communication™” is taking hold
For several years, I have talked about our
in the marketplace.
initiatives to enhance our core mailing
More and more, businesses of all sizes business and execute our
understand that they can connect growth strategies by
better with their own customers expanding our range of
and drive business results solutions across the
through an integrated approach entire integrated mail and
to communications — and that document management
Pitney Bowes is an expert in market — an opportunity
this area. we size at $250 billion.
We made progress on
For example, in 2003 alone,
both fronts in 2003.
through our marketing efforts
4 we more than doubled the
Enhancing the Core
acceptance of Pitney Bowes
Customers of our core
as a solutions provider among
mailing business are clearly
senior executives.
excited about our advanced
More on this in a moment. But new solutions combining
first a word about the numbers. speed, versatility and
software-driven intelligence.
Diluted earnings per share
excluding special items For example:
increased to $2.41 vs. $2.37 a
•Demand for our networked,
year ago, in line with the guidance
digital mailing systems
we provided Wall Street. We also
remained strong throughout
generated over $850 million in cash
2003, and by year-end the
from operations and exceeded our target
new digital systems made up
for free cash flow. (See page 29 for the
more than two-thirds of our
reconciliation of reported consolidated
U.S. meter base. We continue
results to adjusted results.)
to progress well ahead of the
Our stock price increased 25 percent in U.S. Postal Service transition
2003. Adding our dividend, we delivered schedule.
a total return of more than 28 percent.
• Our IntelliLink™ software
For a full discussion of our 2003 for our DM Series™ Digital
financial numbers, I invite you to read Mailing Systems is also a
the letter from Bruce Nolop, our Chief hit. We are pleased with the
Financial Officer, on page 27 of this percentage of new customers
7. signing up for its value-added services, including • Mailstream Expansion
access to Delivery Confirmation™ Signature
, Mail will continue to be a vital component of the
™ Priority Mail® and Certified Mail™
Confirmation , . communication flow for organizations of all sizes.
Our vision is to enhance the value of mail for all
• Our Small Business Solutions group remains a
users by making it more affordable, accessible,
major contributor to our revenue and profits,
information rich and secure. Both the U.S. Postal
thanks to its strong performance in customer
Service’s 2002 Transformation Plan and the 2003
acquisition and retention, product management
President’s Commission on the United States Postal
and cross selling. At year-end, we had a customer
Service validate this vision for the future of mail.
base of 825,000, representing a net increase of
100,000 small business customers since the We expect the report to be a catalyst for the
beginning of 2002. The growth in the customer continued transformation of the mailing industry
population has also driven small business on a number of fronts, including broader
ancillary revenue to record highs. Our effective partnerships with the private sector to promote
use of new distribution channels, including work-sharing discounts; increased retail access
outbound telemarketing, direct mail, the Internet, to mail services; increased use of technology to
e-mail and co-marketing with partners like the add value, reduce costs and enhance security;
U.S. Postal Service and Sprint, is helping fuel and continued price stability coupled with
this success. With over 20 million small increased price flexibility.
businesses in the U.S., there is clearly room
It is in the context of this transformation that I
for continued growth.
would like to discuss our strategy for mailstream
5
• Our Document Messaging Technologies business, expansion.
which provides high-end mail and document
We are expanding our participation in the
systems for our largest corporate customers,
mailstream beyond solutions for sending out
delivered its strongest six-month performance
First-Class, transactional business mail. Our
in several years in the second half of 2003.
intent is to add value at every point in the mail
Among our strong portfolio of integrated mail process and to more types of mail, such as
and document solutions, our APS™ Series marketing mail and consumer-originated mail.
Advanced Productivity System merits special Two achievements in 2003 illustrate our success.
mention. This high-speed intelligent inserter
Our successful integration of PSI Group has made
processes up to 22,000 mail pieces an hour and
us a leader in the $3.6 billion presort market, an
can be integrated with the DFWorks™ suite for
exciting new area for us. PSI Group consolidates
online management of all document processes.
and presorts mail before it enters the U.S. Postal
RR Donnelley, the largest printer in North America, Service mailstream, helping our customers earn
for example, is using the APS™ system to expand postage discounts and expediting delivery. We
its capacity and efficiency without adding floor have doubled the number of PSI Group presorting
space. Each APS™ system does the work facilities from 12 to 24 since the 2002 acquisition.
RR Donnelley previously needed up to three systems We are now processing about 6 billion pieces of
to do. mail a year through our PSI Group network alone
— more than most national postal systems around
Executing Our Growth Strategies the world.
We made good progress in executing our growth
We also recently entered into an agreement
strategies in 2003, particularly in two areas —
with eBay® to provide Internet postage services
expanding our participation in the mailstream
for eBay users. You can learn about this exciting
and better defining our areas of opportunity for
alliance with eBay on page 11.
enterprise document management solutions.
8. “We are particularly excited about Customer
Communication Management, which we estimate
is a $4 billion opportunity.”
TSYS®, a global payments processor with a leading
In addition, hundreds of retail sites have installed
our DeliverAbility™ shipping system, giving their print and mail facility, is using our OnRoute™ Mail
customers seven-day-a-week access to carrier Tracking Solutions to obtain more real-time
shipping services. information regarding the status of mail within the
U.S. Postal Service system. You can learn about this
• Enterprise Document Management
solution on page 15.
We have determined that this very large
marketplace really consists of a series of A word here about our Management Services
markets in which the winners will be those operation, which has a critical role in our
who become experts in unique vertical market enterprise document management strategy.
applications or who help customers master Growth in our outsourcing business was
specific critical business processes. hampered in 2003, as business in the legal and
financial services industries remained sluggish,
A good example is technology that is helping our
resulting in declining mail and copy volumes.
customers create documents that can be delivered
6 in paper or electronic form with equal ease. We Our plan is to standardize our offerings and
recently adapted our D3® Digital Document Delivery sharpen our focus in select vertical markets.
software to accommodate the characters of the We launched our first vertical offering in 2003
Thai alphabet for Thailand Post, paving the way for with the acquisition of DDD Company, now
international use of D3® software. The installation operating as Pitney Bowes Government Solutions,
reflects another trend that plays to our strengths providing federal government outsourcing services.
— the move by a number of national posts to offer
Streamlining Our Infrastructure
value-added services like Electronic Bill
Over the last three years, we have been
Presentment and Payment.
upgrading our internal systems to give us the
We are particularly excited about Customer
scalability needed to grow revenue and improve
Communication Management, which we estimate
quality without growing costs. This work will also
is a $4 billion opportunity. CCM describes how a
help provide the internal controls needed to meet
business can link its customer communications
the end-of-2004 deadline for complying with
with other business processes, from billing and
provisions of the Sarbanes-Oxley Act — the
collections to marketing. This helps strengthen
governance reform law whose main provisions
customer relationships and creates opportunities
tighten corporate controls and financial reporting
for cross selling.
requirements.
We were the first company to be validated by Siebel
In 2003, we made significant progress in upgrading
Systems, Inc., a leading provider of business
and automating our customer-facing processes
applications software and a strategic partner of
and integrating our North American product and
Pitney Bowes, to link its Siebel 7 Call Center and
parts distribution system. We also implemented
Siebel 7 Marketing with mailing operations. We are
SAP enterprise software to automate our human
using this technology in our own call centers and
resource systems. This enabled us to consolidate
service management systems.
multiple payroll systems and create auditable,
9. streamlined processes for time and attendance recommendation of the Governance Committee,
recording, payroll processing and online recruiting. the Board terminated the Rights Plan, commonly
known as a poison pill. The Governance
Our adoption of Six Sigma methodology is helping
Committee had evaluated the Rights Plan in light
to improve our internal operations, better serve our
of many factors, including the increased level of
customers and achieve significant ongoing savings.
interest by stockholders in reconsideration of the
These process improvements helped us reduce Plan. The Board has a fiduciary responsibility to
general and administrative expenses by more the stockholders, which includes protecting them
than $24 million in 2003 and moved us closer to from a sale of the Company at an inadequate price.
our goal of reducing G&A expense as a percentage However, the Directors concluded that continual
of revenue by 2 percentage points. maintenance of a Rights Plan in the absence of
such a threat is not necessary.
Improved processes also helped boost customer
satisfaction with the post-sale installation of our
Looking Ahead to 2004
new hardware and software to over 96 percent,
As you can see, we demanded a lot of ourselves
the highest ever.
in 2003. I am proud to say that the people of
Pitney Bowes proved themselves up to the
Developing Talent and Promoting Diversity
challenge. You will find some of them pictured
CEO Magazine and Hewitt Associates ranked
in this Annual Report. But I want to thank all
us among the top 20 companies for leadership
Pitney Bowes employees for their good work.
development in 2003, reflecting our strong
commitment to identifying and developing future We are confident that the rewards of our work 7
leaders from our diverse and talented in 2003 will be sustainable, long-term growth
community of employees. and enhanced shareholder and customer value.
We now have candidates ready to succeed the Our priorities in 2004 are to continue our
incumbent for 90 percent of our senior positions, transformation programs and execute on our
an all-time high that reflects our commitment to mailstream and document management growth
succession planning. We will continue to focus on strategies. Since 2000, we have transformed the
our ultimate goal of having two candidates ready Company in a difficult economic environment. If
to succeed each incumbent for 100 percent of our we continue to execute successfully, we are well
key positions. positioned to grow in the years ahead.
Adhering to the Highest Standards
of Corporate Governance
The Board of Directors takes pride in its
independence, well-crafted governance practices
Michael J. Critelli
and oversight of company management and
Chairman and Chief Executive Officer
strategy. The Board recently updated the
Governance Principles to reflect the final New York
Stock Exchange listing standards. The Governance
Principles are reprinted in the proxy statement and
are also available on the Company’s governance
website at www.pb.com/corporategovernance.
In addition to protecting long-term stockholder
interests, the Board is attentive to stockholder
concerns. In the fourth quarter of 2003, at the
10. Turning business communication into dynamic
conversation. This is what excites us most.
In the next pages, we’ll tell you about some
of the benefits we’re delivering to clients.
Practical solutions born out of our spirit of
innovation, which has generated more than
3,500 patented breakthroughs in the field
of mail and documents.
8
11. ONLINE MAIL
PRESORT
CENTERS
SERVICES TO
TO SPEED
REDUCE COSTS.
E-COMMERCE.
MAIL TRACKING
THAT IMPROVES
CUSTOMER
RELATIONSHIPS.
SMART
NETWORKED
STATEMENTS
SERVICES THAT 9
THAT DRIVE
INCREASE
ADDITIONAL
PRODUCTIVITY.
REVENUE.
BUSINESS
RECOVERY TO
MEET CUSTOMER
COMMITMENTS.
12. CLICK IT AND SHIP IT.
NOW, THERE’S NOTHING VIRTUAL ABOUT THAT.
SPEED E-COMMERCE WITH THE FIRST BROWSER-BASED INTERNET
POSTAGE TECHNOLOGY.
13. eBay® the World’s Online Marketplace® brings together millions of
, ,
entrepreneurs, large and small. Now it offers users a virtual mailroom.
Sellers can pay for postage, print labels and track packages from their
desktops. And, with free Carrier Pickup from the U.S. Postal Service, they can
send packages on their way without stepping outside.
11
> The Pitney Bowes Team for eBay Rudy Chang, Erik Monsen, Kostas Vassilaskis,
(from left to right) John Campo, David Chamberlin, Anuja Ketan
HOW WE DO IT
eBay turned to Pitney Bowes and the U.S. Postal Service for a solution
to make shipping easier. The result is a superior online postage application.
Pitney Bowes integrated our flexible Web-based Internet postage technology
with PayPal®, eBay’s secure payment system. The solution is compatible with
major operating systems and browsers, and it requires no software download.
14. A FEW PENNIES SAVED HUGE MAILINGS = KA-CHING!
X
SLASH COSTS AND SPEED DELIVERY WITH ADVANCED
PRESORTING OF FIRST- AND STANDARD-CLASS MAIL.
15. DST OUTPUT
Pitney Bowes is helping DST Output, one of the nation’s largest mailers,
earn a portion of its postage discounts and expedite delivery by
presorting a portion of its mail before it reaches the U.S. Postal Service.
13
Jean M. Gallagher
> Client Services Representative, PSI Group
NOW, FIND OUT HOW
Pitney Bowes’ PSI Group has invested millions in Multi-Line Optical
Character Recognition that reads thousands of addresses an hour.
Our scanners check each address — embedded into an 11-digit
delivery point barcode — against the U.S. Postal Service’s database
using FASTforward® technology. PSI Group delivers your mail to the
designated postal facility — or takes it directly to the airport or surface
transportation hub for shipment to the destination city. Every minute we
save you in this process translates into real postal and operational savings.
16. DON’T CALL. THE CHECK’S IN THE MAIL. REALLY.
INTELLIGENT MAILING SYSTEMS LET YOU KNOW WHEN TO CALL —
AND WHEN NOT TO.
17. A leading payment services company and the largest First-Class mailer in
the southeastern United States, TSYS® mails 34 million monthly statements
for major U.S. banks without a hitch. Now it knows when a statement is on
its way or when a payment was mailed back, so a bank doesn’t bother a
customer with an unnecessary collection call. Instead, the bank can make
a follow-up call to someone who just received a promotion in the mail.
15
Joann Martin
> Vice President, Global Business Strategy
and Engagement Manager for TSYS
HOW IT’S DONE
TSYS uses our Customer Communication Management solutions, starting
with StreamWeaver® software, which generates the tracking barcodes used
by the U.S. Postal Service. The mail is then produced and monitored with our
state-of-the-art APS™ Series Advanced Productivity System, which processes
22,000 pieces an hour. Our Web-based portal solution, DFWorks™, captures
data on the promotions and remits associated with each mail piece in real
time. Our OnRoute™ Mail Tracking Solutions then collect the USPS status of
each mail piece, both inbound and outbound.
18. ON-DEMAND SERVICES THAT SAVE YOU TIME. BIG TIME.
CONNECT YOUR MAIL SYSTEMS TO REAL-TIME INFORMATION.
TRACK AND MANAGE COSTS, GET MAIL SERVICES AND RECEIVE
AUTOMATIC SOFTWARE UPDATES.
19. The Royal Institute of British Architects (RIBA) needed a way to keep more
than 1,500 pieces of mail flowing daily for its 32,000 professionals. Yet just a
small part of the process — updating postal accounts — took several hours
to complete. Now with Pitney Bowes’ help, the entire mailing can be done in a
fraction of the time.
17
Elvis Fair
> Senior Sales Consultant on the RIBA account
NOW, FIND OUT HOW
A Pitney Bowes DM Series™ Digital Mailing System with IntelliLink™
technology allows RIBA to obtain value-added services on an easy-to-use
command screen. Capable of handling a diverse array of mail, the system
can feed, seal and affix postage to envelopes at speeds up to 260 pieces a
minute. Meanwhile, our MeterNet™ accounting and consolidation software
captures the postage data in real time, integrates information and provides
a detailed breakdown of expenditures. Its powerful analytical tools produce
statistics that can help manage productivity and reduce postal costs.
20. TURN YOUR BILL INTO A BEST SELLER.
DRIVE ADDITIONAL REVENUE WITH A MESSAGE INDIVIDUALIZED
FOR EACH CUSTOMER.
21. The Island of Jersey off the coast of France is today home to a growing
number of international financial institutions. Pitney Bowes is enabling
Jersey Post to offer this sophisticated clientele access to multi-channel
customer communication. Like many of its counterparts around the world,
Jersey Post is moving to offer value-added services like end-to-end
statement processing. With Pitney Bowes solutions, Jersey Post can
create personalized marketing messages in outgoing statements.
Then send them either online, on paper, or both.
19
Michael Shea
> Manager, Enterprise System Engineering,
and System Engineer for Jersey Post
SEE HOW IT’S DONE
Jersey Post uses StreamWeaver® print stream manager to process
customized marketing messages and select the inserts to accompany
each statement. For mail processing, Jersey Post uses three high-volume
inserters from Pitney Bowes — an 8 Series™, a 9 Series™ and a FlowMaster®
FX10 Series. Simultaneously, StreamWeaver® software can send statement
data to a D3® Digital Document Delivery server for electronic presentment
to customers and the processing of payments.
22. THESE DAYS THERE IS NO SUCH THING AS TOO
MANY REDUNDANCIES. THESE DAYS THERE IS
NO SUCH THING AS TOO MANY REDUNDANCIES.
PREPARE FOR DISASTERS OR PEAK PRODUCTION PERIODS WITH
BACKUP PRINT AND DOCUMENT MANAGEMENT SERVICES.
23. FINANCIAL SERVICES COMPANIES
Disaster is no excuse when it comes to getting legally required
communications into customers’ hands on time. That’s why some of
the nation’s largest financial services companies rely on Pitney Bowes
to produce and mail account statements, trade confirmations, checks
and other mission critical documents in the event they cannot do so.
21
> Business Recovery
Services Team
(clockwise from top)
Francisco Cerro
Natalia Loaiza
Troy Robinson
Jackeline Osorio
THIS IS HOW WE DO IT
Backing up data is all well and good. But you’ll still need printing and
mailing support when work stops. Pitney Bowes’ ISO-registered mail and
document recovery center downloads your data and offers continuous laser
or cut sheet printing, including MICR and spot color. With our Direct Connect
Inserter Control System and Pitney Bowes Intelligent Inserters you can have
complete confidence in the quality of your outgoing customer communications.
24. Now, let’s sweat the details.
You’ve seen a handful of our solutions. Now,
find out more about what goes into them.
In the next few pages, you’ll see some of the
software, services, systems and R&D that help
us deliver cost savings and profit opportunities
for our customers.
22
25. SOFTWARE THAT ADDS INTELLIGENCE.
Too often, customer communication is treated as a series of discrete steps
performed in different corporate silos — marketing, billing, sales and customer
service. The result? Lost opportunities to develop deeper relationships with
customers. Pitney Bowes has developed software solutions that link business
communication into one continuous flow.
Give customers the choice — paper, electronic or both Our D3® Digital Document
Delivery software generates digital transactional documents from the same data
used to create the paper versions. D3® software supports electronic payments and
other business processes.
Obtain mail services online Update postal rates, confirm delivery of mail
and access other services on the Internet with IntelliLink™ technology for
our DM Series™ Digital Mailing Systems.
23
Monitor mailing costs Track postage spending by department or client,
measure efficiency and analyze productivity of your mail processing and
shipping operations with Budget Manager.
Optimize shipping Select the right carrier for your needs, reduce transportation
and logistics costs and streamline mail and shipment processing with our Ascent®
software. And with our DeliverAbility™ shipping system, hundreds of retail sites now
provide their customers with seven-day-a-week access to carrier shipping services.
Streamline your document production The leading print-stream engineering
technology, StreamWeaver® software supports advanced hard copy printing and
digital distribution. StreamWeaver® software allows you to modify, customize and
enhance print-ready files from a range of business applications.
Know where your mail is — whether it’s coming or going OnRoute™ Mail Tracking
Solutions capture the USPS status of each mail piece, both inbound and outbound.
Arrival® software tracks incoming mail and parcels from the moment they are
scanned by your mail center to the time they are handed to the intended recipient.
26. SERVICES THAT PROMOTE EFFICIENCIES.
Pitney Bowes provides a full range of mail and document management
services so you can focus on what you know best — your core business. We
use best-in-class processes, the latest technologies and highly motivated
people to help you cut costs, improve cycle time and raise the overall quality
of your communications.
Save money and expedite delivery with our presorting solutions Our PSI Group
consolidates and presorts mail, helping our customers earn postage discounts
and expediting delivery of their mail.
Create perfect documents with ease We use the latest document creation
technologies to generate messages to connect with customers.
Print and copy documents with speed and efficiency Our flexible print and
copy solutions, including integrated print-on-demand services, fleet asset
24
management, on- and off-site document solutions centers and business
recovery services, deliver high-quality output at progressively lower costs.
Deliver communications quickly, securely and economically Our expertise
in mailing and shipping can boost bottom-line results. Our staff can show
you how to improve the ergonomics and workflow of your production facilities.
Increase the value of documents with reliable storage and easy retrieval
Our advanced digital imaging and records management services improve
workflow processes and information access, helping to enhance
responsiveness to customer needs.
Increase efficiency with flexible payment and online services We offer a
wide range of value-added services to more than 1 million registered users
of My Account on pb.com, including our Postage By Phone® service and the
Purchase Power® and Postal Privilege® lines of credit. We also offer a variety of
flexible financing options to acquire Pitney Bowes solutions.
27. SYSTEMS THAT SPEED COMMUNICATION.
Effective communication requires a lot more than getting the mail out
the door. Our systems enable you to create customer communications
that make their mark with their professional appearance and customized
marketing messages.
Make mailing as easy as 1, 2, 3 Our DM Series™ Digital Mailing Systems
seal, weigh and apply postage at speeds up to 260 envelopes a minute.
Save time and money with solutions for small business Tailor-made for
small business, Pitney Bowes’ low-volume mailing systems provide unmatched
convenience and the opportunity to save money by applying just the
right amount of postage every time.
25
Connect with your customers even before they open the envelope
Our addressing systems can print personalized marketing messages
and graphics in color on envelopes, postcards, flats and mailers.
Get the right message to the right customer with intelligent inserters
Assemble effective mail pieces with a wide range of inserters. Our DI Series
FastPac™ Inserting Systems process up to 4,200 pieces an hour. Our high-
integrity production systems such as the APS™ Series Advanced Productivity
System processes up to 22,000 pieces per hour.
Make quick work of sorting mail With the intelligent line of Olympus™ II Mail
Sorting Solutions with Multi-Line Optical Character Recognition (MLOCR)
technology, you can transform the physical mailstream into easily accessible
data, while efficiently sorting outgoing, incoming and inter-office mail at
speeds up to 36,000 pieces per hour.
28. RESEARCH THAT CENTERS ON
THE CUSTOMER.
Our Advanced Concepts and Technology Group (AC&T) is not just a think
tank, but also an incubator for practical solutions to real customer problems.
We believe that successful innovation requires both great technology and a
deep understanding of emerging customer needs. As a result, our approach
to innovation is multidisciplinary and customer-centered.
The AC&T organization consists of two parts: the Innovation Pipeline, where
we create new product and business concepts, and the Tech Labs, where we
track, evaluate, develop and apply technologies that are critical to the future
of the company.
We go right to the source to identify customer needs Our Innovation Pipeline
puts customers front and center when developing ideas for new products and
26
services. Our process often begins at a customer site, where our researchers
acquire in-depth insight into real-world communications challenges. We then
develop a working model, which we refine through close participation with
customers and users. This approach allows us to innovate in the context of
a customer’s workflow so new inventions generate powerful business
improvements.
We plan for the future by helping to invent it Our Tech Labs help customers
prepare for the future by exploring emerging technologies that are poised to
affect our lives and work in revolutionary ways. In doing so, we invent
solutions that mitigate the often disruptive nature of technology while creating
solutions that help customers leverage technological advances to enhance
profitability. We are currently focused on technologies to help customers
manage paper in a networked world, maintain security in the face of
increasingly sophisticated threats and improve business through intelligent
software.
29. FINANCIAL HIGHLIGHTS FROM OUR CFO
We achieved solid financial results in 2003. We met We generated over $850 million of cash from
our revenue, earnings and cash flow objectives, operations and exceeded our target for “free
and we substantially increased the company’s cash flow” (cash from operations less capital
financial flexibility in support of our growth expenditures). We also obtained over $300 million
strategies. We also delivered a total return to of cash from our reduced investment in non-core
our shareholders of 28 percent, which consisted financing. As a result, we were able to increase
of a stock price increase of 25 percent and our our dividend rate, repurchase $200 million of
dividend yield of 3 percent. common stock and reduce our total debt
outstanding by about $400 million.
We grew our revenue by 4 percent to a total of
$4.6 billion. Favorable currency rates contributed We also restructured our debt to lengthen the
about 3 percent to our growth and were largely average maturity and to reduce our exposure to
responsible for strong growth in our international potentially higher interest rates. As of the end of
operations (15 percent growth rate for non-U.S. 2003, about 80 percent of our debt was long-term
operations, compared with 1 percent in the U.S.). and about 70 percent had a fixed interest rate.
Our revenue growth also was affected positively As we look to 2004, we are optimistic about the
by the acquisitions of PSI Group and DDD prospects for an improving global economy.
Company, and negatively by our decision to However, because of our relatively high percentage
reduce our exposure to non-core financing. of recurring revenue (about 77 percent in 2003),
On an “organic” basis (without the effects due we tend to lag the overall economy, and it generally 27
to currency and strategic actions), our revenue takes four quarters before we see the full effects
growth rate was slightly positive for the year. of an economic upturn in our results. In addition,
we will experience another year-over-year decline
We met our earnings per share guidance in earnings from non-core financing, and we will
each quarter. Excluding “special items” incur higher benefits and other non-controllable
(e.g. restructuring charges, one-time write-offs) expenses. However, while these factors will
our adjusted earnings per share from continuing constrain our earnings growth in 2004, we project
operations was $2.41 in 2003, compared with that they will have a lesser impact in future years.
$2.37 in 2002. If we exclude the impact of
non-core financing, our adjusted earnings grew We remain steadfastly committed to delivering
by 6 percent (from $2.13 to $2.25 per share). shareholder value and are confident that we
have the business model, growth strategies
On a GAAP basis, our earnings per share was and financial flexibility to make Pitney Bowes a
$2.11 in 2003, which compares with $1.97 compelling investment for the foreseeable future.
in 2002. On page 29, we provide a reconciliation
between these GAAP numbers and our adjusted
results. The most significant special item during
2003 was an after-tax restructuring charge of
$75 million, which primarily reflects our actions Bruce Nolop
to outsource manufacturing and streamline Executive Vice President and
our infrastructure. Chief Financial Officer
30. SUMMARY OF SELECTED FINANCIAL DATA
Dollars in thousands, except per share amounts
For the year 2003 2002 2001
As reported
$4,576,853
Revenue $4,409,758 $4,122,474
$494,847
Income from continuing operations $437,706 $514,320
$2.10
Diluted earnings per share from continuing operations $1.81 $2.08
$851,261
Cash provided by operating activities $502,559 $1,035,887
$288,808
Depreciation and amortization $264,250 $317,449
$285,681
Capital expenditures $224,834 $256,204
$1.20
Cash dividends per share of common stock $1.18 $1.16
236,165,024
Average common shares outstanding 241,483,539 247,615,560
$8,891,388
Total assets $8,732,314 $8,318,471
$3,573,784
Total debt $3,968,551 $3,494,310
$1,087,362
Stockholders' equity $853,327 $891,355
28
32,474
Total employees 33,130 32,724
As adjusted
$1,002,628
EBIT $1,011,781 $996,902
$569,471
Income from continuing operations $572,011 $556,274
$2.41
Diluted earnings per share from continuing operations $2.37 $2.25
$688,331
Free cash flow $681,964 $646,610
6.1x
EBIT to interest 5.6x 5.4x
Please refer to page 29 for a discussion on the presentation of adjusted financial results and a reconciliation of adjusted results to results reported in
accordance with generally accepted accounting principles (GAAP).
31. RECONCILIATION OF REPORTED CONSOLIDATED
RESULTS TO ADJUSTED RESULTS
Dollars in thousands, except per share amounts
For the year 2003 2002 2001
GAAP income from continuing operations
$721,091
before income taxes, as reported $619,445 $766,384
–
Capital services charges 213,182 –
10,000
Contributions to charitable foundations – –
(10,117)
Legal settlements, net – (338,097)
116,713
Restructuring charges – 116,142
–
Cost of meter transition – 268,300
Income from continuing operations
837,687
before income taxes, as adjusted 832,627 812,729
268,216
Provision for income taxes, as adjusted 260,616 256,455
569,471
Income from continuing operations, as adjusted 572,011 556,274
164,941
Interest expense, net 179,154 184,173
268,216
Provision for income taxes, as adjusted 260,616 256,455
$1,002,628
EBIT $1,011,781 $996,902
$2.11
GAAP diluted earnings per share, as reported $1.97 $1.97
(0.01)
Income from discontinued operations (0.16) 0.10
GAAP diluted earnings per share from continuing
$2.10
operations, as reported $1.81 $2.08
– 29
Capital services charges 0.56 –
0.03
Contributions to charitable foundations – –
(0.03)
Legal settlements, net – (0.82)
0.32
Restructuring charges – 0.30
–
Cost of meter transition – 0.68
Diluted earnings per share from continuing
$2.41
operations, as adjusted $2.37 $2.25
GAAP net cash provided by operating activities,
$851,261
as reported $502,559 $1,035,887
(285,681)
Capital expenditures (224,834) (256,204)
565,580
Free cash flow 277,725 779,683
50,000
Pension plan investment 338,579 30,000
10,000
Contributions related to charitable foundations – –
62,751
Payments related to restructuring charges 49,032 49,065
–
Payments related to legal settlements, net 11,856 (243,391)
–
Spin-off of Imagistics International Inc. 4,772 31,253
$688,331
Free cash flow, as adjusted $681,964 $646,610
The sum of the earnings per share amounts may not equal the totals above due to rounding.
Management believes this presentation provides a reasonable basis on which to present the adjusted financial information. The Company’s financial results
are reported in accordance with generally accepted accounting principles (GAAP). The earnings per share and free cash flow results are adjusted to exclude
the impact of special items such as restructuring charges and write downs of assets, which materially impact the comparability of the Company’s results of
operations. The use of free cash flow has limitations. GAAP cash flow has the advantage of including all cash available to the company after actual expenditures
for all purposes. Free cash flow is the amount of cash that management could have available for discretionary uses if it made different decisions about employing
its cash. It adds back long-term commitments such as capital expenditures and pension plan contributions, as well as special items such as charitable
contributions and cash used for restructuring charges. Each of these items use cash that is not otherwise available to the company and are important
expenditures. Management compensates for these limitations by using a combination of GAAP cash flow and free cash flow in doing its planning.
The adjusted financial information and certain financial measures such as EBIT and EBIT to interest are intended to be more indicative of the ongoing
operations and economic results of the Company. EBIT excludes interest and taxes, and as a result, has the effect of showing a greater amount of earnings
than net income. The Company believes that interest and taxes, though important, do not reflect management effectiveness as these items are largely outside
of their control. In assessing performance, the Company uses both EBIT and net income.
This adjusted financial information should not be construed as an alternative to our reported results determined in accordance with GAAP. Further,
our definition of this adjusted financial information may differ from similarly titled measures used by other companies.
32. DIRECTORS AND CORPORATE OFFICERS*
Directors Corporate Officers
Linda G. Alvarado Michael J. Critelli
President and Chief Executive Officer Chairman and Chief Executive Officer
Alvarado Construction, Inc.
Brian M. Baxendale
Colin G. Campbell Senior Vice President and
Chairman and President President, Enterprise Relationship Development
The Colonial Williamsburg Foundation Effective February 9, 2004
Michael J. Critelli Dessa M. Bokides
Chairman and Chief Executive Officer Vice President and Treasurer
Pitney Bowes Inc.
Gregory E. Buoncontri
Jessica P. Einhorn Senior Vice President and Chief Information Officer
Dean
Paul H. Nitze School of Advanced International Studies Amy C. Corn
of the Johns Hopkins University Vice President, Secretary and Chief Governance Officer
Ernie Green Karen M. Garrison
President Executive Vice President
Ernie Green Industries, Inc. Effective February 9, 2004
Herbert L. Henkel Arlen F. Henock
Chairman, President and Chief Executive Officer Vice President, Finance, Global Enterprise Solutions
Ingersoll-Rand Company Limited and Chief Tax Officer, PBI
Effective February 9, 2004
James H. Keyes
Retired Chairman Luis A. Jimenez
30
Johnson Controls, Inc. Senior Vice President and Chief Strategy Officer
John S. McFarlane Matthew S. Kissner
Chief Executive Officer Executive Vice President and
Ascendent Telecommunications Inc. Group President, Global Enterprise Solutions
Effective March 1, 2004 Effective February 9, 2004
Eduardo R. Menascé Murray D. Martin
President Executive Vice President and
Enterprise Solutions Group Group President, Global Mailstream Solutions
Verizon Communications Inc. Effective February 9, 2004
Michael I. Roth Michele Coleman Mayes
Chairman and Chief Executive Officer Senior Vice President and General Counsel
The MONY Group Inc.
Bruce P. Nolop
David L. Shedlarz Executive Vice President and Chief Financial Officer
Executive Vice President and Chief Financial Officer
Pfizer Inc. Fred M. Purdue
Vice President and General Manager, Business Processes
Robert E. Weissman
Retired Chairman Johnna G. Torsone
IMS Health Incorporated Senior Vice President and Chief Human Resources Officer
Joseph E. Wall
Senior Vice President and Chief Technology Officer
Stockholders may visit the Pitney Bowes corporate governance *Information as of December 31, 2003, except as otherwise noted.
website at www.pb.com/corporategovernance for information
concerning the Company’s governance practices, including the
Governance Principles of the Board of Directors, charters of the
committees of the Board, the Company’s Business Practices
Guidelines and the Directors’ Code of Business Conduct and Ethics.
Stockholders who wish to obtain copies of these documents may do
so by writing to the corporate secretary at our headquarters address.
33. STOCKHOLDER INFORMATION
World Headquarters Dividend Reinvestment Plan
Pitney Bowes Inc. Owners of Pitney Bowes Inc. common stock may purchase common
1 Elmcroft Road stock, $1 par value, with their dividends through the Dividend
Stamford, CT 06926-0700 Reinvestment Plan. A prospectus and enrollment card may be
(203) 356-5000 obtained by calling (800) 648-8170 or by writing to the agent at the
www.pb.com address above.
Annual Meeting Direct Deposit of Dividends
Stockholders are cordially invited to attend the 2004 Annual For information about direct deposit of dividends, please call
Meeting at 9:00 a.m., Monday, May 10, 2004, at Pitney Bowes (800) 648-8170 or write to the agent at the address above.
World Headquarters in Stamford, Connecticut. Notice of the
meeting and proxy information will be mailed to stockholders Duplicate Mailings
of record as of March 12, 2004. Please refer to the Proxy Statement If you receive duplicate mailings because you have more than
for information concerning admission to the meeting. one account listing, you may wish to save your company money
by consolidating your accounts. Please call (800) 648-8170 or
10-K Report write to the agent at the address above.
Accompanying this Annual Report to Stockholders is a copy of
the Company’s Annual Report on Form 10-K for the fiscal year Stock Information
ended December 31, 2003, as filed with the Securities and Exchange Dividends per common share
Commission. Additional copies of the Company’s Form 10-K will
be sent to stockholders free of charge upon written request to:
QUARTER 2003 2002
MSC 6140
Investor Relations FIRST $ .30 $ .295
Pitney Bowes Inc.
SECOND .30 .295
1 Elmcroft Road
Stamford, CT 06926-0700
THIRD .30 .295
Stock Exchanges FOURTH .30 .295
31
Pitney Bowes common stock is traded under the symbol “PBI.”
TOTAL $1.20 $1.18
The principal market which it is listed on is the New York Stock
Exchange. The stock is also traded on the Chicago, Philadelphia,
Boston, Pacific and Cincinnati stock exchanges.
Quarterly price ranges of common stock
Comments concerning the Annual Report should be sent to:
MSC 6309 2003 QUARTER HIGH LOW
Director, Marketing Services
FIRST $ 34.34 $ 29.45
Pitney Bowes Inc.
1 Elmcroft Road
SECOND $ 39.60 $ 31.60
Stamford, CT 06926-0700
THIRD $ 40.38 $ 36.23
Investor Inquiries
FOURTH $ 42.75 $ 38.00
All investor inquiries about Pitney Bowes should be addressed to:
MSC 6140
Investor Relations
2002 QUARTER HIGH LOW
Pitney Bowes Inc.
1 Elmcroft Road
FIRST $ 44.15 $ 37.43
Stamford, CT 06926-0700
SECOND $ 44.41 $ 38.39
Transfer Agent and Registrar
THIRD $ 40.33 $ 29.98
EquiServe Trust Company, N.A.
PO Box 43010 FOURTH $ 36.80 $ 28.55
Providence, RI 02940-3010
Stockholders may call EquiServe at (800) 648-8170 Trademarks
www.equiserve.com Arrival, Ascent, D3, FlowMaster, Postage By Phone and StreamWeaver
are all registered trademarks of Pitney Bowes. Engineering the flow of
Stockholder Inquiries communication, as well as 8 Series, 9 Series, APS, DeliverAbility,
Communications concerning transfer requirements, lost certificates, IntelliLink, DFWorks, DM Series, FastPac, MeterNet, Olympus,
dividends, change of address or other stockholder inquiries may be OnRoute, Postal Privilege and Purchase Power are trademarks of
made by calling (800) 648-8170, TDD phone service for the hearing Pitney Bowes Inc. All other trademarks, service marks or registered
impaired (781) 575-2692, for foreign holders (781) 575-2725, or by trademarks are owned by their respective companies.
writing to the address above.