United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 8 - K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 23, 2003
PITNEY BOWES INC.
Commission File Number: 1-3579
State of Incorporation IRS Employer Identification No.
Delaware 06-0495050
World Headquarters
Stamford, Connecticut 06926-0700
Telephone Number: (203) 356-5000
Item 5 - Other Events.
The registrant's press release dated October 23, 2003 regarding its completion
of the acquisition of DDD Company.
Item 7 - Financial Statements and Exhibits.
c. Exhibits.
The following exhibits are furnished in accordance with the provisions of Item
601 of Regulation S-K:
Exhibit Description
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(1) Pitney Bowes Inc. press release dated October 23, 2003.
Signatures
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PITNEY BOWES INC.
October 23, 2003
/s/ B.P. Nolop
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B. P. Nolop
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
/s/ J. R. Catapano
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J. R. Catapano
Controller
(Principal Accounting Officer)
Exhibit 1
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For Immediate Release
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Pitney Bowes Completes Acquisition of DDD Company
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STAMFORD, Conn. and LANDOVER, MD, October 23, 2003 -- Pitney Bowes Inc.
(NYSE:PBI) has completed its acquisition of DDD Company for a net purchase price
of $49.5 million. The Maryland based company provides a broad array of services
including, fulfillment services, secure mail processing, messenger services,
logistics support, and record and information management. For the year ended
December 31, 2002, DDD posted revenue of approximately $70 million. DDD will
operate as Pitney Bowes Government Solutions, Inc., a stand-alone business
reporting directly to Karen M. Garrison, executive vice president and group
president, Pitney Bowes Business Services. Garrison has appointed Robert Hahn to
the position of president, Government Solutions, to oversee the day-to-day
operations of the business.
"This acquisition fits within our strategy to expand our technological
capabilities in mail and document management growth markets. It also accelerates
our diversification of the PBMS customer base into the targeted government
sector, increases cross-selling opportunities, and better positions us for
future growth in this important sector," stated Garrison. "In a time when
government and businesses are more focused on the security of their operations,
DDD's ability to provide trained staff with security clearances will complement
Pitney Bowes already robust offering of on- and off- site secure mail
solutions," Garrison added.
In business since 1988, Pitney Bowes Management Services, Inc. began by
providing on site mailroom management to large corporate (Fortune 1000/FTSE)
customers and top law firms and quickly expanded its scope to match customer
demand. Today PBMS employs nearly 16,000 employees worldwide and provides
services to nearly all of the Fortune 500 and represents more than 20% of Pitney
Bowes' consolidated revenue. Pitney Bowes is the world's leading provider of
integrated mail and document management systems, services and solutions. The
$4.4 billion company helps organizations of all sizes engineer the flow of
communication to reduce costs and increase impact, and enhance customer
relationships. The company's 80-plus years of technological leadership has
produced many major innovations in the mailing industry and more than 3,500
active patents with applications in a variety of markets, including printing,
shipping, encryption, and financial services. With approximately 33,000
employees worldwide, Pitney Bowes serves more than 2 million businesses through
direct and dealer operations. More information on the company is available at
www.pb.com.
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The statements contained in this news release that are not purely historical are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These
statements may be identified by their use of forward-looking terminology such as
the words "expects," "projects," "anticipates," "intends" and other similar
words. Such forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those projected. These
risks and uncertainties include, but are not limited to: severe adverse changes
in the economic environment; changes in international or national political or
economic conditions; timely development and acceptance of new products or
gaining product approval; successful entry into new markets; changes in interest
rates; and changes in postal regulations, as more fully outlined in the
company's 2002 Form 10-K Annual Report filed with the Securities and Exchange
Commission. The forward-looking statements contained in this news release are
made as of the date hereof and we do not assume any obligation to update the
reasons why actual results could differ materially from those projected in the
forward-looking statements.