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Business Description
Pitney Bowes Inc. is a provider of global, integrated mail and document management solutions for organizations of all sizes. Pitney Bowes and its subsidiaries operate in three reportable segments: Global Mailing, Enterprise Solutions and Capital Services. The Company's Global Mailing segment includes worldwide revenues and related expenses from the rental of postage meters and the sale, rental and financing of mailing equipment. The Company's Enterprise Solutions segment sells, rents or finances its products, and sells supplies and services. Pitney Bowes' Capital Services segment comprises primarily asset and fee-based income generated by financing or arranging transactions of critical large-ticket customer assets.

Financial Information
Pitney Bowes and its subsidiaries operate in three primary areas: Mailing and Integrated Logistics, Office Solutions, and Financial Services. For the six months ended 6/30/02, total revenues increased 7% to $2.13 billion. Net income from continuing operations decreased 7% to $272.6 million. Revenues reflect strong demand for integrated mailroom and document management services. Net income reflects the absence of a $362.2 million gain from a lawsuit settlement.