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PBI » Topics » MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This excerpt taken from the PBI 10-Q filed Aug 8, 2006.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Discontinued Operations

     The following table details the components of discontinued operations for the three months ended June 30, 2006 and 2005:

(Dollars in Thousands)   
Three Months Ended June 30, 
   
2006
2005
       
Revenue   
$ 
34,523    
$ 
37,568 
Pretax income   
$ 
17,940    
$ 
20,807 
 
Net income   
$ 
10,447    
$ 
13,718 
Gain on sale of Imagistics, net of $7,443 tax   
11,641    
- 
FSC tax law change   
(16,209 )   
- 
Additional tax on IRS settlement   
(41,000 )   
- 
Loss on sale of Capital Services, net of $282,722 tax benefit   
(442,205 )   
- 
 
Total discontinued operations, net of tax   
$ 
(477,326 )   
$ 
13,718 
 

     Net income from discontinued operations decreased by $3.3 million or 23.8% in the second quarter of 2006 compared with the prior year primarily due to the run-off of the portfolio. We realized tax benefits of approximately $20 million from the sale of Capital Services, which will be included in discontinued operations for the third quarter of 2006. See Note 4 in the condensed consolidated financial statements for further discussion and details of the discontinued operations.

"MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" elsewhere:

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