This excerpt taken from the PBI 8-K filed Nov 15, 2007.
Updated 2007 Guidance
Based upon the transition initiatives that the company plans to undertake in the fourth quarter and during 2008, the company is revising its GAAP (Generally Accepted Accounting Principles) earnings guidance for 2007 and is now providing revenue, earnings and free cash flow guidance for 2008.
The company reaffirms anticipated fourth quarter revenue growth in the range of 6 to 9 percent, and revenue growth of 6 to 8 percent for the full year 2007, as well as free cash flow for the full year 2007 in the range of $625 million to $675 million.
Excluding the impact of the transition initiatives, the accounting alignment for MapInfo and the non-cash adjustments discussed during the third quarter, the company is maintaining its adjusted earnings per share guidance from continuing operations in the range of $.67 to $.71 for the fourth quarter and $2.67 to $2.71 for the full year 2007. The company is revising its guidance for earnings per share from continuing operations on a GAAP basis to ($0.17) to $0.04 for the fourth quarter and $1.76 to $1.97 for the full year. The reconciliation between adjusted earnings per share and GAAP earnings per share is detailed below.