STAMFORD, Conn., May 10 /PRNewswire-FirstCall/ -- Strong financial performance and future growth were two issues highlighted by Michael J. Critelli, chairman and CEO, Pitney Bowes Inc. (NYSE: PBI) at the company's 84th Annual Meeting of Stockholders, held today at its Stamford-based headquarters.

"We are a stronger, more focused company than we were a year ago," stated Critelli. "We continue to deliver shareholder value by providing a total return of 28.5 percent and grew revenue by four percent to $4.6 billion. As we recently announced during the first quarter we grew revenue by seven percent and diluted EPS by 12 percent to $.54. Excluding restructuring charges EPS grew eight percent to $.58 per share."

During the meeting, Critelli provided the audience of approximately 100 attendees with an update on plans to capture a larger share of the $250 billion global mail and document management market. Pitney Bowes growth plans are focused on four key areas: mailstream expansion; broadening the range of its document management solutions; cross-selling more solutions to current customers; and expanding its presence globally. Underpinning these strategies, Pitney Bowes is also enhancing its strong core business.

Critelli also discussed how acquisitions have played a key role in the company's growth strategy. For example, since the 2002 acquisition of PSI Group, Pitney Bowes has continued to expand into the $3.6 billion mail pre- sort market by doubling the number of its presorting facilities from 12 to 24. PSI Group consolidates and presorts mail to enable customers to qualify for U.S. Postal Service discounts on postage. Customers can save as much as 18 percent or $.065 cents per piece on each individual piece of mail with presort. Today, PSI processes about 6 billion pieces of mail per year through the network -- a volume that makes PSI on par with the eleventh largest post in the world.

Critelli also discussed the recently announced definitive agreement to acquire Group 1 Software. "This transaction actually supports all four of our major growth strategies, because software is an increasingly important part of our value proposition. Group 1 has a broad range of mailing and document management software applications that complement our existing software business and it will expand our mailstream participation by adding 3,000 high- and mid-volume mailing customers worldwide."

Further business highlights that were included in Critelli's address included:

    *  The Pitney Bowes integrated marketing campaign more than doubled senior
       executive awareness of the company as an innovative, technology-driven
       provider of integrated mail and document solutions and was recently
       recognized by Business Week magazine for excellence in corporate
       advertising.
    *  Pitney Bowes recently ranked the number one company for Corporate
       Diversity by DiversityInc. magazine. In addition, the company was
       included on Business Ethics Magazine's list of 100 Most Ethical
       Companies for the fifth year in a row.

Stockholders re-elected four members of the Board of Directors to three- year terms: Linda G. Alvarado, president and chief executive officer, Alvarado Construction; Ernie Green, president, Ernie Green Industries, Inc.; John S. McFarlane, chief executive officer, Ascendant Technologies Inc.; Eduardo R. Menasce, president, Enterprise Solutions Group, Verizon Communications Inc.

In other business, stockholders ratified the appointment of PricewaterhouseCoopers LLP as the company's independent accountants for 2004 and rejected a stockholder proposal related to the company's political contributions.

Pitney Bowes is the world's leading provider of integrated mail and document management systems, services and solutions. The $4.6 billion company helps organizations of all sizes reduce costs, increase effectiveness 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 about Pitney Bowes can be found at www.pb.com

     Contact:  Sheryl Y. Battles
               VP, Corporate Communications
               203-351-6808


SOURCE  Pitney Bowes Inc.
    -0-                             05/10/2004
    /CONTACT:  Sheryl Y. Battles, VP, Corporate Communications,
+1-203-351-6808, or Charles F. McBride, VP, Investor Relations,
+1-203-351-6349, both of Pitney Bowes Inc./
    /Web site:  http://www.pb.com /
    (PBI)

CO:  Pitney Bowes Inc.
ST:  Connecticut
IN:  OFP
SU:

MT 
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1532 05/10/2004 11:12 EDT http://www.prnewswire.com