Pitney Bowes Inc. said yesterday that it would cut up to 800 jobs after posting a 17 percent decline in fourth-quarter net income, according to reports.
The company will take a $100 million charge in the first quarter as part of a restructuring.
The provider of mailing systems and postage meters reported a net income of $148.3 million, or 59 cents a diluted share, down from $178.1 million, or 66 cents a share from a year earlier.
The company blamed the losses on the slowing economy and increased competition. Pitney Bowes also suffered from disappointing results from its office-systems business. The division, which sells copiers and fax machines, will be spun off.
Pitney Bowes will announce more restructuring details in the first quarter.