Pitney Bowes(PBI) was once the king of business mail and direct marketing, boasting a huge market share in postage meters and other mailing needs.
But the advent of the digital age forced the company to rethink its business model.
Pitney Bowed finally started to turn things around toward the end of 2012, starting with a new CEO. And investors are hopeful that the new chief, former IBM(IBM) executive Marc Lautenbach, will be able to accelerate the company's evolution into a digital marketing force.
The stock has climbed more than 60% so far this year, a remarkable turn from last year's 43% drop. Investors have been pleased with Pitney Bowes' earnings results and efforts to pay off debt, even though it meant slashing its dividend payout.
The company also said it plans to use the proceeds from the $400 million sale of its management services business to Apollo Global Management(APO) to further cut that debt load.