STAMFORD—  Pitney Bowes has announced a $200 million spend reduction program over the next 2 years.The Board of Directors has initiated a review of strategic alternatives for the Company to enhance shareholder value. Equipment sales declined largely due to lower sales in the top of the line products (high volume), where prior year included a large deal, and this year, a few deals did not close in the quarter. In addition, North America Mailing realized a lower level of client lease extensions, which impacted equipment sales. Recurring revenue streams declined, largely around lower rentals and financing revenue. The margin was lower than prior year largely due to the decline and mix of equipment sales along with the decline in recurring streams. Revenue of $843 million, flat versus prior year. Is this another Fuji Xerox type deal in the works?