Companies have been lax on new software spending and infrastructure and information technology investing for a couple of years now -- but the mail must go on.

That's why Pitney Bowes(NYSE: PBI) has escaped the slip in demand plaguing so many other postage companies. Last night, Bowes posted a healthy $0.64-a-share profit on $1.16 billion in revenue. That's a steady 6% top-line gain at a time when others are still hunkering down in the trenches.

Margins continue to improve, but the company is trimming its payroll -- one of the few firms laying people off despite the uptick in business. Why? Bowes' digital delivery business, which is less labor-intensive, continues to make inroads. You don't need a meter to do this math. More business plus lower overhead equals... ka-ching!

While the company also hiked its dividend and projected revenue growth of 2% to 4% this year, claims that Bowes is perfect should be clearly marked "Return to Sender."

The company has had more charges than the Gabor sisters on a New York City shopping spree. From writing off ill-advised commercial aircraft leases to selling off non-core businesses, Bowes has turned to its accounting team to balance out past mistakes. The company's restructuring plan will also run a $100 million tab over the next two years. Yes, every Bowes has its thorns.

However, given the uncertain economy and the fact that a letter will still be cheaper than a business trip, it's easy to view the company as an all-weather investment. With a healthy 3.6% dividend yield, fetching just 14 times the earnings of its continuing operations is certainly reasonable.

Slow yet steady, Bowes delivers.