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Xerox Reports Second-Quarter Results
Jul 28, 2003
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Xerox Corporation reported second-quarter earnings of U.S. $0.09 per share, including a previously announced $0.05 charge for the remaining unamortized fees associated with its terminated 2002 credit facility.

Equipment sales grew 8 percent in the second quarter, including a 7-percentage point currency benefit. Total revenue for the second quarter was $3.9 billion, a decline of 1 percent from the second quarter of 2002, including a 6-percentage point currency benefit. According to the company, the decrease is primarily driven by declining post-sale revenue from its older light lens technology as well as moderating declines in its developing markets business. The company noted that improving trends in its developing markets operations continue, with DMO equipment sales growing 39 percent year over year.

The company posted gross margins of 42.4 percent. Selling, administrative, and general costs declined 2 percent, including an adverse impact from currency of 4 percentage points. The company reported second-quarter operating cash flow of $682 million and its worldwide cash position was $2.3 billion as of June 30. According to the company, debt decreased $2.5 billion in the quarter due to its successful completion last month of its $3.6 billion recapitalization plan. The recapitalization included $1.34 billion of new equity, $1.25 billion of senior unsecured notes, and a new $1 billion credit facility.

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