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Xerox Q3 Earnings Up 18 Percent
Oct 24, 2003
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Xerox Corp. reported an 18-percent increase in third-quarter net income, citing growing sales of its color printers and multifunction devices and improvements in developing markets.

Xerox said earnings for the July through September period were U.S. $117 million, or $0.11 per share, before payment of $25 million in dividends on preferred stock. That's compared with net income of $99 million, or $0.4 per share, for the same period last year.

In a conference call with analysts, Xerox chief executive Anne M. Mulcahy said the company expects earnings for the year in about the middle of its forecast range of $0.50 to $0.55 per share. She said the company would have exceeded that range, but expects another charge of $30 million to $40 million for restructuring in the fourth quarter.

"Our business model is definitely working," Ms. Mulcahy told analysts. "This company is now on the offense."

Xerox has struggled in recent years, but has implemented a turnaround program that included numerous new products, work force reductions, and other moves to cut costs.

"Xerox has reinvented itself into an aggressive technology leader with competitively priced products that meet the needs of offices small and large, digital presses that are creating new markets in commercial printing, and document-management services that drive productivity improvements for our customers," Ms. Mulcahy said. "Our investments are generating returns through increased customer demand for the Xerox brand and share gains in targeted markets."

The company's revenue has been declining for more than 3 years. Xerox should start to see total revenue growth in the latter part of next year, Lawrence Zimmerman, Xerox's chief financial officer, said in an interview.

Equipment sales grew 5 percent in the third quarter overall and 33 percent in developing markets, company officials said. Revenue from color products was up 15 percent in the third quarter and color equipment sales now represent more than 25 percent of Xerox's total equipment revenue, the company said.

"Color continues to be a key driver of Xerox's growth strategy as the high volume of pages printed on Xerox's color systems flows through to post-sale revenue," Ms. Mulcahy said.

For the first 9 months of the year, Xerox earned $138 million, or $0.11 per share, on revenue of $11.4 bill1ion. That compared with $72 million, or $0.1 per share, on revenue of $11.6 billion a year ago. (AP)

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