Xerox Reiterates Business Outlook Nov 22, 2004

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Business appliance maker Xerox Corporation announced that it will focus on color printing and reiterated its outlook for 2004 through 2006.

For full-year 2005, Anne M. Mulcahy, Xerox chairman and CEO, said she expects revenue to grow 3 percent, with earnings in the range of U.S. $0.90 to $1 per share. This progress will continue the following year with expectations of 5 percent revenue growth and a 15 to 20 percent increase in earnings per share for full-year 2006.

The company said its revenue growth strategy is aligned around creating new opportunities to expand its share of the $102 billion document market with new technology and service offerings for office and production environments, including affordable color printing for businesses of any size and accelerating the transfer of pages now printed on offset presses to digital systems.

Third-quarter revenue from Xerox's targeted growth areas including office digital, production digital, and value-added services, grew 7 percent year-over-year and now represents about 74 percent of the company's revenue. The major declining areas of Xerox's business, like older light lens copiers, were down 44 percent in the quarter and now represent only about 6 percent of total revenue.

Xerox reiterated it remains on track to meet expectations of fourth-quarter earnings in the range of $0.20 to $0.22 per share, contributing to full-year earnings in the range of $0.83 to $0.85 per share.

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