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- GAAP EPS of (4) cents; adjusted EPS of 18 cents
- Earnings above guidance
- Total revenue up 33 percent as reported, up 5 percent pro forma
- $375 million in operating cash flow
NORWALK, Conn., April 23, 2010 – Xerox Corporation (NYSE: XRX) announced today first-quarter 2010 results that include adjusted earnings per share of 18 cents and $375 million in operating cash flow. Adjusted EPS excludes 22 cents from previously disclosed restructuring charges, intangibles, acquisition-related costs and other discrete items, resulting in a GAAP loss of 4 cents per share.
“We started the year strong with the successful acquisition of ACS and solid performance in revenue, operational improvements and cash generation,” said Ursula Burns, Xerox chief executive officer. “As a result, earnings reflect the benefit of our market leadership and expanded offerings in business process and document management.”
Total first-quarter revenue of $4.7 billion was up 33 percent including a 3 point currency benefit. On a pro-forma basis, with ACS in the company’s 2009 results, total revenue grew 5 percent. Revenue from technology, which represents the sale of document systems as well as the supplies, technical service and financing of products, was up 6 percent including a 3 point currency benefit. Total install activity for Xerox equipment was up 17 percent. Revenue from services grew 3 percent on a pro-forma basis, including a 1 point currency benefit, and represents the company’s business process, IT and document outsourcing offerings.
“Our results reflect improving demand for Xerox’s document technology in developing markets and from small and mid-size businesses. In addition, total color revenue grew 11 percent in the quarter with customers increasingly choosing Xerox color multifunction printers as a cost-effective way to get more for less,” said Burns. “Equipment sales are still under pressure for large enterprises and the graphic communications market. However, we’re seeing an improving trend in enterprises’ use of their existing devices, contributing to our annuity stream and indicating some economic stability in corporate environments.
“Annuity revenue is also significantly strengthened by our growing services portfolio with business process outsourcing up 8 percent on a pro-forma basis in the first quarter. Xerox’s annuity is now 83 percent of total revenue,” added Burns. “We’re on track with cost and revenue synergies from the acquisition. This progress coupled with marketplace momentum for our document technology positions us well to deliver continued revenue growth, strong cash and earnings expansion throughout the year.”
First-quarter gross margin was 36.1 percent and selling, administrative and general expenses were 23.3 percent of revenue. On a pro-forma basis, operating margin was up 1.5 points, driven by improvements in both gross margin and SAG as a percent of revenue.
Xerox expects second-quarter 2010 GAAP earnings in the range of 14 to 16 cents per share. Second-quarter adjusted EPS is expected to be 20 to 22 cents per share. Full-year GAAP earnings are expected to be 37 to 47 cents per share. Full-year adjusted EPS is expected to be at the high end of the company’s previous guidance of 75 to 85 cents per share.
About XeroxXerox Corporation is a $22 billion leading global enterprise for business process and document management. Through its broad portfolio of technology and services, Xerox provides the essential back-office support that clears the way for clients to focus on what they do best: their real business. Headquartered in Norwalk, Conn., Xerox provides leading-edge document technology, services, software and genuine Xerox supplies for graphic communication and office printing environments of any size. Through ACS, A Xerox Company, which Xerox acquired in February 2010, Xerox also offers extensive business process outsourcing and IT outsourcing services, including data processing, HR benefits management, finance support, and customer relationship management services for commercial and government organizations worldwide. The 130,000 people of Xerox serve clients in more than 160 countries. For more information, visit
http://www.xerox.com,
http://news.xerox.com or
http://www.acs-inc.com. For investor information, visit
http://www.xerox.com/investor.
Media Contact:Carl Langsenkamp, Xerox Corporation, +1-585-423-5782,
carl.langsenkamp@xerox.comNon GAAP Measures: This release refers to a non-GAAP financial measure described as “adjusted” EPS (earnings per share) for the first quarter and for second quarter and full year 2010 guidance that excludes several discrete items. In addition, this release also discusses current period revenue and operating margin on a pro-forma basis, with ACS included in the company’s 2009 result for the comparable 2010 period. Refer to the “Non-GAAP Financial Measures” section of this release for a discussion of these non-GAAP measures and their reconciliation to the reported GAAP measure.
This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “should” and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements reflect management’s current beliefs, assumptions and expectations and are subject to a number of factors that may cause actual results to differ materially. These factors include but are not limited to: the unprecedented volatility in the global economy; the risk that unexpected costs will be incurred; the outcome of litigation and regulatory proceedings to which we may be a party; actions of competitors; changes and developments affecting our industry; quarterly or cyclical variations in financial results; development of new products and services; interest rates and cost of borrowing; our ability to protect our intellectual property rights; our ability to maintain and improve cost efficiency of operations, including savings from restructuring actions; changes in foreign currency exchange rates; changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters in the foreign countries in which we do business; reliance on third parties for manufacturing of products and provision of services; the risk that we will not realize all of the anticipated benefits from the acquisition of Affiliated Computer Services, Inc. (“ACS”); our ability to recover capital investments; the risk that subcontractors, software vendors and utility and network providers will not perform in a timely, quality manner; the risk that multi-year contracts with governmental entities could be terminated prior to the end of the contract term; the risk that individually identifiable information of customers, clients and employees could be inadvertently disclosed or disclosed as a result of a breach of our security; and other factors that are set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section and other sections of our 2009 Annual Report on Form 10-K filed with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.
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