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Apr-19-2008Xerox Reports a Loss, but Matches Expectations(topic overview)
CONTENTS:
- NORWALK, Conn., April 18, 2008 ' Xerox Corporation announced Friday a first-quarter loss of 27 cents per share, which includes the previously announced litigation charge of 54 cents per share. (More...)
- In the sequential fourth quarter, the company posted net income of $382 million or $0.41 per share. (More...)
- "Weaker than expected sales gross margin (was), we assume, driven by a combination of Xerox being more aggressive to take share as well as macro issues." (More...)
- Stock buybacks show a company's confidence in itself and, in People's case, is a way to invest some of the $2.5 billion in capital that remains from the stock offering last year. (More...)
- Quarterly net sales increased 3.9% to 1.26 trillion yen or $11.09 billion from 1.22 trillion yen in the previous year. (More...)
- Xerox color devices printed the highest volume of pages in the industry, reaching more than 40 billion pages last year. (More...)
- SECAUCUS, N.J. (AP) - Syms Corp. (nyse: SYM - news - people ), a discount clothing retailer, said Friday fiscal fourth-quarter profit fell 92 percent as sales dropped. (More...)
- Earnings excluding the one-time costs matched the 27-cent average of eight analyst estimates compiled by Bloomberg. (More...)
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NORWALK, Conn., April 18, 2008 ' Xerox Corporation announced Friday a first-quarter loss of 27 cents per share, which includes the previously announced litigation charge of 54 cents per share. Excluding this charge, the company reported adjusted earnings per share of 27 cents, up from 24 cents reported in the first-quarter of 2007. Total revenue of $4.3 billion grew 13 percent in the quarter with post-sale revenue up 11 percent; this annuity stream represents more than 70 percent of total revenue. [1] The market looks to be poised for a positive opening this morning, and so does Xerox Corp. (NYSE: XRX ). The company's shares have been trading higher despite posting a first-quarter loss as its adjusted earnings matched analysts' estimates. Xerox, the leading provider of digital printers and document management services, reported this morning that it swung to a loss of $244 million, or 27 cents per share, hurt by a litigation charge that overshadowed strong sales growth.[2]
Excluding that, Xerox would have posted quarterly earnings of 27 cents, in line with analysts' predictions. Xerox also announced a 13% growth in its quarterly sales, which climbed up to $4.34 billion from $3.84 billion a year earlier. Analysts had expected revenue of $4.24 billion, according to Thomson Financial.The company's litigation charge of $491 million was tied to its action designed to cover the costs of a 2000 class-action lawsuit claiming that Xerox misled investors about its financial health.[2]
NEW YORK (Reuters) - Xerox Corp (XRX.N), the leading provider of digital printers and document management services, on Friday reported a quarterly loss as a $491 million litigation charge overshadowed solid sales growth. Xerox previously said it would make payouts in the settlement in five installments this year. Shares edged higher in pre-market trade for Xerox, which has rebounded from fiscal troubles earlier this decade, spurred by solid profits and improved market share despite tepid sales growth.[3] Xerox Corp. posted better than expected quarterly revenue and voiced optimism about its profitability Friday, overshadowing a charge of $491 million U.S. related to securities settlement that resulted in a net loss. Shares rose two per cent at Xerox, the top provider of digital printers and document management services, which has rebounded from fiscal troubles earlier this decade, spurred by solid profits and market share gains, despite tepid sales growth.[4]
Xerox Corp. (XRX) swung to a fourth-quarter loss of $244 million, or 27 cents a share, from a year-earlier profit of $233 million, or 24 cents a share, due in part to a litigation charge of 54 cents a share.[5] The charge sank Xerox to a first-quarter loss of $244.0 million, or 27 cents a share, from a profit of $233.0 million, or 24 cents a share, in the previous year.[6] The company, based in Stamford, Conn., posted a first-quarter loss of $244 million, or 27 cents a share, compared with a profit of $233 million, or 24 cents a share, a year earlier.[4]
The area's fourth-largest employer had a net loss of $244 million, or 27 cents a share, for the first three months of the year after spending $795 million before taxes on creating a fund to pay off claims from that lawsuit and other securities-related cases. The Connecticut-based printing and imaging company announced its first-quarter earnings this morning.[7] The Stamford, Connecticut-based company provided second-quarter earnings forecast. Xerox posted a net loss of $244 million or $0.27 per share in its first quarter, compared to profit of $233 million or $0.24 per share in the year-ago quarter.[8] Excluding litigation charge, the company reported adjusted earnings of $247 million or $0.27 per share for the current quarter, higher than $233 million or $0.24 per share a year ago.[8]
NEW YORK (AP) _ Citigroup's 9,000 job cuts and $14 billion in write-downs suggest that even if the worst of the credit market volatility is over, the industry is now in a conservative, cost-cutting mode. PHOENIX (AP) _ Automotive-parts retailer CSK Auto Corp. on Friday said its fiscal fourth-quarter loss widened as sales declined. HARTFORD, Conn. (AP) _ Xerox Corp. said Friday that a litigation charge left it with a loss of $244 million in the first quarter, but its results excluding the one-time item matched Wall Street expectations.[9] Xerox employs 57,500 worldwide, including 7,660 in the Rochester region. While numerous financial indicators were up, such as equipment sales increasing 18 percent, the Connecticut-based imaging and printing company ended the first quarter of the year in the red as it plunked down $491 million to settle a class-action lawsuit stemming from alleged financial malfeasance from 1998 to 2002.[10] Mulcahy said the U.S. economic slowdown has stalled big equipment deals, adding that the company would take a restructuring charge of $60 million, or 5 cents a share, in the second quarter to hasten cost-cutting efforts. Xerox, like other companies struggling to turn profits despite the flagging U.S. economy, is looking to deepen its footprint in Western Europe and emerging markets like Eastern Europe, India and Russia. Last year, the Stamford, Conn. -based company acquired Global Imaging Systems, gaining access to its 200,000 small and mid-size business customers.[6] Xerox expects earnings in the range of 23 to 25 cents per share in the second quarter, including a restructuring charge of 5 cents per share.[11] Going ahead to the second quarter, Xerox expects earnings in the range of $0.23 to $0.25 per share, including a restructuring charge of $0.05 per share.[8]
Wall Street analysts estimate earnings of $0.29 per share for the quarter, with expectations ranging between $0.28 and $0.32 per share. While announcing its fourth quarter results, the company had reiterated its full year earnings guidance in the range of $1.31 to $1.35 per share.[8] For the second quarter of the year, the company is expecting earnings of 23 to 25 cents a share. "It was a good earnings report, with no real surprises up or down," said Bill Shaheen, president of Whitney & Co., a Rochester wealth management firm. "They met Wall Street's expectations despite the legal writedown. In a weak economy, they were able to grow sales by 13 percent."[10]
The document company reported revenue of $4.3 billion for the quarter, up 13 percent from $3.8 billion for the year-ago period. Xerox Chairman and CEO Anne Mulcahy said the company was investing in sales, expanding its distribution "and winning in the marketplace through technology and services offered at competitive prices." She said the investments "put pressure on earnings this quarter."[12] Total revenue rose 13 percent to $4.3 billion, fueled by a an 11 percent increase in sales of supplies and services -- also known as "post-sale."[13] Total revenue rose 13 per cent to $4.34 billion, fuelled by an 11 per cent increase in sales of supplies and services -- also known as "post-sale."[4]
Revenue from color rose 13% in the first quarter to $1.60 billion from $1.42 billion a year ago, and represented 40% of Xerox's total revenue, up 3 points from the first quarter of 2007.[8] Total revenue for the first quarter grew 13% to $4.34 billion from $3.84 billion in the last year, and came in above six Wall Street analysts' consensus revenue estimate of $4.24 billion.[8]
Xerox said it is accelerating the use of digital color printing in businesses and commercial print enterprises, with revenue from color up 13 percent in the first quarter. It represents 40 percent of Xerox's total revenue, up from 37 percent from the same period last year.[14] Color multifunction sales were up 40 percent and mono MFP sales were up 35 percent, the company said. This quarter's results include revenues generated from Xerox's acquisition of Global Imaging Systems in May of last year, and Xerox continues to acquire dealers to grow its business, which may put it in conflict with some of its reseller partners.[11]
Revenue from toner, paper and supplies rose 11 percent to $3.24 billion. About 37 percent of those sales were for color products. Such follow-up sales are "the strength of the whole business model,'' Larry Zimmerman, chief financial officer of Xerox, said in an interview. "It does extremely well in any kind of economy. It's a great protection in a down economy.''[15] Revenue rose 13 percent to $4.34 billion, more than analysts expected, as Chief Executive Officer Anne Mulcahy added more products that print in color.[15]
Revenue rose 13 percent to $4.34 billion from $3.84 billion a year ago and above Wall Street's estimate for $4.24 billion. Its shares rose 33 cents, or 2.3 percent, to $14.83 in morning trading.[14]
Excluding one-time gains and losses, operating earnings in the most recent quarter were $48.3 million, or 15 cents a share. Those results missed Wall Street consensus estimates by 3 cents a share, according to a poll by Thomson Financial.[16] Analysts surveyed by Thomson Financial expect average earnings of 58 cents a share on revenue of $347.8 million. Charter Communications Inc., the cable operator controlled by Microsoft Corp. co-founder Paul Allen, said it had received a notice from Nasdaq after its Class A shares closed below $1 for 30 consecutive business days.[17]
The net loss of 27 cents a share compared with net income of $233 million, or 24 cents a share, a year earlier, Norwalk, Connecticut-based Xerox said.[18] The Norwalk-based office equipment maker said it lost the equivalent of 27 cents per share in the three months ended March 31 compared with $233 million, or 24 cents a share, a year ago.[14]
Without that charge, shares would have gained 27 cents, up from 24 cents per share in last year's first quarter.[11] Excluding that previously announced charge, adjusted earnings per share were 27 cents, up 24 cents a year ago.[19] Excluding the previously announced charge of 54 cents per share, the company earned 27 cents per share in the period. That met expectations of analysts in a Thomson Financial poll.[14] Excluding the charge, the company reported adjusted earnings of 27 cents a share, which were in-line with analysts' estimates.[6]
Excluding a charge of 54 cents a share for the litigation, Xerox earned 27 cents a share, in line with analyst views, according to Reuters Estimates.[4]
Xerox posted a lost of 27 cents per share for the first quarter of 2008 because of a 54-cent per share hit the company took to settle pending securities litigation.[11] Excluding items, earnings were 27 cents a share, compared with 24 cents a share in the first quarter of 2007.[5]
For the second quarter of the year, the company is expecting earnings of 23 to 25 cents a share.[7]
Net income at the Bridgeport-based parent of People's United Bank in the quarter that ended March 31 fell to $15.1 million, or 5 cents a share, compared with $33.6 million, or 11 cents a share, a year earlier.[16] Xerox took a charge of $491.0 million, or 54 cents a share, to cover the settlement of a securities lawsuit and to reserve for pending securities cases.[6] Xerox announced March 27 that it received approval to settle a securities lawsuit dating to 2000 and that it would take a $491 million charge related to the settlement. It did not admit to wrongdoing and agreed to settle to save time and money.[14] Xerox Corp. swung to a first-quarter loss on charges to settle a securities-related lawsuit, and it set aside money for other pending cases. The Stamford, Conn., copier-and-printer company said its loss of $244 million included $491 million in legal charges.[20] April 18 (Bloomberg) -- Xerox Corp., the world's largest maker of high-speed color printers, had a $244 million first- quarter loss after settling a securities lawsuit from 2000.[15]
Because of that settlement, Xerox had a net loss of $244 million for the first three months of the year.[10] In the first quarter, Xerox Global Services generated about $850 million in annuity revenue, 8% higher than the prior year.[8] Many of Xerox's financial indicators look fairly rosy, with revenues up 13 percent to $4.3 billion compared with the first quarter of 2007.[10] The company also reported total revenue of $4.3 billion, 13 percent growth in the quarter with post-sale revenue up 11 percent, representing more than 70 Percent of total revenue.[19]
Revenues hit $4.3 billion, up 13 percent from the same three months last year.[7] On an adjusted basis, adding Global Imaging Systems' revenues for the period January 1 through March 31 2007 to prior year results, revenues rose 5% to $4.34 billion from $4.13 billion last year.[8] Post-sale revenue rose 11% to $3.24 billion from $2.91 billion in the previous year, and the annuity stream represented more than 70% of total revenue.[8]
Revenue rose 13 per cent to $4.34 billion, more than analysts expected, as more products that print in colour were made available.[18]
Equipment sale revenue was up 18% to $1.10 billion from prior year's $931 million.[8] Service, outsourcing and rentals revenue increased 10% to $2.11 billion from last year's revenues of $1.92 billion.[8]
Xerox said full- year profit will be lower than it forecast in January. "They missed on operating margin, but they beat on revenue,'' Shannon Cross, an analyst with Cross Research in Livingston, New Jersey, said in an interview today. She has a "buy'' rating on Xerox. "Falling prices and lower margin definitely are a concern but, historically, if the company misses on operating margin one quarter, they tend to make it up the next. They are good at cost containment.''[15] Chairman Anne Mulcahy said the company's extensive marketing investments pressured the quarter's profits and that the company would focus on operational improvements to further earnings expansion. Gross margin slipped 1.3 percentage points to 39.3% in the quarter, which the company blamed on decreased prices, currency costs and higher sales of low-margin products, such as paper.[6] Commenting on the results, Chairman and Chief Executive Officer Anne Mulcahy stated, 'We're investing in sales, expanding our distribution and winning in the marketplace through technology and services offered at competitive prices. This quarter we saw our investments flow through to improved install activity - activity that fuels our profitable annuity stream. These marketing investments as well as the mix of products sold put pressure on earnings this quarter.[8]
Gross profit margins fell 1.3 percent because of price declines and a higher proportion of sales from low-margin products including paper.[15]
During the first quarter, gross margin was 39.3%, down 1.3 points from 40.6% in the prior year, primarily due to price declines and a higher proportion of revenue from lower margin products, including paper.[8] Hefty litigation charges splashed red ink on Xerox's balance sheet in the first quarter while price declines and currency costs jammed gross margins.[6] NEW YORK (Reuters) - Xerox Corp. (XRX.N), the leading provider of digital printers and document management services, on Friday posted a first-quarter loss, as a litigation charge[3]
Excluding a $491.0 million settlement charge, the results from Xerox (nyse: XRX - news - people ) met analysts' expectations.[6] Xerox (NYSE: XRX), based in Norwalk, Conn., said it took a $491 million after-tax charge relating to a securities lawsuit.[12] Xerox disclosed on March 27 that it would take a charge of $491 million to cover the costs of a 2000 lawsuit and other pending securities-related cases. The lawsuit claimed that Xerox misled investors about its financial health.[15]
The company spent $235 million more on cost of sales and $170 million more on administrative expenses. Xerox attributed those increased costs to more marketing and selling. She did not specify what improvements would be made. Xerox reported increased business for some of its high-end production printers made in Webster.[7]
The company repurchased $334 million in shares during the recently ended quarter. Xerox said it has repurchased 161 million shares, or 15%, of its stock outstanding since it announced its buyback program in October 2005.[5] Xerox stock closed Friday at $14.57 a share, up 7 cents. Company President Ursula Burns said the restructuring will focus on such areas as manufacturing and warehousing.[10]
Xerox expects second-quarter 2008 earnings in the range of 23 cents to 25 cents a share, including a restructuring charge of 5 cents a share, compared with analysts' expectations for earnings of 29 cents a share.[6] The company said it expects second-quarter profit of 28 to 30 cents per share before a restructuring charge of 5 cents per share.[13] The company declined to spell out specific plans, but the 5 cents per share restructuring costs are relatively modest, seemingly indicating the changes or job cuts will not be widespread.[10] The company anticipates restructuring costs in the second quarter of 5 cents a share to reduce expenses on warehousing, manufacturing and transportation.[15]
In the sequential fourth quarter, the company posted net income of $382 million or $0.41 per share. [8] On average, 8 analysts polled by First Call/Thomson Financial expected the company to report $0.27 per share.[8]
Xerox was expecting first-quarter earnings to be in a range of $0.25 to $0.28 per share.[8] For the three months that ended March 31, the Carlsbad, Calif., company expects to post earnings per share of 59 to 61 cents.[17] On an adjusted basis, the company's quarterly earnings per share rose 12.5%, and came in line with the Street consensus.[8]
On average, analysts polled by Thomson Financial had expected earnings of 27 cents a share.[5] Without the 54 cents a share in legal costs, earnings would have been 27 cents.[15]
The bank's shares fell 4 percent Thursday, closing at $17.27, down 73 cents in brisk trading on the Nasdaq. That's nearly 14 percent below the $20 price at which shares were offered during last year's conversion. The bank also announced that it would buy back as much as 5 percent of its shares.[16] Shares of Xerox were trading at $14.89, up 2.7 percent in early afternoon trading on Friday.[11]
Xerox also said it repurchased $334 million in shares in the first quarter. Xerox announced its pending purchase of Veenman, the largest office technology distributor in the Netherlands.[14] Sales for the first quarter should be about $366 million, compared with year-earlier sales of $335 million, Callaway said.[17] Nonperforming assets past-due loans and foreclosed real estate rose to $72 million in the first quarter, compared with $26 million in the previous quarter. Nearly all of the increase was attributed to loans the bank acquired in its recent purchase of Chittenden Corp in Vermont.[16] People's United Financial Inc. fell short of Wall Street earnings expectations in the first quarter, but the bank signaled its optimism with a 12 percent increase in the bank's quarterly common stock dividend. The increase comes at a time when some banks are cutting their dividends as they struggle with rising troubled loan portfolios.[16] In a conference call with analysts Thursday, People's United's president and CEO, Philip R. Sherringham, said the 3-cent difference can be attributed to the steep decline in interest rates in the quarter that put pressure on the bank's profit margins. The earnings report was the first since the bank's purchase of Chittenden Corp. in Vermont, the largest acquisition in the bank's 166-year history, and it came exactly one year after the bank completed its full conversion to a publicly traded company.[16]
Full-year profit is now projected to be between $1.26 and $1.30 a share, lower than the $1.31 to $1.35 a share the company forecast in January, Mulcahy said on a conference call with analysts today.[15] Sales exceeded the $4.22 billion analysts had predicted. A Goldman Sachs Group Inc. report earlier this week predicted generally disappointing first-quarter results among U.S. companies and warned of a "swath of lowered profit guidance.''[15] Among peers, photographic equipment supplier Canon Inc. (CAJ) is slated to release first-quarter results on April 24. In its fourth quarter, the company posted a 1.8% rise in its consolidated net income to 127.85 billion yen or $1.12 billion from 125.56 billion yen a year ago.[8] Total costs and expenses in the quarter climbed 38% to $4.85 billion from $3.51 billion a year ago.[8] Cost of sales in the quarter grew 22% year-over-year to $1.32 billion, and selling, general and administrative expenses rose 18% to $1.12 billion.[8]
Sales went up 18% to $2.01 billion from $1.71 billion last year.[8] Supplies, paper and other sales increased to $915 million from $776 million last year.[8]
Sales of color technology gained 13 percent in the quarter after Xerox last year introduced 18 color devices.[15] Xerox's sales of color printing equipment and multi-function printers grew in the quarter.[11]
Mulcahy told investor analysts in a conference call that Xerox will take a 5-cent restructuring charge in the second quarter to cut costs. "We are feeling the impact on the corporate environment in the U.S. with delayed decision-making on bigger equipment deals," she said. Xerox is benefiting from improvements from operations in Europe and in developing markets such as Russia, eastern Europe and India, she said.[14]
Xerox Corp. is planning cost-cutting steps in the next few months to counter rising administrative expenses. The area's fourth-largest employer plans to spend close to $60 million through June on worldwide restructuring, it said Friday as the company also detailed its first-quarter 2008 finances.[10] Xerox Corp. had a $244-million first-quarter loss after settling a securities suit from 2000.[17]
The selling and administrative expenses were up more than $400 million from the same quarter a year ago. Chief Executive Anne M. Mulcahy said those rising expenses were due to higher spending on marketing and to international currency issues. Xerox reported increased business for some of its high-end production printers made in Webster.[10] Segment profit was $326 million in the quarter, lower than $362 million a year earlier.[8]
In the first quarter, production revenues were $1.27 billion, 6% higher than $1.19 billion in 2007.[8] Xerox's pocketbook took a financial hit in the first quarter due to a class-action lawsuit settlement.[7] Without that lawsuit settlement, the company's first quarter otherwise would have been rosier.[7]
Settling a class-action lawsuit regarding allegations of improper accounting took a sizable hit on Xerox Corp.' s pocketbook in the first quarter.[7]
In the first quarter, the number of color pages grew 32 percent, and now represent 14 percent of total pages, up 3 points from the prior year.[1] Despite the revenue gains, total margins slipped in the quarter to 39.3 percent, down 1.3 points from one year ago.[13] The company said post-sale now represents more than 70 percent of total revenue.[13] The company said post-sale now represents more than 70 per cent of total revenue.[4]
Total revenue and post-sale revenue included a currency benefit of 4 percentage points, while equipment sale revenue included a 5-point currency benefit.[8] Equipment sale revenue was up 18 percent. The company's revenue includes the benefit of its acquisition of Global Imaging Systems in May 2007.[1] The company's year-over-year revenue growth reflected the acquisition of Global Imaging Systems in May 2007.[8] The double-digit revenue growth in the quarter, that beat analysts' consensus, was attributed by Global Imaging Systems acquisition, and strong segmental results.[8]
The increased revenues include the impact of Xerox's May 2007 purchase of Global Imaging Systems, a large, Florida-based office equipment dealer.[7]
Xerox blamed the margin pressure on lower prices and a higher proportion of revenue from lower-margin products, including paper.[4] Revenue from color products was up 13 percent, making up 40 percent of the Norwalk, Conn. -based company's revenue.[11]
Installation of color production machines was up 5 percent for the quarter in large part due to sales of various DocuColor machines, the company said.[7] Marketing costs increased general expenses by 1 percentage point to 26 percent of sales, the company said.[15]
"Weaker than expected sales gross margin (was), we assume, driven by a combination of Xerox being more aggressive to take share as well as macro issues." Despite its confidence about the strength of its annuity strategy -- whereby customers steadily use their printers and therefore must continue to buy supplies and services -- it intends to accelerate cost-cutting plans to bolster margins. [4] "Equipment placements were strong with Xerox gaining share in many categories," said analyst Shannon Cross of Cross Research.[4] Analysts expect a profit of 29 cents a share, according to Reuters Estimates.[3] The scope of the buyback was more modest than the 10 percent that some investors had expected and probably contributed to the shares trading lower, said Mark Fitzgibbon, an analyst at Sandler O'Neill Partners in New York.[16]
Xerox gained 7 cents to $14.57 at 4:02 p.m. in New York Stock Exchange composite trading.[15] Xerox stock edged higher to $14.65 in pre-open trading, after closing on Thursday at $14.50 on the New York Stock Exchange.[3]
Stock buybacks show a company's confidence in itself and, in People's case, is a way to invest some of the $2.5 billion in capital that remains from the stock offering last year. [16] The company didn't disclose financial terms. RESTAURANTS Meeting sought on Wendy's Billionaire investor Nelson Peltz, who controls 9.8% of Wendy's International Inc. stock, said the hamburger chain had rejected two offers to be purchased, prompting his Trian Partners to seek a special shareholder meeting to discuss the company's future. Wendy's board formed a committee a year ago to determine how to increase its stock price.[17] For the past year, the company's stock price has been facing tough times as continued worries over a possible recession, the slumping housing market and soaring fuel prices brought a slowdown in consumer spending.[2]
Quarterly net sales increased 3.9% to 1.26 trillion yen or $11.09 billion from 1.22 trillion yen in the previous year. [8] Sales increased 13.2% to $4.3 billion, surpassing analysts' expectations for sales of $4.2 billion.[6]
Office revenues increased 16% to $2.45 billion from $2.11 billion a year ago.[8] The Stamford, Conn., copier maker said revenue increased 13% to $4.34 billion from $3.84 billion.[5]
The company in May bought Global Imaging Systems, an office-equipment retailer, for $1.67 billion to reach small- and mid-sized businesses.[15]
The restructuring is expected to total about $60 million and will result in some job cuts.[4] Under the settlement, Xerox admitted no wrongdoing and said it will make cash payments totaling $670 million.[6] Xerox previously said it would make payouts in the settlement in five instalments this year.[4]
Included in the office equipment maker's earnings figures were 54 cents related to that lawsuit settlement.[2] In March, Xerox received preliminary court approval to settle the lawsuit, to which Xerox agreed, while not admitting any wrongdoing, to avoid the time, expense and uncertainty of litigation.[8] Xerox Litigation Services offers electronic discovery and records management products. E-discovery, as it is known, is the identification, filtering, production and storage of relevant data from paper or electronic documents, such as e-mail, text files or memos.[12]
Xerox color devices printed the highest volume of pages in the industry, reaching more than 40 billion pages last year. [8] Finance income was $209 million, up 2% from $205 million a year ago.[8] XRX closed Thursday's regular trading session at $14.50, down $0.32, on a volume of 8.8 million shares.[8]
SECAUCUS, N.J. (AP) - Syms Corp. (nyse: SYM - news - people ), a discount clothing retailer, said Friday fiscal fourth-quarter profit fell 92 percent as sales dropped. [21] According to the company, demand for the company's Nuvera EA and Nuvera 288 digital presses helped push installation of black-and-white machines up 8 percent, according to Xerox.[7]
Earnings excluding the one-time costs matched the 27-cent average of eight analyst estimates compiled by Bloomberg. [15]
SOURCES
1. www.whec.com - Xerox reports first-quarter 2008 results
2. Xerox (XRX) reports loss during first-quarter on legal settlement - BloggingStocks
3. KPLC 7 News, Lake Charles, Louisiana |Xerox posts loss on litigation charge
4. Xerox posts surprising revenue gain
5. Xerox Corp Swings To 1Q Loss Of $244 Million On Litigation Charge
6. Xerox Settlement Creates Paper Jam - Forbes.com
7. Lawsuit contributes to a loss for Xerox | democratandchronicle.com | Democrat and Chronicle
8. Xerox Dips To Loss In Q1 On Litigation Charge; Adj. EPS Up, Matches Street Estimate; Issues Q2 Forecast - Update [XRX] - RTTNews, Today's Top Stories, Global Newswires, ToDay's Top News,Global Business news .
9. Earnings roundup: Citigroup, CSK Auto | Chron.com - Houston Chronicle
10. Xerox plans to restructure | democratandchronicle.com | Democrat and Chronicle
11. Xerox Shares Up In Spite of Loss - IT Channel - IT Channel News by CRN and VARBusiness
12. Xerox reports $244M loss in 1Q - The Business Review (Albany):
13. Xerox posts loss on litigation charge | Reuters
14. The Associated Press: Xerox swings to 1Q loss on litigation charge
15. Bloomberg.com: U.S.
16. People's United Misses Profit Forecasts But Boosts Dividend -- Courant.com
17. Business briefs - Los Angeles Times
18. Xerox records $244M first-quarter loss
19. Xerox First Quarter Earnings Up; But Litigation Fees Cause Loss - 13WHAM.com
20. Free Preview - WSJ.com
21. Earnings roundup: Citigroup, CSK Auto - Forbes.com
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