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October 27, 2015

Xerox to review operations after weak Q3

News: Company posts net loss of $34m.

By CBR Staff Writer

Xerox said it will review its business portfolio and capital allocation options as the company reported its financial results for Q3.

Revenue declined 10% to $4.3bn in Q3, compared to $4.79bn in the same three-month period a year ago.

The company posted a net loss of $34m, compared with a net income of $266m in the year-ago period.

Revenue from the company’s Document Technology business was $1.8bn, down 12% or 9% in constant currency.

Services revenue, which represented 57% of total revenue, was $25bn, consistent in constant currency with the same period in 2014.

Xerox generated $271m in cash flow from operations during the third quarter. The company repurchased $691m in stock in the quarter bringing the total to $1.3bn for the first nine months.

Xerox chairman and CEO Ursula Burns said: "Although we already have taken steps to accelerate cost reductions and prioritise investments to drive improved productivity and higher margins, our Board determined that undertaking a comprehensive review of structural options for the company’s portfolio is the right decision at this time."

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The company expects fourth-quarter 2015 GAAP earnings of 23 to 25 cents per share and adjusted EPS of 28 to 30 cents per share.

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