During the quarter, diluted EPS remained flat compared to $0.41 in the previous year. Cash and cash equivalents at the end of the quarter was $1.23 billion. The company said equipment sales fell 15% to $1.3 billion, while post-sales revenue fell 8% to $3.04 billion. Services, outsourcing, and rentals revenue declined 7% to $2.04 billion, and finance revenue fell 11% to $185m.
For the year, net income fell 80% to $230m compared to $1.14 billion in the year-ago quarter, on revenue up 2% to $17.61 billion. Diluted EPS for the year fell 78% to $0.26 compared to $1.19 in the previous year.
Anne Mulcahy, chairman and chief executive at Xerox, said: In the fourth quarter, the continued weakening economy and rapid shift in exchange rates put pressure on the business. We continue to prioritize cash and productivity to give us flexibility in this uncertain environment. Our fourth-quarter restructuring will deliver $200m in savings this year. And, last year we generated $1.7 billion in adjusted cash from core operations.
For the first quarter 2009 it expects earnings in the range of 16 to 20 cents per share.