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April 29, 2009

Xerox revenue down 18% in Q1

Posted a net income of $49m compared to a loss of $235m in the year-ago quarter

By CBR Staff Writer

Xerox has reported net income of $49m for the first quarter 2009, compared to a loss of $235m in the year-ago quarter, on revenue down 18% at $3.55 billion.

Operating income during the quarter was $78m compared to operating loss of $509m in the same period last year. Diluted EPS was $0.05 compared to diluted net loss per share of $0.27. Cash flow from operating activities was $22m.

The company said equipment revenue declined 30% to $770m, while post-sale revenue fell 14% to $2.78 billion. Service, outsourcing and rentals revenue fell 11% to $1.88 billion, while finance revenue fell 14% to $180m.

Anne Mulcahy, chairman and chief executive at Xerox, said: During the first quarter, we saw an accelerated rate of decline in enterprise spending on technology, especially in Europe and developing markets. Our roadmap in this recession is focused on cost and expense management, cash generation and continuing to strengthen our number-one revenue share position through innovation and services. We expect the flow-through from our actions to mitigate further economic challenges.

Looking ahead, the company expects second-quarter EPS in the range of $0.10 to $0.12 and fiscal 2009 EPS in the range of $50 to $55.

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