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January 25, 1998

XEROX SEES BENEFITS IN GOING DIGITAL BUT FACES TOUGH YEAR

By CBR Staff Writer

Xerox Corp, the company of photocopier fame, is warning this year is going to be a tough one, largely attributable to the Asian economic crisis. The Stanford, Connecticut company that now describes itself as a document management outfit, reported a respectable set of figures for the year to December 31, and believes that its entry into the digital market has helped it on the way. Profits rose 20.4% in the year to $1.45bn, while revenue rose just 4.5% to $18.17bn. Back in April the company said its new line of digital multi-function copiers would boost its 1997 earnings, but was concerned about the adverse affects of the strength of the dollar (CI No 3,146). In the fourth quarter, Xerox saw its digital product revenue grow to 31% in the fourth quarter. Income also profited in that period from the $1.5bn acquisition of the Rank Group’s remaining interest in Rank Xerox (CI No 3,181), now called Xerox Ltd. But now the company admits it will face significant challenges this year from the effects of a strong dollar and the Asian crisis, but is trying to be optimistic and assure the world that its digital operations will generate strong growth.

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