*NEWS*XEROX PREDICTS EARNINGS WILL BE OFF

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*NEWS*XEROX PREDICTS EARNINGS WILL BE OFF

 user 2005-10-07 at 11:27:00 am Views: 59
  • #13101

    Xerox predicts earnings will be off
    Hurricane Katrina-related losses, damages paid out in a legal case and
    accounting changes will shave 12 cents a share off Xerox Corp.’s
    third-quarter earnings, the company said today.
    Analysts polled by Thomson First Call are predicting Xerox earnings of
    16 cents to 19 cents a share. The company is slated to report earnings
    Oct. 21.
    Legal costs account for most of Xerox’s earnings drag. A previously
    announced $89 million payout in a Canadian patent-related arbitration
    and $18 million in other unspecified legal damages would total $107
    million in pre-tax costs and $79 million in after-tax expenses, the
    company said.
    Xerox says it has so far tallied $15 million in Katrina-related costs,
    but is still counting its losses. After taxes, Katrina would shave $9
    million off earnings in the third quarter, the company said.