Xerox hit as sales fall, net’s flat Xerox 1Q profits deline April 2006 NEW YORK, April 06 – Copiers, printers and other imaging equipment maker Xerox announced a decline in its profits for the first quarter on rising costs and weak equipment sales. The Stamford, Connecticut-based company reported its net income, before payment of preferred dividends, at $200 million for the three months ended March 31. Including the dividend payment, Xerox’s net income declined to $186 million or 20¢, down from $196 million or 20¢ a share in the year-ago period. Earnings per share remained flat due to a decline in the number of shares outstanding. The company’s revenues fell 2% to $3.695 billion, from $3.771 billion in the same quarter a year ago. Xerox has projected its second-quarter earnings at 22¢-24¢ per share, in-line with the average expectations of the Wall Street analysts.