*NEWS*XEROX 3RD Q,NET 18%,$117M.

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*NEWS*XEROX 3RD Q,NET 18%,$117M.

 user 2003-10-24 at 10:05:00 am Views: 101
  • #7861

    Xerox Corp., showing progress in its efforts to cut costs and focus on money-making business lines, reported an 18% increase in third-quarter profit, paced by its high-profit color copiers and printers.

    The Stamford, Conn., copier company Thursday posted net income of $117 million, or 11 cents a share, Compared with $99 million, or four cents a share, in the year-earlier quarter. Per-share figures are after payment of preferred dividends.

    Revenue slipped 1.6% to $3.73 billion from $3.79 billion as a result of weaker post-sale revenue from the company’s older light lens technology and its exit from the small-office and home-office business. Wall Street had expected revenue of $3.75 billion.

    The company said equipment sales grew 5%, including a three percentage point benefit related to the weak dollar, which boosts the value of foreign sales when they are converted to the U.S. currency.

    Xerox said equipment installations of its black-and- white systems grew 14%, while color installs grew 8%.

    “Color continues to be a key driver of Xerox’s growth strategy as the high volume of pages printed on Xerox’s color systems flows through to post-sale revenue,” Anne M. Mulcahy, Xerox chairman and chief executive, said in a prepared statement.

    Revenue from color products increased 15% in the third quarter, and Xerox said color equipment sales now represent more than 25% of total equipment revenue.

    “This is a clear indication of the strong foundation we’re building for future revenue growth,” Ms. Mulcahy said.

    Xerox said it is encouraged by the progress it has made this year, adding that it anticipates “consistent performance” in the fourth quarter.

    “Growth in equipment sales along with the benefits of our operational improvements will offset any continuing economic weakness and yield strong full- year results,” Ms. Mulcahy vowed.