*NEWS*XEROX PLANS MORE LAYOFFS …

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Date: Tuesday August 15, 2006 12:45:00 pm
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    Xerox Plans More Layoffs
    Xerox
    plans to use a $400 million tax windfall to lay off more workers.The
    printer and copier maker said the tax benefit was unexpected, according
    to a report in The Wall Street Journal that cited Xerox’s latest
    quarterly filing with regulators.The benefit should be more than enough
    to cover Xerox’s expected charges of $125 million to $175 million by
    year’s end for the layoffs. The company didn’t specify how many workers
    it would lay off.The plan jibes with Xerox’s recent practice of cutting
    its workforce when it gets one-time gains from accounting charges or
    wins tax disputes, the Journal noted.Xerox shares ended Friday up 3
    cents at $14.41

    Xerox may fund job cuts with tax benefit

    NEW
    YORK  Xerox Corp. , a provider of printers and offices services, said
    in a regulatory filing that it may use part of a more than $400 million
    tax benefit to lay off an unspecified amount of workers.The company
    said in a filing on Friday that the restructuring and cost savings from
    the benefit would take place in the third and fourth quarters of 2006,
    and cost between $125 million to $175 million.”The actions and
    initiatives we are currently considering are primarily related to
    headcount reductions across all geographies and segments,” the company
    said in the filing. “However, we have not yet finalized or committed to
    any actions or initiatives.”The company said the benefit came at the
    hands of the U.S. Joint Committee on Taxation, which recently completed
    its review of Xerox’s 1999 to 2003 Internal Revenue Service audit.Xerox
    has spent $1.09 billion since 2002 on restructuring programs, according
    to the filing.Xerox has struggled to boost revenue amid pricing
    pressures from rivals such as Canon Inc. and Hewlett-Packard Co.On July
    25, Stamford, Connecticut-based Xerox said quarterly revenue edged
    higher on solid sales of color printers and supplies, fueling
    better-than-expected profits.

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