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.