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 user 2006-08-15 at 12:44:00 pm Views: 57
  • #16300

    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.