*NEWS*XEROX:53% PROFIT DROP IN 3RD Q/2007

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*NEWS*XEROX:53% PROFIT DROP IN 3RD Q/2007

 user 2007-10-22 at 11:23:00 am Views: 61
  • #19168

    Xerox Posts Drop in 3rd-Quarter Profit
    STAMFORD,
    Conn. – Xerox  Inc. reported a 53 percent drop in profit for the third
    quarter on Friday from results boosted by a tax gain a year ago, but
    both earnings and sales beat Wall Street expectations on strong demand
    for its color printers and office services.The office equipment maker
    earned $254 million, or 27 cents per share, for the quarter ended Sept.
    30 from $536 million, or 54 cents per share, a year ago. The 2006
    figures included a tax gain of 45 cents a share partly offset by
    restructuring and litigation charges of 14 cents per share.The latest
    results were better than the 26 cents a share profit expected by
    analysts surveyed by Thomson  Financial.Revenue grew 12 percent to $4.3
    billion from $3.84 billion a year ago, helped by the weaker dollar,
    rising post-sale and financing revenue, and contributions from the
    acquisition of Global Imaging Systems.Post-sale and financing revenue
    are annuity streams that together represent more than 70 percent of
    Xerox’s total revenue.Analysts expected total revenue of $4.24
    billion.”This quarter’s solid results are proof positive that our
    business model is on track, generating double-digit profit growth and
    fueling a strong annuity pipeline that serves us well for the long
    term,” said Anne M. Mulcahy, Xerox chairman and chief executive Xerox
    expects fourth-quarter earnings in the range of 39 cents to 41 cents
    per share, and full-year earnings of $1.18 to $1.20. Wall Street has
    forecast quarterly profit of 41 cents per share and fiscal 2007
    earnings of $1.18.The purchase of Tampa, Fla.-based Global Imaging was
    intended to give Xerox access to about 200,000 new customers and
    increase its U.S. distribution to small- and mid-sized customers.