*NEWS*XEROX SWINGS TO LOSS ON LITIGATION CHARGE

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*NEWS*XEROX SWINGS TO LOSS ON LITIGATION CHARGE

 user 2008-04-22 at 12:41:58 pm Views: 57
  • #19821
    Xerox swings to loss on litigation charge
    SAN
    FRANCISCO  — Xerox Corp. on Friday said it swung to a first-quarter
    loss because of a hefty litigation charge, but the printer and copy
    machine giant still managed to match Wall Street targets on an adjusted
    basis.Xerox CorporationNorwalk, Conn.-based Xerox posted a loss of $244
    million, or 27 cents a share, vs. a profit of $233 million, or 24 cents
    a share, a year earlier. Excluding the 54-cent per-share charge,
    earnings would have come in at 27 cents a share.Revenue rose 13% to
    $4.34 billion from $3.84 billion a year ago, thanks mainly to the
    company’s move to sell more color printers. Sales from color grew 13%
    and now represent 40% of overall revenue, an increase of 3 percentage
    points.Analysts polled by Thomson Financial were looking for a profit,
    on average, of 27 cents a share on revenue of $4.24 billion.The
    expected charge stemmed from its settlement of a $670 million
    securities lawsuit. The company announced in late March that it would
    take a $491 million charge to cover the settlement and set aside a
    reserve for other pending securities cases.Xerox said it expects to
    report a second-quarter profit of 23 cents to 25 cents a share,
    including a 5-cent restructuring charge. The company’s range is mostly
    in line with analyst targets for the quarter.