Xerox Corp. (XRX, Financial) filed Quarterly Report for the period ended 2009-09-30.
Xerox Corporation is The Document Company and a leader in the global document market providing document solutions that enhance business productivity. The Company has expertise in the production and management of documents: color and black-and-white digital and paper across networks or on a desktop in a commercial print facility or a quick-print shop for the small office or the global enterprise. Xerox Corp. has a market cap of $6.34 billion; its shares were traded at around $7.72 with a P/E ratio of 8.9 and P/S ratio of 0.4. The dividend yield of Xerox Corp. stocks is 2.3%.
Cash flow from operations was $1,241 million for the nine months ended September 30, 2009, and cash used in investing activities of $274 million included $145 million for GISs acquisition of ComDoc in the first quarter of 2009. Total Debt at September 30, 2009 was down $938 million from December 31, 2008.
Third quarter 2009 net income attributable to Xerox of $123 million, or $0.14 per diluted share, included a charge of $9 million, or $0.01 per diluted share, for our share of Fuji Xeroxs after-tax restructuring and an $8 million after-tax ($9 million pre-tax) charge or $0.01 per diluted share related to costs associated with the acquisition of Affiliated Computer Services, Inc. announced in September.
Third quarter 2008 net income attributable to Xerox of $258 million, or $0.29 per diluted share included a benefit of $41 million, or $0.04 per diluted share, from the settlement of certain previously unrecognized tax benefits and an after-tax restructuring of $9 million ($14 million pre-tax), or $0.01 per diluted share.
Total net income attributable to Xerox for the nine months ended September 30, 2009 of $305 million, or $0.35 per diluted share, included a $40 million charge, or $0.05 per diluted share, for our share of Fuji Xeroxs after-tax restructuring charge as well as an after-tax charge of $8 million ($9 million pre-tax), or $0.01 per diluted share, related to costs associated with the acquisition of Affiliated Computer Services, Inc. announced in September.
Total net income attributable to Xerox for the nine months ended September 30, 2008 was $229 million, or $0.25 per diluted share, and included a benefit of $41 million, or $0.04 per diluted share, from the settlement of certain previously unrecognized tax benefits; an after-tax charge of $491 million ($795 million pre-tax), or $0.54 per diluted share, associated with securities-related litigation matters, as well as an after-tax charge of $52 million ($77 million pre-tax), or $0.06 per diluted share, for restructuring.
Read the The complete ReportXRX is in the portfolios of Robert Olstein of Olstein Financial Alert Fund, Dodge & Cox, Charles Brandes of Brandes Investment, David Dreman of Dreman Value Management, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
Xerox Corporation is The Document Company and a leader in the global document market providing document solutions that enhance business productivity. The Company has expertise in the production and management of documents: color and black-and-white digital and paper across networks or on a desktop in a commercial print facility or a quick-print shop for the small office or the global enterprise. Xerox Corp. has a market cap of $6.34 billion; its shares were traded at around $7.72 with a P/E ratio of 8.9 and P/S ratio of 0.4. The dividend yield of Xerox Corp. stocks is 2.3%.
Highlight of Business Operations:
Results for the three and nine months ended September 30, 2009 largely reflect the continued effects of the worldwide economic downturn. The overall slowdown in business activity has reduced print volumes, especially in heavily document-driven processes, and our customers, in an effort to manage costs, are delaying spending on technology upgrades until there are stronger signs of economic improvement. The weak economies in developing markets, like Russia and Eurasia, where access to credit is still quite limited, has impacted our revenues. Total revenue of $3,675 million and $10,960 million for the three and nine months ended September 30, 2009 declined by 16% and 17%, respectively, from the prior year comparable periods including unfavorable impacts from currency of 2% and 4%, respectively. Equipment sales revenue of $802 million and $2,400 million for the three and nine months ended September 30, 2009 decreased by 29% in each period from the prior year comparable periods reflecting the continued industry-wide slowdown in technology spending. Post-sale revenue of $2,873 million and $8,560 million for the three and nine months ended September 30, 2009 was down 11% and 13%, respectively, from the prior year comparable periods reflecting lower supplies revenue as distributors continued to hold lower inventory levels and businesses implemented their own cost-cutting measures.Cash flow from operations was $1,241 million for the nine months ended September 30, 2009, and cash used in investing activities of $274 million included $145 million for GISs acquisition of ComDoc in the first quarter of 2009. Total Debt at September 30, 2009 was down $938 million from December 31, 2008.
Third quarter 2009 net income attributable to Xerox of $123 million, or $0.14 per diluted share, included a charge of $9 million, or $0.01 per diluted share, for our share of Fuji Xeroxs after-tax restructuring and an $8 million after-tax ($9 million pre-tax) charge or $0.01 per diluted share related to costs associated with the acquisition of Affiliated Computer Services, Inc. announced in September.
Third quarter 2008 net income attributable to Xerox of $258 million, or $0.29 per diluted share included a benefit of $41 million, or $0.04 per diluted share, from the settlement of certain previously unrecognized tax benefits and an after-tax restructuring of $9 million ($14 million pre-tax), or $0.01 per diluted share.
Total net income attributable to Xerox for the nine months ended September 30, 2009 of $305 million, or $0.35 per diluted share, included a $40 million charge, or $0.05 per diluted share, for our share of Fuji Xeroxs after-tax restructuring charge as well as an after-tax charge of $8 million ($9 million pre-tax), or $0.01 per diluted share, related to costs associated with the acquisition of Affiliated Computer Services, Inc. announced in September.
Total net income attributable to Xerox for the nine months ended September 30, 2008 was $229 million, or $0.25 per diluted share, and included a benefit of $41 million, or $0.04 per diluted share, from the settlement of certain previously unrecognized tax benefits; an after-tax charge of $491 million ($795 million pre-tax), or $0.54 per diluted share, associated with securities-related litigation matters, as well as an after-tax charge of $52 million ($77 million pre-tax), or $0.06 per diluted share, for restructuring.
Read the The complete ReportXRX is in the portfolios of Robert Olstein of Olstein Financial Alert Fund, Dodge & Cox, Charles Brandes of Brandes Investment, David Dreman of Dreman Value Management, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
