Xerox Reports Second-Quarter 2008 Earnings of 24 Cents Per Share

NORWALK, Conn. --(Business Wire)-- Xerox Corporation (NYSE: XRX) announced today second-quarter earnings of 24 cents per share, including a previously announced restructuring charge of 5 cents per share. Total revenue of $4.5 billion grew 8 percent in the quarter, including a 4 point benefit from currency. Post-sale revenue, which represents more than 70 percent of the company's total revenue, increased 10 percent. Equipment sale revenue was up 2 percent. The company's revenue includes the benefit of its acquisition of Global Imaging Systems in May 2007. "Our annuity-based global business led to steady revenue growth this quarter along with earnings and cash in line with our expectations," said Anne M. Mulcahy, Xerox chairman and chief executive officer. "While the U.S. economy creates challenges for our business with large... [read full story]