Restructuring costs cut into Xerox profits for quarter

Matthew Daneman • Staff writer • July 25, 2008 Long-term cost-cutting measures at Xerox Corp. were a drag on its profitability in the short term. The area's fourth-largest employer reported Thursday that its net income was down 19 percent compared with the same three-month span in 2007, largely because of $63 million it spent on cutting 1,000 jobs in a restructuring. The Connecticut-based printing and imaging company, with 7,600 area workers, put out its second-quarter financial results Thursday. For the quarter, Xerox took in $4.5 billion, up 8 percent from the same three months in 2007. But its net income was down 19 percent, from $266 million or 28 cents per share in the second quarter of 2007 to $215 million or 24 cents per share for the most-recent three months. Those earnings were in line with what Xerox had been... [read full story]