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Xerox Restates Revenues by $1.9 Billion

Xerox (XRX) said revenues for the five-year period ending 2001 have been reduced by 2% to $91 billion, as a result of a restatement related to a change in accounting methodology. The copier giant on Friday will file a 2001 10-K, which will include a restatement for the years 1997 to 2000, as well as adjustments to 2001 results. The revised results will a larger than expected reversal of equipment sale revenue. S&P and Merrill downgraded Xerox's rating.

Eclipsys (ECLP) sees a worse than expected $0.04-$0.06 second quarter loss (pro forma) on $52M-$54M revenues, citing a delay on contract negotiation closures. Merrill, USB Piper, and Jefferies downgraded.

Thomas Weisel is more cautious on Getty Images' (GETY) second quarter; however, he thinks the weaker quarter is already priced into the stock and recommends buying the stock on weakness.

Merrill downgraded Cerner (CERN) to near term reduce/sell from buy, and to long term neutral from buy.

Banc of America cut Elan (ELN) estimates, and target, citing Elan's sooner-than-expected approval for generic Zanaflex.

Merrill downgraded Allegheny Energy (AYE) to near term neutral from buy, and long term neutral from strong buy. S&P downgraded to avoid.

Atlas Air (CGO) and the Airline Pilots Association reached a tentative agreement for their first labor contract.

Merrill Lynch downgraded Eclipsys (ECLP) to near term reduce/sell from buy, and long term neutral from buy.

Nike (NKE) posted better than expected $0.77 vs. $0.60 fourth quarter EPS on an 8% revenue rise.

Varian Semiconductor (VSEA) raised third quarter EPS guidance to $0.06-$0.09, and upped revenue to $91M-$96M, citing late-quarter acceleration in customer demand.

Elon Labs (ELAB) received final approval for Tizanidine HCl in 4mg tablets, an alternative for spasticity treatment Zanaflex. Shipments will begin immediately.

Lightbridge (LTBG) sees breakeven to $0.01 second quarter EPS (pro forma) on lower than expected revenue of about $33M-$34M, and will cut its workforce by 7%.

Manugistics (MANU) posted a $0.27 first quarter loss vs. $0.03 EPS (adjusted) on a 19% revenue decline, and expects second quarter revenue to be down slightly from first quarter.

Acclaim Entertainment (AKLM) posted $0.03 third quarter EPS from operations on a 63% revenue rise, noting gross profits were 5.5% below plan. UBS Warburg reportedly downgraded to hold from buy.

Dollar Thrifty (DTG) expects to exceed consensus EPS estimate of $0.54.

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