xerox corp (XRX) Key Developments
Xerox Corp. Plans to cut its global workforce
Jul 25 15
Xerox Corp. is planning a big cut to its global workforce, and those cuts are going to impact Rochester. However, company officials didn't have specifics on how many of the approximately 3,000 earmarked job cuts would come from its 6,600-member workforce in Webster and Rochester. The company will cut jobs and pull back on its government health care strategy after it saw another decline in revenues and profits for the quarter ending June 30.
Xerox Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter and Full Year of Fiscal 2015; Reports Software Impairments
Jul 24 15
Xerox Corporation announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total revenues were $4.59 million against $4.94 million a year ago. Income before income taxes & equity income was $74 million against $301 million a year ago. Net income attributable to company from continuing operations was $107 million against $255 million a year ago. Net income attributable to the company was $12 million against $266 million a year ago. Diluted earnings per share from continuing operations were $0.09 against $0.21 a year ago. Diluted earnings per share were $0.01 against $0.22 a year ago. Net cash provided by operating activities was $349 million against $325 million a year ago. Cost of additions to land, buildings and equipment was $77 million against $102 million a year ago. Adjusted net profit was $246 million or $0.22 per share against $303 million or $0.25 per share a year ago. Adjusted pretax income was $299 million against $379 million a year ago.
For the six months, the company reported total revenues were $9.06 million against $9.71 million a year ago. Income before income taxes & equity income was $275 million against $572 million a year ago. Net income attributable to company from continuing operations was $298 million against $521 million a year ago. Net income attributable to the company was $237 million against $547 million a year ago. Diluted earnings per share from continuing operations were $0.26 against $0.43 a year ago. Diluted earnings per share were $0.20 against $0.45 a year ago. Net cash provided by operating activities was $462 million against $611 million a year ago. Cost of additions to land, buildings and equipment was $152 million against $186 million a year ago. Total debt was $7.65 billion as of June 30, 2015 against $7.74 billion as of December 31, 2014.
For the third quarter of 2015, the company expected gaap eps from continuing operations in a range of $0.17 - $0.19 and adjusted eps in a range of $0.22 - $0.24.
For the fiscal 2015, the company expected gaap eps from continuing operations in a range of $0.69 - $0.75 and adjusted eps to be at the lower end of guidance range of $0.95 - $1.01. Cash flow from operations in a range of $1.7 - $1.9 billion, capex of $0.4 billion and free cash flow in a range of $1.3 - $1.5 billion.
The company reported software impairment was $146 million for the second quarter ended June 30, 2015.
Xerox Corporation Declares Quarterly Dividend on Common and Preferred Stock Payable on October 30, 2015 and October 1, 2015, Respectively
Jul 22 15
The board of directors of Xerox Corporation declared a quarterly cash dividend of 7 cents per share on Xerox common stock. The dividend is payable on October 30, 2015 to shareholders of record on September 30, 2015.
The board also declared a quarterly cash dividend of $20 per share on Xerox Series A Convertible Perpetual Preferred Stock. The dividend is payable on October 1, 2015 to shareholders of record on September 15, 2015.
Several Xerox Transportation Solutions and Analytics Innovations to Be Demonstrated as Part of the Grand Opening of Mcity
Jul 20 15
Several Xerox transportation solutions and analytics innovations will be demonstrated as part of the grand opening of Mcity. The 32-acre testing facility is paving the way for a new mobility ecosystem that will completely change the way humans and cargo travel around. Xerox will demonstrate its work in solving transportation problems including: CloudParc technology guides drivers to available parking spots using cameras and small computers mounted on traffic poles to track the availability of spaces and transmit the information to tablet devices within vehicles. Vehicle Passenger Detection  System (VPDS) uses video analytics to identify the number of occupants in a vehicle, which allows transportation and law enforcement agencies to monitor and enforce the use of High Occupancy Vehicle/High Occupancy Toll (HOV/HOT) lanes. This data is transmitted over a Dedicated Short Range Communications (DSRC) channel to signal to the driver if they are HOV/HOT qualified via a roadside sign and an in-vehicle display. Merge®, a city-wide smart parking solution, enables guided parking, predictive enforcement, meter and pay-by-cell management, and demand-based pricing 'all layered with analytics to increase parking program efficiencies and reduce traffic congestion.
Xerox Corporation Provides Impairment Guidance for the Second Quarter 2015; Revises Earnings Guidance for the Second Quarter 2015
Jul 17 15
Xerox Corporation announced changes in the company's Government Healthcare Solutions strategy resulting from a comprehensive review of its in-process Health Enterprise Medicaid platform implementations and future market opportunities. Going forward, Xerox will focus on managing and completing the current Health Enterprise implementations, and will be highly selective in responding to new Medicaid Management Information System opportunities. In addition, the company will discontinue investment in and sales of the Xerox Integrated Eligibility System in order to concentrate more of its future software development efforts on the existing Health Enterprise implementations. As a result of this strategic change, Xerox will record a pre-tax non-cash software impairment charge of approximately $145 million (approximately $90 million after-tax or 8 cents per share) in its second quarter 2015 results.
The company now expects second quarter 2015 GAAP earnings from continuing operations of 9 to 11 cents per share, which is below the company's prior guidance. Excluding the impairment charge, adjusted earnings per share is expected to be in line with the company's prior guidance of 21 to 23 cents.