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xerox corp (XRX) Key Developments

Xerox Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter and Full Year of 2015

Xerox Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total revenues of $5,033 million compared to $5,207 million for the same period of last year. Income before income taxes & equity income was $348 million compared to $326 million for the same period of last year. Income from continuing operations was $311 million compared to $302 million for the same period of last year. Net income attributable to the company was $156 million or $0.13 per diluted share compared to $306 million or $0.24 per diluted share for the same period of last year. Net income attributable to the company from continuing operations was $305 million or $0.26 per diluted share compared to $297 million or $0.23 per diluted share for the same period of last year. Net cash provided by operating activities was $857 million compared to $968 million for the same period of last year. Cost of additions to land, buildings and equipment was $91 million compared to $93 million for the same period of last year. The $111 million decrease in operating cash from fourth quarter 2013 was primarily due to $180 million decrease from finance receivables primarily related to the impact from prior period sales of receivables partially offset by higher net run-off; $29 million decrease from inventories primarily due to the timing of inventory purchases; $59 million increase from accounts receivable primarily due to the timing of collections partially offset by the impact from the sales of receivables and $17 million increase from lower installs of equipment on operating leases. Adjusted net income was $357 million or $0.31 per diluted share compared to $344 million or $0.27 per diluted share for the same period of last year. Adjusted pretax income was $431 million compared to $402 million reported a year ago. For the year, total revenues were $19,540 million compared to $20,006 million for the same period of last year. Income before income taxes & equity income was $1,206 million compared to $1,243 million for the same period of last year. Income from continuing operations was $1,107 million compared to $1,159 million for the same period of last year. Net income attributable to the company was $969 million or $0.81 per diluted share compared to $1,159 million or $0.91 per diluted share for the same period of last year. Net income attributable to the company from continuing operations was $1,084 million or $0.90 per diluted share compared to $1,139 million or $0.89 per diluted share for the same period of last year. Net cash provided by operating activities was $2,063 million compared to $2,375 million for the same period of last year. Cost of additions to land, buildings and equipment was $368 million compared to $346 million for the same period of last year. Adjusted net income was $1,280 million or $1.07 per diluted share compared to $1,328 million or $1.04 per diluted share for the same period of last year. Adjusted pretax income was $1,521 million compared to $1,548 million reported a year ago. For the first quarter of 2015, the company expects GAAP earnings per share from continuing operations of $0.16 to $0.18, amortization of intangible assets of $0.04 per share and adjusted earnings per share of $0.20 to $0.22. For 2015, the company expects GAAP earnings per share from continuing operations of $0.83 to $0.89, amortization of intangible assets of $0.17 per share and adjusted earnings per share of $1.00 to $1.26. As a result of the ITO divestiture and recent shifts in currency rates, the company expects cash flow from operations of $1.7 billion to $1.9 billion, capex of $0.4 million and free cash flow of $1.3 billion to $1.5 billion.

Xerox Corporation Announces Fourth Quarter Cash Dividend, Payable on April 30, 2015

Xerox Corporation announced that the company's fourth quarterly cash dividend increased by 12% to 7 cents per share, beginning with the dividend payable on April 30, 2015 to shareholders of record on March 31, 2015.

Kofax Announces Global Partnership with Xerox

Kofax Limited announced a global partnership with Xerox Corporation. Under the agreement, Xerox will sell, market, deploy and support Kofax TotalAgility to help organizations extend the value of Xerox's managed print and document management services and products. Kofax's sales and services staff will support Xerox in this endeavor. Kofax TotalAgility combines capture, process management, data integration, mobility, analytics and e-signature capabilities in a unified platform. TotalAgility provides an essential link between an organization's systems of engagement and systems of record, helping increase responsiveness to customers, improve service levels and greatly reduce operating costs.

Xerox Corporation to Report Q4, 2014 Results on Jan 30, 2015

Xerox Corporation announced that they will report Q4, 2014 results at 10:00 AM, US Eastern Standard Time on Jan 30, 2015

Xerox Corporation, Q4 2014 Earnings Call, Jan 30, 2015

Xerox Corporation, Q4 2014 Earnings Call, Jan 30, 2015

 

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