Xerox Corp. on Tuesday reported a third-quarter net loss of $15 million because of two previously announced charges totaling $164 million in connection with its insurance operations.
A year earlier, Xerox earned $81 million. Third-quarter revenue edged up to $2.2 billion from $2 billion.
Earlier this month, Xerox said it would take a $67-million charge to cover the strengthening of reserves at its L. W. Biegler insurance unit and a $97-million charge for the closing of its Industrial Indemnity Financial Corp. operation.
Both units are part of the company's Crum & Forster property-casualty insurance subsidiary.
Excluding the charges, income from Crum & Forster's continuing operations climbed to $7 million from $4 million a year earlier, Xerox said.
Helping to offset the charges was a one-time gain of $61 million from the sale of two publishing companies, Xerox Education Publications and R. R. Bowker Co., Xerox said.
Income from Xerox's main business--reprographics and information systems--rose 15% in the latest quarter to $71 million, said David T. Kearns, Xerox's chairman and chief executive.