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EARNINGS

April 28, 1993

Xerox Corp. reported earnings of $189 million for the first quarter, contrasted with a loss of $529 million a year ago when it had a one-time accounting adjustment of $764 million for mandated accounting changes related to retiree health benefits and income taxes in the first quarter in 1992. Net income was $1.77 per share, contrasted with a loss of $5.68 per share in the first quarter of 1992. Before the charge, Xerox earned $235 million, including $122 million in tax benefits from the 1991 sale of a real estate partnership. First-quarter income from Xerox's core document processing business was $125 million, compared to $103 million a year ago. Income from insurance and other financial services was $64 million, including a $63-million gain from the February sale of Van Kampen Merritt, an asset management firm.

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