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IN BRIEF Technology

Xerox Adjusts Interest Expense for 2001

July 12, 2002|Dow Jones/Associated Press

Xerox Corp. said it misallocated its 2001 interest expense in its annual report, but the mistake won't affect the company's reported net loss for the year. In an amended regulatory filing, the copier company said it shifted $16 million among the four quarters of 2001.

The adjustment of Xerox's interest expense increased its net income for the first quarter of 2001 by $5 million, narrowed its second-quarter loss by $3 million, widened its third-quarter loss by $16 million and narrowed its fourth-quarter loss by $8 million.

Last month Xerox restated its financial results for 1997 to 2001 as part of a settlement with the Securities and Exchange Commission, which found that the company improperly accelerated its revenue recognition.

Xerox shares rose 24 cents to $6.39 on the NYSE.

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