Xerox Corp

Xerox Corp. said Friday that it lost $736 million for the fourth quarter and $1.02 billion for the year, citing one-time charges for selling its financial services businesses and adopting new accounting standards. The fourth-quarter loss amounted to $7.80 a share, contrasted with profit of $91 million, or 73 cents a share, a year ago. For the year, the loss amounted to $11.29 a share, contrasted with net income of $454 million, or $3.91 a share, for 1991.

Shares of Xerox Corp. fell after the company cut its profit forecast nearly 80% on restructuring costs and slowing technology spending. First-quarter profit will be 3 to 5 cents a share, down from an earlier forecast of 16 to 20 cents, Xerox said. Standard & Poor's and Fitch Ratings both revised their outlook for the Norwalk, Conn., company to negative, reflecting challenging economic conditions. Xerox shares fell $1, or 19%, to $4.34.

The scene onstage: "Charles Henderson," a Xerox manager, is explaining to "Gloria Reed," a young black engineer, his decision to name another employee--a white man like himself--to a project to which she had hoped to be assigned. And, oh yes, one other thing: Gloria is going to be sharing a work space with a clerical worker, who also happens to be a black woman. Was this art imitating life? If so, the Xerox Corp. wants to make some changes.

Xerox Corp. had a $244-million first-quarter loss after settling a securities suit from 2000. Results excluding the legal costs met analysts' estimates. The net loss of 27 cents a share compared with net income of $233 million, or 24 cents, a year earlier, Norwalk, Conn.-based Xerox said. Without the 54 cents a share in legal costs, earnings would have been 27 cents. Xerox disclosed March 27 that it would take a charge of $491 million to cover the costs of a 2000 lawsuit and other pending securities-related cases.

Xerox Corp. plans to increase its U.S. engineering staff by about 18% to develop new products and software as more sales come from machines hooked to computer networks. Xerox is using radio ads for the first time to recruit about 700 people. About 150 of the positions will be in California.

The head of Xerox Corp.'s French subsidiary, whose shooting had been blamed on a disgruntled former employee holding him hostage, was actually shot by a police officer, officials said. Rank Xerox France chief Olivier Groues was in stable condition after surgery.

Xerox Corp. posted a greater-than-expected 79% profit jump on increased demand for equipment and supplies. Fourth-quarter net income climbed to $382 million, or 41 cents a share, from $214 million, or 22 cents, a year earlier, the Norwalk, Conn., company said. Sales increased 11% to $4.88 billion, and the company extended its share buyback program by $1 billion. Xerox shares rose $1.08 to $14.33, the most since Oct. 21, 2005.

Xerox announced its first quarterly cash dividend in six years and predicted double-digit earnings growth in coming years, citing new products and a stronger balance sheet. A dividend of 4.25 cents a share will be payable Jan. 31 for shareholders of record Dec. 31. "Declaring a dividend and our continued share repurchase initiatives reflect the health of our business and our belief in the long-term value we're creating for Xerox shareholders," said Anne M. Mulcahy, chief executive.

Xerox Inc. said strong demand for color printers and office services led to a third-quarter profit that beat Wall Street expectations, although earnings fell 53% from year-ago results that were boosted by a tax gain. The Stamford, Conn.-based office equipment maker earned $254 million, or 27 cents a share, down from $536 million, or 54 cents, a year earlier.

Xerox Corp., making its biggest acquisition in two decades, agreed to buy Global Imaging Systems Inc. for about $1.5 billion to reach more small-business customers. Tampa, Fla.-based Global Imaging sells copiers and printers to small and mid-size companies. Stamford, Conn.-based Xerox, the world's largest maker of high-speed color printers, said the acquisition would bring it almost 200,000 new U.S. customers. Shareholders of Global Imaging will receive $29 a share in cash, Xerox said.

Joe Wilson joined the family firm, a small photographic paper company based in Rochester, N.Y., during the early years of the Depression and oversaw its transformation into the mighty Xerox Corp. It was one of the most spectacular industrial accomplishments of the 20th century. One might therefore expect to find him in the pantheon of U.S. business greats. Today, though, he is all but forgotten.

Xerox Corp. said Monday that first-quarter profit fell nearly 5% on a higher dollar and lower sales of its most expensive black-and-white printers and copy machines. Net income dropped to $200 million, or 20 cents a share, from $210 million, or 20 cents, a year earlier, the Stamford, Conn.-based company said. Revenue fell 2% to $3.7 billion. Sales of printers and copiers fell 4% to $947 million.

Xerox Corp. removed Gregory Tayler as treasurer of the world's largest copier company and reassigned him to an unspecified job in Canada as federal prosecutors start investigating the company's accounting. Chief Financial Officer Lawrence Zimmerman will act as treasurer until a successor is found, the Stamford, Conn.-based company said. Shares of Xerox fell 27 cents to $5.26 on the NYSE.

Xerox Wins Hiring Award: The Labor Department cited the company for its success in hiring and promoting minorities and women. The Glass Ceiling Commission gave Xerox Corp. the first Frances Perkins/Elizabeth Dole National Award for Diversity and Excellence in American Executive Management, Labor Secretary Robert B. Reich said in Washington. Of Xerox's U.S. vice presidents and directors, 18% are minorities and 15% are women. Twenty-four percent of its corporate officers are minorities or women.

Investors are salivating over prospects for increased dividends and share repurchases this year, thanks to U.S. corporations' burgeoning piles of cash. Or so they thought. Many companies could be limited in how much money they can return to shareholders because new pension accounting rules soon to be considered may force them to horde their cash.