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Xerox Reports Fourth-Quarter Earnings

Xerox (NYSE:XRX) announced today fourth-quarter 2013 adjusted earnings per share of 29 cents. Adjusted EPS excludes 4 cents related to amortization of intangibles, resulting in GAAP EPS from continuing operations of 25 cents.

In the fourth quarter, total revenue of $5.6 billion was down 3 percent or 4 percent in constant currency. Revenue from the company’s services business, which represented 55 percent of total revenue, was $3.0 billion, flat year over year and down 1 percent in constant currency. Revenue from the company’s document technology business, which represented 42 percent of total revenue, was $2.4 billion, down 6 percent.

“We managed anticipated headwinds while continuing to build our business by investing in growth markets such as healthcare and graphic communications, and expanding Services internationally,” said Ursula Burns, Xerox chairman and chief executive officer. “Looking ahead, we’re focused on evolving our portfolio and implementing our cost initiatives to improve both revenue and margins.”

“Our clients continue to partner with us to take out complexities in their business processes and we’re seeing success in the marketplace. With services signings up 21 percent in the past year and our BPO and ITO renewal rate at 92 percent for the year, we’re well positioned entering 2014.”

Fourth-quarter operating margin of 9.3 percent was down 1.3 points. Gross margin was 30.7 percent, and selling, administrative and general expenses were 18.6 percent of revenue.

Xerox generated approximately $1 billion in cash flow from operations during the fourth quarter and $2.4 billion for the year, ending 2013 with a cash balance of $1.8 billion. The company repurchased $524 million of shares in the fourth quarter 2013 and approximately $700 million for the full-year.

Xerox’s board of directors increased the company’s quarterly cash dividend by 8.7 percent to 6.25 cents per share, beginning with the dividend payable on April 30, 2014.

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