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Barclays 24 | LSE:17PT | London | Medium Term Loan |
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RNS Number:5484L Xerox Corp 12 October 2001 For additional Information contact: Leslie F. Varon Cynthia B. Johnston Vice President, Investor Relations Manager, Investor Relations 203-968-3110 203-968-3489 Leslie.Varon@usa.xerox.com Cynthia.Johnston@usa.xerox.com XEROX REPORTS PRELIMINARY THIRD-QUARTER RESULTS STAMFORD, Conn., Oct. 12, 2001 -- Xerox Corporation (NYSE: XRX) today announced preliminary third-quarter results that include an estimated $3.8 billion to $4 billion in revenue and a loss in the range of 22 to 25 cents per share, before net restructuring charges of 5 cents. Results were impacted by a number of factors including a reduction of approximately 9 cents due to currency losses from unhedged exposures, a tax rate change, and a property insurance deductible related to Sept. 11 losses. "In many regards, Xerox's performance in July and August exceeded expectations and we were well positioned to meet our third-quarter targets," said Anne M. Mulcahy, Xerox president and chief executive officer. "However, the events of Sept. 11 resulted in a significant impact on sales for the balance of the month - typically the strongest two weeks of the quarter. "We continue to aggressively implement our cost-reduction initiatives and focus on operational improvements. With further progress expected in these areas, we remain cautiously optimistic for a return to operational profitability in the fourth quarter," added Mulcahy. The company also reported continued progress in strengthening its liquidity. After the repayment of approximately $350 million in third-quarter maturing debt, Xerox had $2.4 billion in cash at the end of September, compared to $2.2 billion at the close of the second quarter. Xerox continues to be in full compliance with its debt covenants and expects the consolidated tangible net worth cushion to be approximately $200 million. Xerox will report its full third-quarter results on Oct. 23, 2001. This release contains forward-looking statements and information relating to Xerox that are based on our beliefs as well as assumptions made by and information currently available to us. The words "anticipate," "believe," "estimate," "expect," "intend," "will" and similar expressions, as they relate to us, are intended to identify forward-looking statements. Actual results could differ materially from those projected in such forward-looking statements. Information concerning certain factors that could cause actual results to differ materially is included in the company's Form 10-Q for the quarter ended June 30, 2001.
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