(Xerox)

Print Action, Jun 2003

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XEROX CEO Anne Mulcahy announced a loss amounting to 10 cents per share for the first quarter of 2003, primarily because of a huge lawyer's bill amounting to US$183 million. This translated into a litigation charge of 25-cents per share. Excluding the charge, operating profit was US$118 million for the quarter. Sales for the quarter increased three per cent to US$3.8 billion, down slightly from the same period last year. Within its financial statements there was a noticeable decline in light-lens products but a sales increase in production colour systems such as the DocuColor series. Production colour installs were reported to have grown eight per cent in the first quarter, led by the 6060.