At Annual Meeting of Shareholders, Xerox Chairman Details Solid Financial Position and Outlines Growth Strategy
May 20 2015 - 9:02AM
Business Wire
At its annual meeting of shareholders held here today, Ursula
Burns, chairman and CEO of Xerox (NYSE:XRX), highlighted the
company’s solid financial position; the benefits of its diverse
portfolio; and the steps Xerox is taking to drive long-term
profitable growth.
In her address to shareholders, Burns said, “In 2014, we met
many of our performance targets and continued to make progress
evolving our company. We implemented our six-plank Services
strategy, added new talent to our management team and aligned our
Services operating model around industry verticals and world-class
delivery capabilities to maximize opportunities in large and
growing markets.
“We know 2015 is already bringing some challenges. But, as
always, we’ll continue to work hard and make the necessary
adjustments to our operations to meet our objectives.”
Burns noted that Xerox delivered value for shareholders in 2014
by:
- Growing adjusted earnings per share by
3 percent to $1.07 and GAAP earnings per share by 1 percent to
$0.90
- Posting $19.5 billion in full-year
revenue
- Delivering $2.1 billion in operating
cash flow
- Repurchasing $1.1 billion in Xerox
shares and paying over $300 million in dividends
- Increasing the common stock dividend
per share by 8.7 percent
- Announcing an agreement to sell its
Information Technology Outsourcing (ITO) business to Atos for just
over $1.0 billion prior to closing adjustments, enabling the
company to use the funds toward its 2015 capital allocation
strategy, which includes approximately $1 billion for repurchasing
shares
Burns also outlined how Xerox has differentiated itself by
developing innovative solutions that incorporate greater automation
and intelligence; all with the goal of helping clients better
manage their critical business processes. “We are changing the way
the world shops, learns, parks, publishes, does banking, receives
healthcare and more. By helping businesses and governments of all
sizes solve challenges, we’re making the world work a little better
every day,” added Burns.
Also at the annual meeting, shareholders elected by a majority
vote nine members of the Xerox board of directors: Ursula M. Burns,
Richard J. Harrington, William Curt Hunter, Robert J. Keegan,
Charles Prince, Ann N. Reese, Stephen H. Rusckowski, Sara Martinez
Tucker and Mary Agnes Wilderotter.
Additionally, shareholders ratified the selection of
PricewaterhouseCoopers LLP as the company’s independent registered
public accounting firm for 2015 and approved, on an advisory basis,
the 2014 compensation of Xerox’s named executive officers.
About Xerox
Xerox is a global business services, technology and
document management company helping
organizations transform the way they manage their
business processes and information. Headquartered in Norwalk,
Conn., we have more than 140,000 Xerox employees and do business in
more than 180 countries. Together, we provide
business process services, printing equipment, hardware
and software technology for managing information -- from data
to documents. Learn more at www.xerox.com.
Non- GAAP Measures
This release refers to the non-GAAP financial measure “adjusted
earnings per share” for full-year 2014, which excludes the
amortization of intangible assets of $0.17.
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version on businesswire.com: http://www.businesswire.com/news/home/20150520005903/en/
Media:XeroxSean Collins,
310-497-9205sean.collins2@xerox.com
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