At its annual meeting of shareholders today, Jeff Jacobson,
CEO of Xerox Corporation (NYSE:XRX), discussed the company’s
financial performance in 2016, and outlined the company’s strategy
to enhance value for Xerox shareholders.
In his address to shareholders, Jacobson commented, “Our
foundation is strong, our product portfolio is as deep as it has
ever been, and our customers are responding to our renewed focus on
the document technology market.” He added, “This is a new Xerox and
we are bringing innovative solutions to the market that will
strengthen our business and enable attractive returns to our
shareholders.”
As previously announced, Chairman of the Board Ursula M. Burns
retired from the Xerox Board of Directors, effective today, and
Robert Keegan has been named non-executive chairman. Keegan has
been a director since 2010 and formerly served as chief executive
officer and president of The Goodyear Tire & Rubber
Company.
“Throughout Ursula’s career, she has demonstrated a passion and
love for the company. We admire her personal and professional
commitment to our success,” said Jacobson. “I look forward to
working more closely with Bob as he steps into the chairman role.
His experiences leading businesses through turnarounds continues to
be a great benefit to the Xerox team.”
Also at the annual meeting, shareholders elected by a majority
vote all members of the Xerox board of directors: Gregory Q. Brown,
Jonathan Christodoro, Joseph J. Echevarria, William Curt Hunter,
Jeffrey Jacobson, Robert J. Keegan, Cheryl Gordon Krongard, Charles
Prince, Ann N. Reese, Stephen H. Rusckowski and Sara Martinez
Tucker.
In a separate vote, shareholders ratified the selection of
PricewaterhouseCoopers LLP as the company’s independent, registered
public accounting firm for 2017.
Dividend Declaration
Today, the company announced that its board of
directors declared a quarterly cash dividend of 6.25 cents per
share on Xerox common stock. The dividend is payable on July 31,
2017 to shareholders of record on June 30, 2017. The dividend will
be adjusted on a proportional basis to reflect the one-for-four
reverse stock split approved by Xerox shareholders at today's
annual shareholders meeting if, as anticipated, the reverse stock
split becomes effective prior to the dividend payment date.
The board also declared a quarterly cash dividend of $20 per
share on Xerox Series B Convertible Perpetual Preferred Stock. The
dividend is payable on July 1, 2017 to shareholders of record on
June 15, 2017.
About Xerox
Xerox Corporation is an $11 billion technology leader that
innovates the way the world communicates, connects and works. Our
expertise is more important than ever as customers of all sizes
look to improve productivity, maximize profitability and increase
satisfaction. We do this for small and mid-size businesses,
large enterprises, governments, graphic communications providers,
and for our partners who serve them.
We understand what’s at the heart of work – and all of the forms
it can take. We embrace the increasingly complex world of paper and
digital. Office and mobile. Personal and social. Every day across
the globe – in more than 160 countries – our technology, software
and people successfully navigate those intersections. We automate,
personalize, package, analyze and secure information to keep our
customers moving at an accelerated pace. For more information,
visit www.xerox.com.
Forward-Looking Statements
This Report contains “forward-looking statements” as defined in
the Private Securities Litigation Reform Act of 1995. The words
“anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”,
“should” and similar expressions, as they relate to us, are
intended to identify forward-looking statements. These statements
reflect management’s current beliefs, assumptions and expectations
and are subject to a number of factors that may cause actual
results to differ materially. Such factors include but are not
limited to: our ability to address our business challenges in order
to reverse revenue declines, reduce costs and increase productivity
so that we can invest in and grow our business; changes in economic
conditions, political conditions, trade protection measures,
licensing requirements and tax laws in the United States and in the
foreign countries in which we do business; changes in foreign
currency exchange rates; our ability to successfully develop new
products, technologies and service offerings and to protect our
intellectual property rights; the risk that multi-year contracts
with governmental entities could be terminated prior to the end of
the contract term and that civil or criminal penalties and
administrative sanctions could be imposed on us if we fail to
comply with the terms of such contracts and applicable law; the
risk that partners, subcontractors and software vendors will not
perform in a timely, quality manner; actions of competitors and our
ability to promptly and effectively react to changing technologies
and customer expectations; our ability to obtain adequate pricing
for our products and services and to maintain and improve cost
efficiency of operations, including savings from restructuring
actions; the risk that individually identifiable information of
customers, clients and employees could be inadvertently disclosed
or disclosed as a result of a breach of our security systems;
reliance on third parties, including subcontractors, for
manufacturing of products and provision of services; our ability to
manage changes in the printing environment and markets and expand
equipment placements; interest rates, cost of borrowing and access
to credit markets; funding requirements associated with our
employee pension and retiree health benefit plans; the risk that
our operations and products may not comply with applicable
worldwide regulatory requirements, particularly environmental
regulations and directives and anti-corruption laws; the outcome of
litigation and regulatory proceedings to which we may be a party;
the risk that we do not realize all of the expected strategic and
financial benefits from the separation and spin-off of our Business
Process Outsourcing business; and other factors that are set forth
in the “Risk Factors” section, the “Legal Proceedings” section, the
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” section and other sections of our 2016
Annual Report on Form 10-K, as well as in our Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K filed with the Securities
and Exchange Commission (“SEC”). Xerox assumes no obligation to
update any forward-looking statements as a result of new
information or future events or developments, except as required by
law.
Fuji Xerox Co., Ltd. (“Fuji Xerox”) is a joint venture between
Xerox Corporation and Fujifilm Holdings Corporation (“Fujifilm”) in
which Xerox holds a 25% equity interest and Fujifilm holds the
remaining equity interest. On April 20, 2017, Fujifilm publicly
announced it formed an independent investigation committee to
conduct a review of the appropriateness of the accounting practices
at Fuji Xerox’s New Zealand subsidiary related to the recovery of
receivables associated with certain sales leasing transactions that
occurred in, or prior to, Fuji Xerox’s fiscal year ending March 31,
2016. In first quarter 2017, we recognized a charge of
approximately $30 million, which represents our share of the
current Fujifilm total adjustments from this review, as publicly
disclosed by Fujifilm. Fujifilm has publicly stated that it expects
the investigation will be completed in May 2017, and that it
intends to disclose the results shortly thereafter. Given our
status as a minority investor, we have limited contractual and
other rights to information and rely on Fuji Xerox and Fujifilm to
provide information to us and are not involved in the
investigation, including its scope and timing of completion.
Although we have no reason not to rely on Fujifilm’s current
adjustment and we are not aware of any additional amounts related
to this matter that would have a material effect on our financial
statements including the related Xerox disclosures, this
investigation is ongoing and our future results may include
additional adjustments that are materially different from the
amount of the charge that we have already recognized in connection
with this matter and the period(s) to which the charge relates, and
we can provide no assurances relative to the outcome of any
governmental investigations or any consequences thereof. In
addition, the summarized financial data we have reported for Fuji
Xerox may change based on the results of the investigation.
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http://connect.blogs.xerox.com, http://www.facebook.com/XeroxCorp,
http://www.youtube.com/XeroxCorp.
Xerox® and Xerox and Design® are trademarks of Xerox in the
United States and/or other countries.
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version on businesswire.com: http://www.businesswire.com/news/home/20170523006436/en/
Media:XeroxCarl Langsenkamp,
+1-585-423-5782carl.langsenkamp@xerox.com
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