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SECURITY: XRX Common)
EXCHANGE: New York Stock Exchange CURRENCY: US Dollar
Xerox Corporation offers
an innovative array of color and black-and-white digital printers, digital
presses, multifunction devices, and digital copiers, as well as a broad
range of services, solutions, and software.
http://www.xerox.com
Xerox
to Acquire Affiliated Computer Services
Xerox
CEO Ursula Burns (l) and ACS President and CEO Lynn Blodgett (r) discuss
Xerox’s acquisition of ACS, a game-changing deal for Xerox that accelerates
its growth in the $150 billion business process outsourcing market and
creates a $22 billion global enterprise for document technology and business
process management.
ACS
shareholders to receive $63.11 per share in cash and Xerox stock
Accelerates
Xerox's growth in $150 billion business process outsourcing market
Creates
$22 billion global enterprise for document technology and business process
management
NORWALK,
Conn. and DALLAS, Sept. 28, 2009 -- Xerox Corporation (NYSE: XRX)
and Affiliated Computer Services, Inc. (NYSE: ACS) today announced a definitive
agreement for Xerox to acquire ACS in a cash and stock transaction valued
at $63.11 per share or $6.4 billion as of the closing price of Xerox stock
on Sept. 25. This acquisition will transform Xerox into the leading global
enterprise for document and business process management, and will accelerate
its growth in an expanding market.
The
world's largest diversified business process outsourcing (BPO) firm, ACS
is a $6.5 billion company with revenue growth of 6 percent and new business
signings of $1 billion in annual recurring revenue during its fiscal 2009.
"By
combining Xerox's strengths in document technology with ACS's expertise
in managing and automating work processes, we're creating a new class of
solution provider," said Ursula M. Burns, Xerox chief executive officer.
"A game-changer for Xerox, acquiring ACS helps us expand our business and
benefit from stronger revenue and earnings growth.
"Xerox
becomes a $22 billion global company, of which $17 billion is recurring
revenue - a significant boost to our profitable annuity stream," she added.
"The revenue we generate from services will triple from $3.5 billion in
2008 to an estimated $10 billion next year."
Under
the terms of the agreement, ACS shareholders will receive a total of $18.60
per share in cash plus 4.935 Xerox shares for each ACS share they own.
In addition, Xerox will assume ACS's debt of $2 billion and issue $300
million of convertible preferred stock to ACS's Class B shareholder. On
an adjusted earnings basis, the transaction is expected to be accretive
in the first year.
XEROX
REPORTS FIRST-QUARTER EARNINGS OF 24 CENTS PER SHARE PDF
•
Earnings per share up 20 percent; exceed expectations
•
Total revenue up 4 percent, post-sale revenue up 6 percent, includes favorable
currency
•
Gross margins improve to 40.6 percent
•
Operating cash flow of $187 million
STAMFORD,
Conn., April 20, 2007 – Xerox Corporation (NYSE: XRX) announced today first-quarter
2007 earnings per share of 24 cents. The company’s earnings include a 2-cent
charge to reflect its share of a restructuring charge recorded by Fuji
Xerox Co., Ltd. This previously announced restructuring was initially expected
to be a 3-cent charge to Xerox’s first-quarter earnings. Total revenue
of $3.8 billion grew 4 percent in the first quarter. Post-sale and financing
revenue - Xerox’s annuity streams that represent more than 70 percent of
total revenue - increased 6 percent. This growth was largely driven by
a 7 percent increase in post-sale revenue from digital systems. Both total
revenue and post-sale revenue included a currency benefit of 3 percentage
points. “Xerox’s growth strategy focuses on increasing our install base
of digital technology through new products and broader distribution, strengthening
our leadership in color, and expanding our services business. Success in
these areas builds a healthy annuity stream that serves our company well
for the long term,” said Anne M. Mulcahy, Xerox chairman and chief executive
officer. “Our results in the first quarter show that the strategy is working.
We delivered solid activity gains, grew color revenue, and signed big deals
for Xerox’s document management services – all of which contribute to steady
annuity growth. “Along with progress on the top line, excellent operational
performance and improved margins led to a 17 percent increase in net income
and earnings that exceeded our expectations,” added Mulcahy.
Xerox
Intends To Buy Global Imaging Systems For $29 Per Share
Increases
Xerox's U.S. distribution to SMB customers by 50 percent; 1,400 more 'feet
on the street' serving 200,000 new customers
STAMFORD,
Conn., April 02, 2007 -- Xerox Corporation (NYSE: XRX) and Global
Imaging Systems, Inc. (NASDAQ: GISX) today announced a definitive agreement
for Xerox to acquire Global Imaging for $29 per share in cash. The total
purchase price is expected to be about $1.5 billion.
Global
Imaging Systems focuses on small and mid-size businesses (SMB) through
21 regional core companies in the U.S. that sell and service document management
systems such as printers, copiers and multifunction devices; network integration
services; and electronic presentation systems. As an office technology
dealer, Global sells products from various suppliers, none of which today
include Xerox. In addition to its existing offerings, Global will start
selling Xerox document management products following the close of the acquisition
"Joining
forces with Global Imaging Systems gives Xerox access to their extensive
customer base and adds more than 1,400 'feet on the street' selling Xerox
systems," said Anne M. Mulcahy, Xerox chairman and chief executive officer.
Global
Imaging, headquartered in Tampa, Fla., serves nearly 200,000 customers
across the U.S. that generate for the company more than $1 billion in annual
sales. Through the acquisition, Xerox will benefit not only from increased
equipment sales but also from the strong annuity stream that comes from
the service and supplies to support these products.
"Xerox
already has the industry's largest portfolio of document systems and services
and the broadest U.S. distribution network," added Mulcahy. "With Global's
localized expertise, experienced employees, and deep customer relationships,
we'll increase our distribution to SMB customers by more than 50 percent
at a time when our portfolio is at its strongest, earning an even greater
share of the $16 billion SMB document market in the U.S."
According
to IDC, a leading industry research firm, installs of laser printers and
multifunction products in small and mid-size businesses have been increasing
at a compound annual growth rate of 15 percent over the last five years
XEROX
REPORTS FIRST-QUARTER EARNINGS OF 20 CENTS PER SHARE
•
Total revenue down 2 percent, flat in constant currency
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Post-sale revenue down 1 percent, up 1 percent in constant currency
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Revenue from color up 11 percent
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Gross margins of 40.2 percent
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Operating cash flow of $147 million; debt down $1.9 billion YOY
STAMFORD,
Conn., April 24, 2006 – Xerox Corporation (NYSE: XRX) announced today first-quarter
2006 earnings per share of 20 cents and total revenue of $3.7 billion.
Total
revenue was impacted by 2 points of currency, contributing to a 2 percent
decline. On a constant currency basis, total revenue was flat in the quarter.
Equipment sale revenue declined 4 percent – down 2 percent in constant
currency – offset bycontinued improvement from the company’s post-sale
revenue stream. Post-sale and financing revenue, which represents about
75 percent of Xerox’s total revenue, declined 1 percent in the first quarter
and grew 1 percent in constant currency.
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