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/

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
• Post-sale revenue down 1 percent, up 1 percent in constant currency
• Revenue from color up 11 percent
• Gross margins of 40.2 percent
• 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.

XEROX REPORTS FOURTH-QUARTER EARNINGS OF 27 CENTS PER SHARE Earnings meet expectations, net income up 18 percent. Strong color sales, operational improvements. • Total revenue down 2 percent on negative currency, product mix; up 1 percent constant currency • Revenue from color up 17 percent • Gross margins of 41.4 percent • Operating cash flow of $631 million, $1.4 billion for full year • Additional $500 million planned for share repurchase STAMFORD, Conn., Jan. 25, 2006 – Xerox Corporation (NYSE: XRX) announced today fourth-quarter 2005 earnings per share of 27 cents, reflecting an 18-percent increase in net income from fourth-quarter 2004. The company also announced plans to repurchase an additional $500 million of its common stock and said it expects to deliver full-year 2006 earnings at the high end of the company’s guidance. “Our earnings performance in the fourth quarter met expectations with increased gross margins, lower costs and operational improvements,” said Anne M. Mulcahy, Xerox chairman and chief executive officer. “We delivered another quarter – and another year – of earnings growth. Our strong financial position, with full-year operating cash flow of $1.4 billion, gives us the flexibility to invest back in the business and enhance shareholder value through an expanded share repurchase plan. “During the quarter, equipment sales were impacted by a more significant shift in product mix with stronger sales of lower-priced systems. At the same time, demand and install activity accelerated for key products like entry-level color production systems and office desktop multifunction devices,” added Mulcahy. “This increased activity fuels future post-sale revenue – the engine of growth for Xerox’s annuity-based business. We’re confident that the short-term impact on equipment sale revenue will deliver long-term gains in top-line growth