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
• 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.