CEO Burns Details Xerox Solid Financial Position, Services Led Growth, at Annual Meeting

At Xerox’s annual shareholder’s meeting, Ursula Burns, Chairman and CEO, stressed the company’s solid financial position, evolvement to a services-led, technology-driven company and the steps Xerox is taking to seize growth opportunities.

In her address, Burns said, “2012 was a year of alignment: aligning costs with a services-focused business model, aligning investments with key priorities, aligning our diverse portfolio with market opportunities and aligning operations to address these opportunities. We did this through a customer-centric approach that took full advantage of our brand, innovation and global scale.”

Ms. Burns added, “With services now representing 55% of our total revenue and growing to two-thirds by 2017, we believe this is a good time to keep your eye on Xerox. Through services-led growth, profitable leadership in document technology, our cash-generating annuity-based business model and earnings expansion, we have the financial strength to invest in building value for Xerox and for our stakeholders.”

She noted that despite economic headwinds, Xerox had good performance in 2012, including adjusted earnings per share of $1.03, $22.4 billion of full-year revenue, operating cash flow of $2.6 billion, adjusted net income of $1.4 billion, $1.1 billion in share repurchase and $255 million in dividends.

At the meeting, shareholders elected 10 members of the Xerox Board of Directors; approved the selection of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2013; ratified the 2012 compensation of Xerox’s named executive officers; and, approved an amendment and restatement of the company’s 2004 equity compensation plan for non-employee Directors.