At Annual Meeting of Shareholders, Xerox Chairman Details Solid Financial Position and Outlines Growth Strategy
At its annual meeting of shareholders held here today, Ursula Burns, chairman and CEO of Xerox (NYSE:XRX) , highlighted the company’s solid financial position; the benefits of its diverse portfolio; and the steps Xerox is taking to drive long-term profitable growth.
In her address to shareholders, Burns said, “In 2014, we met many of our performance targets and continued to make progress evolving our company. We implemented our six-plank Services strategy, added new talent to our management team and aligned our Services operating model around industry verticals and world-class delivery capabilities to maximize opportunities in large and growing markets.
“We know 2015 is already bringing some challenges. But, as always, we’ll continue to work hard and make the necessary adjustments to our operations to meet our objectives.”
Burns noted that Xerox delivered value for shareholders in 2014 by:
- Growing adjusted earnings per share by 3 percent to $1.07 and GAAP earnings per share by 1 percent to $0.90
- Posting $19.5 billion in full-year revenue
- Delivering $2.1 billion in operating cash flow
- Repurchasing $1.1 billion in Xerox shares and paying over $300 million in dividends
- Increasing the common stock dividend per share by 8.7 percent
- Announcing an agreement to sell its Information Technology Outsourcing (ITO) business to Atos for just over $1.0 billion prior to closing adjustments, enabling the company to use the funds toward its 2015 capital allocation strategy, which includes approximately $1 billion for repurchasing shares
Burns also outlined how Xerox has differentiated itself by developing innovative solutions that incorporate greater automation and intelligence; all with the goal of helping clients better manage their critical business processes. “We are changing the way the world shops, learns, parks, publishes, does banking, receives healthcare and more. By helping businesses and governments of all sizes solve challenges, we’re making the world work a little better every day,” added Burns.
Also at the annual meeting, shareholders elected by a majority vote nine members of the Xerox board of directors: Ursula M. Burns, Richard J. Harrington, William Curt Hunter, Robert J. Keegan, Charles Prince, Ann N. Reese, Stephen H. Rusckowski, Sara Martinez Tucker and Mary Agnes Wilderotter.
Additionally, shareholders ratified the selection of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2015 and approved, on an advisory basis, the 2014 compensation of Xerox’s named executive officers.
Xerox is a global business services, technology and document management company helping organizations transform the way they manage their business processes and information. Headquartered in Norwalk, Conn., we have more than 140,000 Xerox employees and do business in more than 180 countries. Together, we provide business process services, printing equipment, hardware and software technology for managing information — from data to documents. Learn more at www.xerox.com.
Non- GAAP Measures
This release refers to the non-GAAP financial measure “adjusted earnings per share” for full-year 2014, which excludes the amortization of intangible assets of $0.17.
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