Xerox Annual Meeting of Shareholders: Chairman Details Solid Financial Position, Services-led Growth
NORWALK, Conn.--(BUSINESS WIRE)-- At its annual meeting of shareholders held here today, Ursula Burns, chairman and CEO of Xerox (NYS: XRX) , highlighted the company's solid financial position, progress in evolving to a services-led, technology-driven company and the steps Xerox is taking to capitalize on growth opportunities.
In her address to shareholders, Burns reflected on the last year and 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.
"With services now representing 55 percent of our total revenue and growing to two-thirds by 2017, we believe this is a good time to keep your eye on Xerox," added Burns. "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 delivered solid results 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
The company recently increased its quarterly dividend by 35 percent and expects to repurchase at least $400 million in shares this year.
Also at the annual meeting, shareholders elected by an majority vote 10 members of the Xerox board of directors: Glenn A. Britt, Ursula M. Burns, Richard J. Harrington, William Curt Hunter, Robert J. Keegan, Robert A. McDonald, Charles Prince, Ann N. Reese, 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 2013; approved, on an advisory basis, 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.
Since the invention of Xerography 75 years ago, the people of Xerox (NYS: XRX) have helped businesses simplify the way work gets done. Today, we are the global leader in business process and document management, helping people be more efficient so they can focus on their real business. Headquartered in Norwalk, Conn., more than 140,000 Xerox employees serve clients in 160 countries, providing business services, printing equipment and software for commercial and government organizations. Learn more at www.xerox.com.
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