Keep your eye on Xerox, Burns tells shareholders

By ANDREA DECKERT - 5/21/2013 2:13:18 PM

Xerox Corp. is evolving into a services-led, technology-driven company, its leaders said at the firm’s annual meeting of shareholders in Connecticut.

“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,” said Ursula Burns, Xerox chairman and CEO, in a statement Tuesday. “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.”

Burns reviewed Xerox’s 2012 financial performance, which included year-end adjusted net income of $1.4 billion and earnings per share of $1.03 on sales totaling $22.4 billion.

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 meeting, shareholders elected by a majority vote 10 members of the Xerox board of directors. They are: Glenn Britt, Burns, Richard Harrington, William Curt Hunter, Robert Keegan, Robert McDonald, Charles Prince, Ann 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.

Xerox shares (NYSE: XRX) rose 9 cents to $9.05 in midday trading.

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