NORWALK, Conn. -- At its annual meeting of shareholders held here today, Ursula
Burns, chairman and CEO of Xerox (NYSE:XRX), highlighted the company’s strong
financial position, progress in both its services and technology businesses, and
the steps Xerox is taking to capitalize on a $600 billion market opportunity.
In her address to shareholders, Burns said, “We have made significant progress
in transforming our business. Lots of people talk about transformation, but we’re
doing it. We’re confident we have the right strategy, the competitive strength,
a skilled and proven leadership team, world-class technology, operational excellence,
a powerful brand and a steely focus to move from good to great.”
Burns noted that despite economic headwinds, Xerox successfully delivered value
for shareholders in 2011 by:
- Delivering adjusted earnings per share of $1.08, up 15 percent from 2010.
- Growing revenue on a pro-forma basis by 2 percent to $22.6 billion.
- Generating $2 billion in operating cash flow.
- Increasing adjusted net income by 21 percent to $1.6 billion.
She also outlined how the company is delivering on its commitments including
accelerating its services business, which grew by 6 percent pro forma in 2011
and now accounts for more than half of the company’s revenue; maintaining leadership
in document technology by growing market share; focusing on operational excellence;
and returning shareholder value. Through its unique mix of services and technology,
Xerox is simplifying how work gets done so clients can run more efficient operations
and focus more on their core business.
Also at the annual meeting, shareholders elected by an overwhelming 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 2012; approved,
on an advisory basis, the 2011 compensation of Xerox’s named executive officers;
and approved an amendment and restatement of the company’s 2004 Performance Incentive
With sales approaching $23 billion, Xerox (NYSE: XRX) is the world’s leading
enterprise for business process and document management. Its technology, expertise
and services enable workplaces – from small businesses to large global enterprises
– to simplify the way work gets done so they operate more effectively and focus
more on what matters most: their real business. Headquartered in Norwalk, Conn.,
Xerox offers business process outsourcing and IT outsourcing services, including
data processing, healthcare solutions, HR benefits management, finance support,
transportation solutions, and customer relationship management services for commercial
and government organizations worldwide. The company also provides extensive leading-edge
document technology, services, software and genuine Xerox supplies for graphic
communication and office printing environments of any size. The 140,000 people
of Xerox serve clients in more than 160 countries. For more information, visit
http://www.xerox.com, http://news.xerox.com or http://www.realbusiness.com. For
investor information, visit http://www.xerox.com/investor