After serious deliberation, the Board of Directors chose to eliminate the dividend -- a decision that contributes to the progress Xerox is making in restoring its financial strength and helps to provide the flexibility required to build on the effective execution of its turnaround plan, ... As Xerox returns to profitability, the Board will consider the reinstatement of dividends. |
Clearly, the fact that our current expectation on the second quarter is less than we anticipated ... our recovery is pushed back in time. We do expect the turnaround to be there and be significant and therefore have an improvement in the second half and have good momentum going into 2001. |
continue to present significant challenges. |
The disruptions in customer relationships caused by our sales force realignment, at a time when competitors have strengthened their product capabilities, is producing a drag on the second-quarter sales of our most profitable products. |
These results are obviously disappointing and completely unacceptable. Clearly, actions beyond resolving our operational issues are required, including major cost reductions, asset dispositions and a review of the dividend level. Aggressive actions to improve profitability in 2001 are being pursued. |
This is all about execution, ... This management team is totally committed to advancing our business strategies. Rick's directions and initiatives were, in fact, right. |
This is all about execution. This management team is totally committed to advancing our business strategies. Rick's directions and initiatives were, in fact, right. |
This leadership transition is consistent with the Board's plans developed last year when I returned as CEO and Anne was named president and COO, ... The plan called for a gradual transition of leadership with Anne becoming CEO when the Board was confident of the effective execution of Xerox's turnaround. Clearly, this requirement has been met. |
This leadership transition is consistent with the Board's plans developed last year when I returned as CEO and Anne was named president and COO. The plan called for a gradual transition of leadership with Anne becoming CEO when the Board was confident of the effective execution of Xerox's turnaround. Clearly, this requirement has been met. |
This repositioning will strengthen us financially and enable strong cash generation. |
This was a difficult but necessary decision that is consistent with our resolve to execute an effective turnaround by focusing on core office and production growth opportunities, ... While Xerox was engaged in active discussions with potential equity partners, the slowdown in the economy and its impact on the PC and SOHO markets prevented these companies from making what was once considered a compelling investment in Xerox's SOHO business. |
We are accelerating the transition to digital technology with our broad digital copier line, including three new models introduced in just the last two months. |
We are looking at everything and are looking at options we have associated with that investment, ... We will continue to focus on things like color. We think that's a real advantage and a market opportunity for us... but you should not expect to see a change on color. |
We delivered another record quarter, reflecting strong double-digit earnings growth consistent with our objectives, even though pre-currency revenue growth - at 7 percent - was clearly affected by some weaker economies, |
We expect an earnings recovery in 2001 ... by strengthening our operations, improving our strong product offering and through significant cost reductions. We expect to achieve this, even if the economy and competing environment preclude any revenue growth in the year. |