Company Website: http://www.xerox.com
NORWALK, Conn. -- (Business Wire)

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 Plan.

About Xerox

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.

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Contacts:

Media:
Xerox
Ken Ericson, +1-410-571-0161
kenneth.ericson@xerox.com
or
Karen Arena, +1-203-849-5521
karen.arena@xerox.com

Source: Xerox