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Xerox is reporting 4th quarter earnings that saw gains, while sales were down a bit.

Xerox is reporting net profits of $818 million, compared to $137 million last year at this time, with the results benefitting from the sale of the company’s stake in the Fuji Xerox joint venture.

Adjusted earnings per share were $1.33, beating Wall St. estimates.

Revenues of more than $2.4 billion were down slightly from a year ago, but still they came in better than Wall Street expected.

Xerox is making a major change to a longtime joint venture with Fuji.

Xerox has announced that it will sell its 25% stake in Fuji Xerox to FUJIFILM in a deal that will see Xerox receive about $2.3 billion.

As part of the agreement, Xerox will also sell its majority stake in another, smaller joint venture that it had with Fuji Xerox.

Xerox says it will use the proceeds to pursue potential mergers and acquisitions as well as return capital to shareholders and pay down some debt.

Xerox is reporting 3rd quarter earnings which saw profits drop, partly due to higher taxes.

The company’s net profits were $89 million, down from $179 million a year ago. Earnings per share, after adjusted for certain one-time charges, were 85-cents per share, which beat Wall Street estimates.

But revenues dropped 5.8 percent to just over $2.35 billion, and came in a bit lower than Wall Street expected.

www.fujifilmholdings.com

Fuji has won an appeal in its legal battle with Xerox over a deal that was scrapped earlier this year. That deal would have seen Fuji take majority control of Xerox.

In May, Xerox pulled out of the $6.1 billion dollar deal with Fuji in a settlement with activist investors Carl Icahn and Darwin Deason.

Xerox reported 2nd quarter earnings on Thursday morning, the first earnings report for the new CEO who had something to say about the company’s overall future.

John Visentin was appointed this past Spring, after sweeping management changes pushed by activist investors Carl Icahn and Darwin Deason.

Xerox is firing back with a strongly worded letter after it was reported last week that Fuji is suing Xerox for more than a billion dollars.

That’s after Xerox backed out of a proposed merger between the two companies that would have seen Fuji take majority control of Xerox.

On Monday, Xerox’s new CEO, John Visentin, who was named to that post in May, released a letter he sent to Fuji Chairman Shigetaka Komori in which he calls the lawsuit a “desperate and misguided negotiating ploy to save their takeover attempt.”

www.fujifilmholdings.com

Fuji is suing Xerox  after that company backed out of a proposed merger.

Fuji had reached a deal in January with Xerox to take majority control of that company. But Xerox scrapped the deal last month in a settlement with activist investors Carl Icahn and Darwin Deason.

In May, Xerox also announced a new CEO and several new board members as part of that settlement.

Icahn and Deason have opposed the Fuji takeover, saying that it undervalues Xerox. But they have indicated they would consider a better offer.

www.fujifilmholdings.com

Fujifilm Holdings says the company may consider giving up its proposed $6.1 billion merger with Xerox if there is no progress on talks with the company within the next several months.

www.fujifilmholdings.com

Fujifilm is planning to sue Xerox soon over the company’s decision to pull out of a $6.1 billion deal that would have seen Fuji take over control of Xerox.

Xerox has officially appointed John Visentin as CEO and set July 31st as the date for the annual meeting. There is no word yet on a location for that meeting.

The company released more information about its next moves on Wednesday night.  Earlier this week, Xerox announced that Visentin would become CEO and that Jeff Jacobson and five other board members would resign as part of a settlement with activist investors, Carl Icahn and Darwin Deason.

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