Xerox 2003 Annual Report Download - page 3
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Fellow Shareholders:
It is with enormous pride in
our people that I am able to
report to you that 2003 was
another year of good progress,
excellent execution and
accelerating marketplace
momentum for Xerox.
Everywhere you look the signs are positive. Take a look at
the charts accompanying this letter. We generated near record
amounts of cash from operations, significantly reduced both
debt and cost, maintained gross margins and recapitalized the
company. Even more importantly, we brought to market an
expansive armada of innovative technology and services, gained
market share in key segments of our business, grew equipment
sales by 7 percent and won scores of large customer contracts –
many of them in direct face-offs with our best competitors.
Across the board and around the world, we did what we said
we would do in 2003 – and then some.
Letter to
Shareholders
01
Strategies and
Opportunities
08
2003
Report Card
16
Financial
Review
17
Anne M. Mulcahy,
Chairman and
Chief Executive Officer