Xerox 2003 Annual Report Download - page 9

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7
As you might expect, the size of our opportunities and the
soundness of our strategies has attracted some very tough com-
petitors. We do not shrink from that challenge. It energizes us.
All of us at Xerox believe our best days are ahead of us. And we
believe just as firmly that the caliber of our competitors and the
demands of our customers will only strengthen our resolve to
execute tomorrow even better than we do today.
Our 2004 plan is for flat revenue with margin and earnings
expansion followed by a return to revenue growth, operating
margin expansion, and continued earnings growth in 2005
and beyond.
As the curtain goes up on our second act,
all the pieces are in place to return Xerox to
growth and greatness. We are confident but
not arrogant, assured but not complacent.
We constantly remind ourselves that the
enemy of great is good. None of us at Xerox
wants to be just good enough. We are on
a road whose destination is nothing short of
greatness. You should expect no less; we
aim to deliver no less.
We are keenly aware that you put a lot of faith in us. Earning
your trust energizes us. We believe we have demonstrated
consistency and credibility over the past three years. And we
are determined to keep earning your trust in 2004 and beyond.
Anne M. Mulcahy
Chairman and Chief Executive Officer
March 2004