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Xerox Corporation
25
Fuji Xerox
Fuji Xerox Co., Limited is an unconsolidated entity in which
we currently own 25% and Fuji Photo Film Co., Ltd. (“FujiFilm”)
owns 75%. Fuji Xerox develops, manufactures and distributes
document processing products in Japan, China, Hong Kong
and other areas of the Pacific Rim, Australia and New Zealand.
We retain significant rights as a minority shareholder. Our
technology licensing agreements with Fuji Xerox ensure that
the two companies retain uninterrupted access to each other’s
portfolio of patents, technology and products.
International Operations
Certain financial measures by geographical area for 2005,
2004 and 2003, included in Note 2 to the Consolidated
Financial Statements in our 2005 Annual Report, are hereby
incorporated by reference.
Backlog
Webelieve that backlog, or the value of unfilled orders,
is not a meaningful indicator of futurebusiness prospects
due to the significant proportion of our revenue that follows
equipment installation, the large volume of products delivered
from shelf inventories and the shortening of product life cycles.
Seasonality
Our revenues are affected by such factors as the introduction of
new products, the length of the sales cycles and the seasonality
of technology purchases. As a result, our operating results
are difficult to predict. These factors have historically resulted
in lower revenue in the first quarter than in the immediately
preceding fourth quarter.
Other Information
Xerox is a New York corporation and our principal executive
offices are located at 800 Long Ridge Road, P. O. Box 1600,
Stamford, Connecticut 06904-1600. Our telephone number is
(203) 968-3000.
Through the Investor Information section of our Internet website,
our Annual Reports on Form 10-K, Quarterly Reports on Form
10-Q, Current Reports on Form 8-K and all related amendments
are available, free of charge, as soon as reasonably practicable
after such material is electronically filed with or furnished to the
Securities and Exchange Commission. Our Internet address is
http://www.xerox.com.
Xerox Annual Report 2005