Xerox 2005 Annual Report Download - page 4
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Iam pleased to report another solid year of progress
for Xerox. Our company is in excellent financial health.
Our balance sheet is strong and getting stronger. Our
new business model is doing what we intended: whatever
the challenges of our business, we areable to adjust
quickly and produce earnings growth. In fact, we have
met or exceeded our earnings expectations in 13 of the
last 14 quarters.
Our global operations are producing significant cash
flow.At the same time, we have virtually eliminated
debt except for the debt that supports our customer
financing activities.
As a result of our performance as well as confidence
that it will continue, the Xerox Board of Directors has
authorized the company to repurchase $1 billion in Xerox
common shares. It’s a tangible way to deliver shareholder
value and to assure you that we take very seriously the
trust you have placed in us.
Fellow shareholders:
2
Anne M. Mulcahy
Chairman and Chief Executive Officer