Xerox 2008 Annual Report Download - page 15

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• Expanding our distribution though acquisitions;
• Buying back shares under our share repurchase program and
• Maintaining our quarterly dividend.
• Modest revenue growth;
• Driving cost efficiencies to balance gross profit and expense;
• Leveraging our share repurchase and
• Making accretive acquisitions.
Acquisitions
To further strengthen our distribution capacity, in 2008 we
completed several acquisitions.
We acquired Veenman B.V. (“Veenman”), expanding our reach into
the small and mid-size business market in the Netherlands.
Veenman is the Netherlands’ leading independent distributor of
office printers, copiers and multifunction devices serving small and
mid-size businesses.
Global Imaging Systems, Inc. (“GIS”) acquired Saxon Business
Systems, an office equipment supplier with offices throughout
Florida and three smaller acquisitions: Better Quality Business
Systems, Precision Copier Service Inc. DBA Sierra Office Solutions
and Inland Business Systems of Chico.
Segment Information
Our reportable segments are Production, Office and Other. We
present operating segment financial information in Note 2 –
Segment Reporting in the Consolidated Financial Statements,
which we incorporate by reference here. We have a very broad and
diverse base of customers by both geography and industry,
ranging from SMB to graphic communications companies,
governmental entities, educational institutions and large fortune
1000 corporate accounts. None of our business segments depends
upon a single customer, or a few customers, the loss of which
would have a material adverse effect on our business.
Revenues by business segment
(in millions)
$2,543
$5,237 $9,828
�$9,828 Office
Our Office segment serves global, national and small to mid-
size commercial customers, as well as government, education
and other public sector customers.
�$5,237 Production
Our Production segment provides high-end digital
monochrome and color systems designed for customers in the
graphic communications industry and for large enterprises.
�$2,543 Other
Our Other segment primarily includes revenue from paper
sales, wide-format systems, value-added services and Global
Imaging Systems network integration solutions and electronic
presentation systems.
Xerox 2008 Annual Report 13