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Quarterly Results of Operations
(Unaudited)
(in millions, except per share data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Full
Year
2008
Revenues $4,335 $4,533 $4,370 $4,370 $17,608
Costs and Expenses(1) 4,853 4,288 4,132 4,449 17,722
(Loss) Income before Income Taxes and Equity Income (518) 245 238 (79) (114)
Income tax (benefits) expenses(2) (246) 59 15 (59) (231)
Equity in net income of unconsolidated affiliates(3) 28 29 35 21 113
Net (Loss) Income $ (244) $ 215 $ 258 $ 1 $ 230
Basic (Loss) Earnings per Share(4) $ (0.27) $ 0.24 $ 0.30 $ — $ 0.26
Diluted (Loss) Earnings per Share(4) $ (0.27) $ 0.24 $ 0.29 $ — $ 0.26
2007
Revenues $3,836 $ 4,208 $ 4,302 $ 4,882 $ 17,228
Costs and Expenses 3,507 3,893 3,978 4,412 15,790
Income before Income Taxes and Equity Income 329 315 324 470 1,438
Income tax expenses 102 76 97 125 400
Equity in net income of unconsolidated affiliates(3) 6 27 27 37 97
Net Income $ 233 $ 266 $ 254 $ 382 $ 1,135
Basic Earnings per Share(4) $ 0.25 $ 0.28 $ 0.27 $ 0.41 $ 1.21
Diluted Earnings per Share(4) $ 0.24 $ 0.28 $ 0.27 $ 0.41 $ 1.19
(1) Costs and expenses include charges for restructuring and asset impairments and an equipment write-off of $63, $14 and $388 for the second, third and fourth quarters of 2008, respectively. In
addition, the first and fourth quarters of 2008 include $795 and $(21) for litigation matters.
(2) The first, second, third and fourth quarters of 2008 include $304, $20, $5 and $124 of tax benefits, respectively, from the above noted charges. Third quarter 2008 also included a $41 income
tax benefit from the settlement of certain previously unrecognized tax benefits.
(3) The first, second, third and fourth quarters of 2008 include $10, $3, $2 and $1 of charges, respectively, for our share of Fuji Xerox restructuring charges. The first, third and fourth quarters of
2007 include $23, $5, and $2 of charges, respectively, for our share of Fuji Xerox restructuring charges.
(4) The sum of quarterly earnings per share may differ from the full-year amounts due to rounding, or in the case of diluted earnings per share, because securities that are anti-dilutive in certain
quarters may not be anti-dilutive on a full-year basis.
92 Xerox 2008 Annual Report