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89Xerox 2009 Annual Report
Quarterly Results of Operations (Unaudited)
(in millions, except per-share data)
First Quarter Second Quarter Third Quarter Fourth Quarter Full Year
2009
Revenues $ 3,554 $ 3,731 $ 3,675 $ 4,219 $ 15,179
Costs and expenses(1) 3,476 3,534 3,517 4,025 14,552
Income before Income Taxes and Equity Income 78 197 158 194 627
Income tax expenses(2) 19 59 44 30 152
Equity in net (loss) income of unconsolidated affiliates(3) (10) 9 15 27 41
Net Income 49 147 129 191 516
Less: Net income – noncontrolling interests 7 7 6 11 31
Net Income Attributable to Xerox $ 42 $ 140 $ 123 $ 180 $ 485
Basic Earnings per Share $ 0.05 $ 0.16 $ 0.14 $ 0.21 $ 0.56
Diluted Earnings per Share $ 0.05 $ 0.16 $ 0.14 $ 0.20 $ 0.55
2008
Revenues $ 4,335 $ 4,533 $ 4,370 $ 4,370 $ 17,608
Costs and expenses(1) 4,844 4,279 4,123 4,441 17,687
(Loss) Income before Income Taxes and Equity Income (509) 254 247 (71) (79)
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 (235) 224 267 9 265
Less: Net income – noncontrolling interests 9 9 9 8 35
Net (Loss) Income Attributable to Xerox $ (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
(1) Costs and expenses include acquisition-related costs of $9 and $63 for the third and fourth quarters of 2009, respectively. 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 third and fourth quarters of 2009 include $1 and $22, respectively, of tax benefits for acquisition-related costs. 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 2009 include $22, $9, $9 and $6 of charges, respectively, for our share of Fuji Xerox restructuring charges. 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.
(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.