Xerox 2010 Annual Report Download - page 107

105Xerox 2010 Annual Report
Quarterly Results of Operations (Unaudited)
(in millions, except per-share data)
First Quarter Second Quarter Third Quarter Fourth Quarter Full Year
2010
Revenues $ 4,721 $ 5,508 $ 5,428 $ 5,976 $ 21,633
Costs and Expenses(1) 4,731 5,188 5,100 5,799 20,818
(Loss) Income before Income Taxes and Equity Income (10) 320 328 177 815
Income tax expenses(2) 22 112 98 24 256
Equity in net (loss) income of unconsolidated affiliates(3) (2) 28 26 26 78
Net (Loss) Income (34) 236 256 179 637
Less: Net income – noncontrolling interests 8 9 6 8 31
Net (Loss) Income Attributable to Xerox $ (42) $ 227 $ 250 $ 171 $ 606
Basic Earnings per Share(4) $ (0.04) $ 0.16 $ 0.18 $ 0.12 $ 0.44
Diluted Earnings per Share(4) (0.04) 0.16 0.17 0.12 0.43
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(4) $ 0.05 $ 0.16 $ 0.14 $ 0.21 $ 0.56
Diluted Earnings per Share(4) 0.05 0.16 0.14 0.20 0.55
(1)
Costs and expenses for 2010 include: restructuring charges of $195, $11, $4 and $273; acquisition-related costs of $48, $15, $5 and $9, and amortization of intangible assets of
$57, $85, $85 and $85, respectively, in the first, second, third and fourth quarters of 2010, currency losses associated with the Venezuelan devaluation of $21 in the first quarter
of 2010, costs associated with the ACS shareholders litigation of $36 in the second quarter and the loss on early extinguishment of debt of $15 in the fourth quarter. Costs and
expenses for 2009 include: restructuring credits of $2, $1, $2 and $3: amortization of intangible assets of $14, $15, $15 and $16, respectively, for the first, second, third and fourth
quarters, as well as acquisition-related costs of $9 and $63, respectively, for the third and fourth quarters.
(2) Income tax expense for 2010 includes tax benefits for restructuring charges of $60, $4, $2 and $100; acquisition-related costs of $12, $1, $2 and $4 and amortization of intangible
assets of $22, $32, $32 and $32, respectively, for the first, second, third and fourth quarters and for loss on early extinguishment of debt of $5 in the fourth quarter. Additional
tax expense of $16 was incurred in the first quarter of 2010 due to the Medicare subsidy tax law change. The 2009 income tax expense includes tax benefits for amortization of
intangible assets of $5, $6, $5 and $6, respectively, for the first, second, third and fourth quarters, as well as acquisition-related costs of $1 and $22, respectively, for the third and
fourth quarters. Additional tax expense on restructuring of $1 was incurred in each of the first, third and fourth quarters of 2009.
(3)
The first, second, third and fourth quarters of 2010 include $22, $5, $6 and $5 of charges, respectively, for our share of Fuji Xerox restructuring charges. 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.
(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.