Xerox 2015 Annual Report Download - page 145

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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
2015
Revenues $4,469 $4,590 $4,333 $4,653 $18,045
Costs and Expenses 4,268 4,516 4,506 4,343 17,633
Income (Loss) before Income Taxes and Equity Income 201 74 (173)310 412
Income tax expense (benefit) 39 (9) (105)52(23)
Equity in net income of unconsolidated affiliates 34 29 40 32 135
Income (Loss) from Continuing Operations 196 112 (28)290 570
Income (loss) from discontinued operations, net of tax 34 (95)(3)
(14)(78)
Net Income (Loss) 230 17 (31)276 492
Less: Net income - noncontrolling interests 5 5 3 518
Net Income (Loss) Attributable to Xerox $225 $12$
(34)$ 271 $474
Basic Earnings (Loss) per Share(2):
Continuing operations $ 0.17 $0.09 $(0.04)$ 0.28 0.50
Discontinued operations 0.03 (0.08)—
(0.02)(0.08)
Total Basic Earnings (Loss) per Share $0.20 $0.01 $(0.04)$ 0.26 $0.42
Diluted Earnings (Loss) per Share(2):
Continuing operations $ 0.16 $0.09 $(0.04)$ 0.27 0.49
Discontinued operations 0.03 (0.08)—
(0.01)(0.07)
Total Diluted Earnings (Loss) per Share $0.19 $0.01 $(0.04)$ 0.26 $0.42
2014 (1)
Revenues $4,771 $4,941 $4,795 $5,033 $19,540
Costs and Expenses 4,500 4,640 4,509 4,685 18,334
Income before Income Taxes and Equity Income 271 301 286 348 1,206
Income tax expense 42 73 66 34 215
Equity in net income of unconsolidated affiliates 42 33 44 41 160
Income from Continuing Operations 271 261 264 355 1,151
Income (loss) from discontinued operations, net of tax 15 11 8 (149)(115)
Net Income 286 272 272 206 1,036
Less: Net income - noncontrolling interests 5 6 6 623
Net Income Attributable to Xerox $281 $266 $266 $200 $1,013
Basic Earnings per Share(2):
Continuing operations $ 0.22 $0.21 $0.22 $0.30 $0.96
Discontinued operations 0.01 0.01 0.01 (0.13)(0.10)
Total Basic Earnings per Share: $0.23 $0.22 $0.23 $0.17 $0.86
Diluted Earnings per Share(2):
Continuing operations $ 0.22 $0.21 $0.21 $0.30 $0.94
Discontinued operations 0.01 0.01 0.01 (0.13)(0.09)
Total Diluted Earnings per Share $0.23 $0.22 $0.22 $0.17 $0.85
_________________
(1) Fourth Quarter and Full Year 2014 were revised for a deferred tax liability adjustment related to a change in tax law. Refer to Note 1 -
Basis of Presentation and Summary of Significant Accounting Policies in our Consolidated Financial Statements, which is incorporated
here by reference, for additional information.
(2) 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.
Xerox 2015 Annual Report 128