-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FrRaX+z5LjTwVMQW74WOmqZvPMY7rFKralJNgt56ySh7TlTPEb7nT5YDphEYtS2/ hMW9IbmZsplj3Up+JqmT0Q== 0000108772-00-000010.txt : 20000224 0000108772-00-000010.hdr.sgml : 20000224 ACCESSION NUMBER: 0000108772-00-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20000223 ITEM INFORMATION: FILED AS OF DATE: 20000223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: XEROX CORP CENTRAL INDEX KEY: 0000108772 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 160468020 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-04471 FILM NUMBER: 551553 BUSINESS ADDRESS: STREET 1: P O BOX 1600 STREET 2: 800 LONG RIDGE ROAD CITY: STAMFORD STATE: CT ZIP: 06904-1600 BUSINESS PHONE: 2039683000 MAIL ADDRESS: STREET 1: 800 LONG RIDGE ROAD STREET 2: PO BOX 1600 CITY: STAMFORD STATE: CT ZIP: 06904 FORMER COMPANY: FORMER CONFORMED NAME: HALOID XEROX INC DATE OF NAME CHANGE: 19730813 8-K 1 8-K REPORT DATED 2/23/00 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (date of earliest event reported): February 23, 2000 XEROX CORPORATION (Exact name of registrant as specified in its charter) New York 1-4471 16-0468020 (State or other (Commission File (IRS Employer jurisdiction of Number) Identification incorporation) No.) 800 Long Ridge Road P. O. Box 1600 Stamford, Connecticut 06904-1600 (Address of principal executive offices)(Zip Code) Registrant's telephone number, including area code: (203) 968-3000 Item 5. Other Events The Registrant is releasing its unaudited 1999 financial statements and a related schedule to the investment community and posting them on its Internet website in advance of the publication of its 1999 Annual Report to Shareholders. Copies of these unaudited financial statements and the related schedule are included as exhibits to this Form 8-K. Exhibit Index Exhibit No. Description 1. Consolidated Statements of Income (Unaudited) 2. Consolidated Balance Sheet (Unaudited) 3. Consolidated Statements of Cash Flows (Unaudited) 4. Non-Financing Operations Cash Flow Schedule - ----------------------------------------------------------------------------- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, Registrant has duly authorized this report to be signed on its behalf by the undersigned duly authorized. XEROX CORPORATION /s/ MARTIN S. WAGNER -------------------------------- By: MARTIN S. WAGNER Assistant Secretary Dated: February 23, 2000 EX-99.1 2 INCOME STATEMENT Exhibit 1 Xerox Corporation Consolidated Statements of Income (Unaudited) Year Ended December 31, (In millions, except per-share data) 1999 1998 1997 Revenues Sales $10,346 $10,696 $ 9,881 Service and rentals 7,856 7,678 7,257 Finance income 1,026 1,073 1,006 Total Revenues 19,228 19,447 18,144 Costs and Expenses Cost of sales 5,744 5,662 5,330 Cost of service and rentals 4,481 4,205 3,778 Inventory charges - 113 - Equipment financing interest 547 570 520 Research and development expenses 979 1,040 1,065 Selling, administrative and general expenses 5,144 5,321 5,212 Restructuring charge and asset impairments - 1,531 - Other, net 297 242 98 Total Costs and Expenses 17,192 18,684 16,003 Income before Income Taxes, Equity Income and Minorities' Interests 2,036 763 2,141 Income taxes 631 207 728 Equity in net income of unconsolidated affiliates 68 74 127 Minorities' interests in earnings of subsidiaries 49 45 88 Income from Continuing Operations 1,424 585 1,452 Discontinued Operations - (190) - Net Income $ 1,424 $ 395 $ 1,452 Basic Earnings (Loss) per Share Continuing Operations $ 2.09 $ 0.82 $ 2.16 Discontinued Operations - (0.29) - Basic Earnings per Share $ 2.09 $ 0.53 $ 2.16 Diluted Earnings (Loss) per Share Continuing Operations $ 1.96 $ 0.80 $ 2.02 Discontinued Operations - (0.28) - Diluted Earnings per Share $ 1.96 $ 0.52 $ 2.02 NOTE: The unaudited consolidated financial statements presented herein have been prepared by Xerox Corporation in accordance with the accounting policies described in its 1998 Annual Report to Shareholders. Certain historical amounts have been restated to reflect reclassifications to conform to the current presentation. The impact of these changes is not material and did not affect net income. EX-99.2 3 BALANCE SHEET Exhibit 2 Xerox Corporation Consolidated Balance Sheets (Unaudited) December 31, December 31, (In millions, except share data in thousands) 1999 1998 Assets Cash $ 126 $ 79 Accounts receivable, net 2,622 2,671 Finance receivables, net 5,115 5,220 Inventories 2,961 3,269 Deferred taxes and other current assets 1,161 1,236 Total Current Assets 11,985 12,475 Finance receivables due after one year, net 8,203 9,093 Land, buildings and equipment, net 2,456 2,366 Investments in affiliates, at equity 1,615 1,456 Goodwill, net 1,724 1,731 Other assets 1,701 1,233 Investment in discontinued operations 1,130 1,670 Total Assets $ 28,814 $ 30,024 Liabilities and Equity Short-term debt and current portion of long-term debt $ 3,957 $ 4,104 Accounts payable 1,016 948 Accrued compensation and benefit costs 630 722 Unearned income 186 210 Other current liabilities 2,161 2,523 Total Current Liabilities 7,950 8,507 Long-term debt 10,994 10,867 Postretirement medical benefits 1,133 1,092 Deferred taxes and other liabilities 2,263 2,711 Discontinued operations liabilities - policyholders' deposits and other 428 911 Deferred ESOP benefits (299) (370) Minorities' interests in equity of subsidiaries 127 124 Company-obligated, mandatorily redeemable preferred securities of subsidiary trust holding solely subordinated debentures of the Company 638 638 Preferred stock 669 687 Common shareholders' equity 4,911 4,857 Total Liabilities and Equity $ 28,814 $ 30,024 Shares of common stock issued 665,156 657,196 Shares of common stock outstanding 665,156 656,787 NOTE: The unaudited consolidated financial statements presented herein have been prepared by Xerox Corporation in accordance with the accounting policies described in its 1998 Annual Report to Shareholders. Certain historical amounts have been restated to reflect reclassifications to conform to the current presentation. The impact of these changes is not material and did not affect net income. EX-99.3 4 CASH FLOW STATEMENT Exhibit 3 Xerox Corporation Consolidated Statements of Cash Flows (Unaudited) Year ended December 31 (In millions) 1999 1998 1997 Cash Flows from Operating Activities Income (Loss)from Continuing Operations $ 1,424 $ 585 $ 1,452 Adjustments required to reconcile income to cash flows from operating activities: Depreciation and amortization 935 821 739 Provisions for doubtful accounts 359 301 265 Restructuring and other charges - 1,644 - Provision for postretirement medical benefits, net of payments 41 33 29 Charges against 1998 restructuring reserve (437) (332) - Minorities' interests in earnings of subsidiaries 49 45 88 Undistributed equity in income of affiliated companies (68) (27) (84) Decrease (increase) in inventories 68 (558) (170) Increase in on-lease equipment (401) (473) (347) Increase in finance receivables (1,788) (2,169) (1,629) Proceeds from securitization of finance receivables 1,495 - - Increase in accounts receivable (94) (540) (188) (Decrease) increase in accounts payable and accrued compensation and benefit costs (94) 127 250 Net change in current and deferred income taxes 277 (192) 361 Change in other current and non-current liabilities (78) 67 83 Other, net (464) (497) (377) Total 1,224 (1,165) 472 Cash Flows from Investing Activities Cost of additions to land, buildings and equipment (594) (566) (520) Proceeds from sales of land, buildings and equipment 99 74 36 Acquisitions, net of cash acquired (107) (380) (812) Other, net (25) 5 45 Total (627) (867) (1,251) Cash Flows from Financing Activities Net change in debt (97) 2,468 5 Dividends on common and preferred stock (586) (531) (475) Proceeds from sale of common stock 144 126 140 Repurchase of common and preferred stock - (172) (116) Dividends to minority shareholders (30) (4) (7) Proceeds from issuance of mandatorily redeemable preferred securities - - 637 Total (569) 1,887 184 Effect of Exchange Rate Changes on Cash (9) (29) (18) Cash provided (used) by Continuing Operations 19 (174) (613) Cash Provided by Discontinued Operations 28 178 584 Increase (decrease) in Cash 47 4 (29) Cash at Beginning of Year 79 75 104 Cash at End of Year $ 126 $ 79 $ 75 NOTE: The unaudited consolidated financial statements presented herein have been prepared by Xerox Corporation in accordance with the accounting policies described in its 1998 Annual Report to Shareholders. Certain historical amounts have been restated to reflect reclassifications to conform to the current presentation. The impact of these changes is not material and did not affect net income. EX-99.4 5 NON-FINANCING CASH FLOW SCHEDULE Exhibit 4 Xerox Corporation Non-Financing Operations Cash Flow The following schedule summarizes 1999, 1998 and 1997 document processing non-financing operations cash generation and usage: - - ---------------------------------------------------------------------- (In millions) 1999 1998 1997 - - ---------------------------------------------------------------------- Document Processing Non-Financing: Income $1,114 $1,381* $1,217 Depreciation and amortization** 935 821 739 - - ---------------------------------------------------------------------- Cash from Operations $2,049 $2,202 $1,956 - - ---------------------------------------------------------------------- Additions to land, building and equipment (594) (566) (520) Increase in on-lease Equipment (401) (473) (347) Decrease/(increase) in other inventory 68 (558) (170) Increase in accounts receivable (94) (540) (188) All other changes, net (238) 366 295 - - ---------------------------------------------------------------------- Net Cash Generation, Before Restructuring Charges $ 790 $ 431 $1,026 - ------------------------------------------------------------------------ Cash charges against 1998 restructuring reserve (437) (332) - - ------------------------------------------------------------------------ Net Cash Generation $ 353 $ 99 $1,026 - ------------------------------------------------------------------------ * Before 1998 restructuring charge. ** Includes rental equipment depreciation of $463, $411 and $311 in 1999, 1998 and 1997, respectively. -----END PRIVACY-ENHANCED MESSAGE-----