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Xerox Reports $46 Million Loss for First Quarter 2002

Press release from the issuing company

July 2, 2002 -- Yesterday, Xerox reported that it lost $46 million in the first quarter of 2002. The results compare to a gain of $222 million for the same period a year ago. Total revenue was $3.86 billion for the quarter versus $4.29 billion last year. The first quarter filing, scheduled originally for April, was delayed because it planned to restate. On Friday, Xerox said they had overstated revenue by $6 billion in the past five years. $1.9 billion will be included in the future earnings reports. The restatement was because the company booked leasing revenue all at once instead of over time as the company received payments. In a settlement with the SEC, Xerox did not admit fault, but paid a $10 million fine, and promised to restate earnings.