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Xerox Canada Files 2001 Financial Statements -Q1 2002 Report

Press release from the issuing company

TORONTO, July 30 - Xerox Canada announced today that it has filed its consolidated financial statements for the year 2001 and its interim report for the period ended March 31, 2002. In a Decision pursuant to the Canadian Securities Legislation, Xerox Canada received an extension to file its financial statements by July 30, 2002. As previously announced, Xerox Canada determined that it was necessary to adjust its financial statements for the year 2000 in connection with a settlement reached by Xerox Canada's controlling shareholder, Xerox Corporation, with the U.S. Securities and Exchange Commission. The 2000 adjustments, which are included in the Xerox Canada 2001 consolidated financial statements, had the effect of increasing previously reported revenues for 2000 by $15.8 million or 1 percent while decreasing net earnings by $2.2 million or 2.1 percent. The cumulative impact of the adjustments on net earnings of years prior to 2000 was a reduction of $37.5 million or 8.4 percent. The primary adjustments related to the timing and classification of revenues and had no impact on customer contracts. There is no impact on cash received or contractually due to be received. The requirement for these adjustments has been previously announced and form the Canadian subset of the restatements already announced by Xerox Corporation on June 28, 2002.