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Wednesday, 24 April, 2002, 14:22 GMT 15:22 UK
Xerox forecasts return to profitability
Restructuring costs dragged beleaguered office equipment maker Xerox into a loss over the first three months of the year, but the company said it was optimistic about its prospects for the coming year.

Xerox, which is revising its accountancy procedures on the orders of US financial watchdogs, reported a net loss of $64m for the quarter.

But ignoring the costs of a company restructuring, which saw 4,300 staff laid-off or transferred during the three months, the company reported a net profit of $53m.

"I am encouraged by first-quarter progress and believe that we have clearly set the stage for a return to full-year operational profitability," chief executive Anne Mulcahy said.

The figures were subject to change, the firm warned, as it introduced accounting changes agreed with the US Securities and Exchange Commission.

Xerox shares edged 8 cents higher to $9.62 in early trade on Wall Street on Wednesday.

See also:

11 Apr 02 | Business
SEC charges Xerox with fraud
11 Apr 02 | Business
SEC steps up Xerox probe
28 Jan 02 | Business
Xerox reports surprise profit
23 Oct 01 | Business
Xerox losses widen
12 Oct 01 | Business
Forecast losses double at Xerox
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