At its Annual Meeting of Shareholders, Xerox proclaimed a positive year’s result for 2012 which saw the company post a net income of $1.4 billion.
“2012 was a year of alignment: aligning costs with a services-focused business model, aligning investments with key priorities, aligning our diverse portfolio with market opportunities and aligning operations to address these opportunities,” said Chairman and CEO Ursula Burns. “We did this through a customer-centric approach that took full advantage of our brand, innovation and global scale. With services now representing 55 percent of our total revenue and growing to two-thirds by 2017, we believe this is a good time to keep your eye on Xerox,” added Burns. “Through services-led growth, profitable leadership in document technology, our cash-generating annuity-based business model and earnings expansion, we have the financial strength to invest in building value for Xerox and for our stakeholders.”
The company earned US$22.4 billion of revenue for 2012, leading to an adjusted earning per share of $1.03. The company spent $1.1 billion in share repurchase and $255 million in dividends.
Shareholders also voted in 10 members to Xerox’s Board: Glenn A. Britt, Ursula M. Burns, Richard J. Harrington, William Curt Hunter, Robert J. Keegan, Robert A. McDonald, Charles Prince, Ann N. Reese, Sara Martinez Tucker and Mary Agnes Wilderotter.