Xerox to review operations, not considering sale of company
By Abhirup Roy
(Reuters) - Xerox Corp (XRX.N: Quote), best known for its printers and copiers, said it would review its businesses and capital allocation options, but was not currently considering a sale of the company.
Xerox also reported its first net loss since the first quarter of 2010, but profit excluding restructuring costs inched past market expectations.
The company's shares fell as much as 3 percent to $10.04 on Monday.
"One of the things that we are not currently considering is the sale of the company, but all other options will be looked at as we progress through this review," Chief Executive Ursula Burns said on a conference call.
The company would also continue to look for tuck-in acquisitions, she said.
Xerox, like its rivals Lexmark International Inc (LXK.N: Quote) and Hewlett-Packard Co (HPQ.N: Quote), has been shifting focus to software and services as corporate customers cut printing costs and consumers shift to mobile devices.
Lexmark also said last week it was exploring strategic options.
"I expect them to sharply curtail their share repurchases until the company is in better shape financially," said Argus Research analyst Jim Kelleher. Continued...