Xerox Expects Core Earnings to Drop

THE JOURNAL RECORD, May 18, 1993 | Go to article overview

Xerox Expects Core Earnings to Drop


STAMFORD, Conn. _ Xerox Corp. stock fell more than $3 a share Monday after company executives told Wall Street analysts they expected earnings from Xerox's core document processing business to drop in the second quarter. Chairman Paul A. Allaire told analysts that income from document processing, which accounts for about 75 percent of the company's sales, could be somewhat below the $133 million profit in last year's second quarter. Allaire blamed the weak economy in the United States and Europe and a change in the way Xerox has organized its U.S. sales force. The same two factors were blamed for a 2 percent drop in first-quarter revenues. Xerox reported net earnings of $139 million in last year's second quarter on revenue of $4.5 billion. Revenue from document processing was $3.55 billion. The company's stock fell $3.12 a share to $72.25 on the New York Stock Exchange. Time Warner, U S West Plan $2.5 Billion Cable Deal

NEW YORK _ A project that would allow cable customers to order movies anytime, do their banking and even make phone connections over their TV sets came closer to reality Monday with a $2.5 billion deal announced by U S West and Time Warner Inc. The companies' efforts to put interactive information, entertainment and telephone services at cable customers' fingertips marks the first such alliance between a former regional Bell System company and a conglomerate that owns cable television systems and sizeable programming resources.

U S West, which operates in 14 western states, is seen as an expert in telecommunications technology and marketing ability that will speed up the project and make it successful. The telephone company agreed to invest $2.5 billion in Time Warner Entertainment, the partnership which owns Time Warner's cable systems, HBO pay-TV service and Warner Bros. film studio. The deal dispelled the notion that cable TV and telephone companies would be rivals in creating a national information superhighway to serve as the electronic delivery system for a wide range of interactive services. Report Blasts Sugar Program for Cost Hikes

WASHINGTON _ A federal price-guarantee program for U.S. sugar growers and processors adds at least $1.4 billion to the yearly cost of food while benefiting just a few producers, a report said Monday. The program, which guarantees a minimum price typically double the world price for sugar, indirectly boosts the price of corn-based sweeteners as well, the General Accounting Office said. "It's becoming a program to benefit fewer and fewer people who will make more and more money," said Rep. Charles E. Schumer, D-N.Y., who requested the study. Commerce Secretary Talks Tough on Japan

DETROIT _ Commerce Secretary Ron Brown extended the government-Big Three courtship Monday, talking tough about one of the automotive industry's most emotion-charged issues _ Japan's $50 billion trade surplus. Brown, the third Clinton administration official to come calling at the home of U.S. automaking, said action will replace rhetoric on the trade imbalance, which is mostly in vehicles and vehicle parts. Japan knows the Clinton administration is serious about bringing trade into balance, Brown said. But he predicted "a lot of moaning and squirming. …

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