Legal costs sink Xerox earnings
From Times Wire Services
Xerox Corp. had a $244-million first-quarter loss after settling a securities suit from 2000.
Results excluding the legal costs met analysts’ estimates.
The net loss of 27 cents a share compared with net income of $233 million, or 24 cents, a year earlier, Norwalk, Conn.-based Xerox said. Without the 54 cents a share in legal costs, earnings would have been 27 cents.
Xerox disclosed March 27 that it would take a charge of $491 million to cover the costs of a 2000 lawsuit and other pending securities-related cases.
