Xerox Amends Annual Report Again

In an amended regulatory filing released Thursday by the Securities and Exchange Commission, the copier company said it shifted $16 million among the four quarters of 2001.

The filing marks the second time in two weeks that the company has amended its annual report. On July 1, Xerox amended the document to include the financial statements of its venture with Fuji Photo Film Co. for 1999 and 2000.

On June 28, Stamford, Conn.-based Xerox restated its results for 1997 to 2001 as part of a settlement with the SEC, which found that the company improperly accelerated its revenue recognition.

Without admitting or denying wrongdoing, Xerox settled the SEC charges in April, paying a $10 million civil penalty, the largest in history levied against a company for financial-reporting violations.

The adjustment of Xerox's interest expense increased its net income for the first quarter of 2001 by $5 million, narrowed its second-quarter loss by $3 million, widening its third-quarter loss by $16 million and narrowing its fourth-quarter loss by $8 million.

Thursday's filing incorrectly says the adjustments decreased Xerox's first-quarter net income by $5 million, according to Xerox spokeswoman Christa Carone, who said the error was a "typo."

Xerox now reports 2001 first-quarter net income of $227 million, a second-quarter loss of $101 million, a third-quarter loss of $32 million and a fourth-quarter loss of $165 million. The company's full-year 2001 loss remains $71 million, the filing said.

In afternoon trading on the New York Stock Exchange, Xerox shares were up 11 cents at $6.26.

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