Xerox has announced its results for the first quarter of this financial year, which helps to explain the protracted board room battle that has recently spilled out into the New York court system.
Thus Xerox made a loss of $68 million on its equity income from the Fuji Xerox joint venture, which is $108m down on the same period last year. This loss includes a $28 million charge resulting from the accounting scandal that was uncovered at Fuji Xerox last year.
Net income for the quarter was $23m, down from $40m in the first quarter of 2017. Total revenue fell 0.8 percent to $2,435 million, while revenues from equipment sales dropped 2.7 percent to $499 million and after sales revenue was down 0.3 percent to $1936m. However, the operating cash flow improved from $132m last year to $216m.
The overall impression from the figures is of slow decline with the figures falling slightly year on year. Not surprisingly, Xerox has not offered any guidance as to its expectations for the rest of the year given the ongoing boardroom struggle and legal actions.