Xerox shares tumble as auditor delays OK

Article Abstract:

Xerox shares declined after its auditor delayed putting its stamp of approval on the financial report of the beleaguered copy machines manufacturer. Xerox spent much of the last week of Mar 2001, supplying KPMG, its auditor, with assurances and additional information to avoid the delay, but KPMG decided it could not meet its fiduciary duty without a rare extension. Standard and Poor's warned that any additional surprises would result in a review and/or downgrade of Xerox corporate bonds to junk status.

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CEO's reassurances don't save Xerox stock from fall

Article Abstract:

Xerox CEO Paul Allaire's assurances that the company has sufficient funds to sustain operations during the next several months failed to boost the company' stock, which declined by 20%, to close at $4.81 on Dec 21, 2000. The maker of photocopiers said it has a cash balance of $1.4 billion, significantly higher than its $154 million for the quarter ending Sep 30, 2000. Analysts say that this is enough to get it through spring 2001 until can sell $2 billion to $4 billion worth of assets.

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Xerox: copier giant's dominance fades

Article Abstract:

Xerox Corp will announce on Oct 24, 2000 a strategy that it hopes will improve its dwindling financial and stock performance. Earlier this month, the Stamfort, CT-based copier giant announced that it expects a loss in the 3rd qtr. Analysts speculate that Xerox may consider selling assets or drastically cut jobs beyond the 5,100 reductions it announced in March. Despite Xerox's huge problems, analysts do not expect the company to file for bankruptcy protection.

Strategy & planning

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