Xerox Increases Share Repurchase Program

Xerox Increases Share Repurchase Program

Xerox Corporation’s (NYSE: XRX) board of directors today authorized the company to repurchase another $500 million in Xerox stock. This increases the company’s stock buyback program to $2.5 billion since it launched in October 2005. In that time, Xerox to date has repurchased about 108 million shares, totaling $1.6 billion.

“Expanding our share repurchase program is consistent with Xerox’s steady progress in generating strong cash flow,” said Lawrence A. Zimmerman, Xerox senior vice president and chief financial officer. “Last year, we generated $1.6 billion in operating cash and we expect continued solid performance this year. We’re using the cash to deliver value for shareholders by buying back stock and investing in growth through acquisitions, innovation and a services-led approach to winning in the marketplace.”

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