In her address to shareholders, Burns said, “Our Services business is our engine for increased revenue, our Document Technology business is the foundation that enables our future growth, and our culture of innovation permits us to think big. We are committed to delivering earnings expansion and are managing our cash in a way that’s building value for you for years to come.”
Burns noted that Xerox delivered value for shareholders in 2013 by:
• Generating adjusted earnings per share of $1.09, up from $1.02 in 2012 (GAAP earnings per share from continuing operations of $0.93, up from $0.87 in 2012)
• Posting $21.4 billion in full-year revenue
• Delivering $2.4 billion in cash from operations
• Repurchasing $700 million in Xerox shares and paying nearly $300 million in dividends
• Increasing the common stock dividend per share by 35%.
Burns also reaffirmed four strategic priorities for Xerox, which include growing revenue in Services, a segment that represents 57% of the company’s total revenue and is expected to grow to two-thirds by 2017; generating profit in line with the industry’s best through a disciplined business approach and operational excellence; strengthening and differentiating its portfolio by focusing on areas where the company has expertise, large scale and innovation; and supporting Xerox’s customers and employees.
Also at the annual meeting, shareholders elected by a majority vote 10 members of the Xerox board of directors: Glenn A. Britt, Ursula M. Burns, Richard J. Harrington, William Curt Hunter, Robert J. Keegan, Robert A. McDonald, Charles Prince, Ann N. Reese, Sara Martinez Tucker and Mary Agnes Wilderotter.