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ArticleXeroxComputerWorld2

ArticleXeroxComputerWorld2 - Update Xerox reduces 1997-2001...

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Update: Xerox reduces 1997-2001 income by $1.4 billion Sam Costello, IDG News Service Today’s Top Stories or Other Legislation/Regulation Stories J une 28, 2002 (Computerworld) -- The wildfire of accounting controversies engulfing Enron Corp. and tech-sector companies such as WorldCom Inc. is scorching another company as Xerox Corp. announced today that it would have to restate its 1997 to 2001 earnings due to accounting irregularities, a move that will reduce the company's pretax income for that period by $1.4 billion. As a result of the restatement, 1997 to 2001 revenue has been reduced by 2% to $91 billion, the company said in a statement. The company plans to file a new 10-K form with the U.S. Securities and Exchange Commission (SEC) today, detailing the changes to the financial statements for the years in question, it said. The restatement comes in the wake of an audit ordered by the company of its books after a SEC investigation into the company's 1997 to 2000 earnings. The SEC investigation, which was settled in April, found that the company
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