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Xerox Sees Lower Profits & Sales For Its 3rd Quarter

Xerox is reporting lower profits and sales this morning, but the numbers were largely in line with Wall Street's expectations.

Xerox gave an indication recently these numbers would come in lower as it took a charge over the way some of its government health care business was being implemented in Montana and California.

The company saw a net loss of  $34 million, with sales overall down about 10 percent. But with the special charges taken out, the company's earnings came in a little better than some analysts expected, with profits of .24 cents a share.

CEO Ursula Burns announced today the company's board of directors is undertaking a comprehensive review of options for its portfolio. At Brighton Securities, George Conboy says that could indicate some substantial changes in the business.

Remember the board of directors doesn't get involved in the day to day, ‘should we order more staplers,’ ‘how many office supplies do we keep.’ They're going to look at major changes, it doesn't mean you're going to see them happen, but it certainly means they will be on the table."

Xerox's CEO also says the company  has already taken steps to accelerate cost reductions. No, new major layoff programs were announced today with the earnings report.

Randy Gorbman is WXXI's director of news and public affairs. Randy manages the day-to-day operations of WXXI News on radio, television, and online.