Xerox misses by $0.05, beats on revs (29.38)
- Reports Q1 (Mar) earnings of $0.68 per share, $0.05 worse than the Capital IQ Consensus of $0.73; revenues fell 0.8% year/year to $2.44 bln vs the $2.39 bln Capital IQ Consensus.
- Xerox is not providing 2018 guidance due to the pending Director Appointment, Nomination and Settlement Agreement with Carl Icahn and Darwin Deason, among others.
- Special Dividend
- In connection with the combination, subject to applicable law, Xerox will declare a special one-time cash dividend of $2.5 billion, in the aggregate, to the holders of record of Xerox common stock on the record date for the special dividend. The amount of the special dividend is currently estimated to be approximately $9.80 per share of Xerox common stock (based on the shares of Xerox common stock outstanding as of March 31, 2018). The special dividend will be paid immediately prior to the Closing and funded by a new borrowing as discussed below under "Bridge Facility". Fujifilm will not be a shareholder of Xerox as of the record date for the special dividend and therefore will not receive any payment in respect thereof.