- The Washington Times - Friday, March 20, 2009

NORWALK, CONN. (AP) - Printer and copier maker Xerox is cutting its forecast for first-quarter profit nearly 80 percent on restructuring costs and a slowdown in technology spending.

Xerox Corp. now says it expects earnings per share in a range of 3 cents to 5 cents, down from its earlier forecast of 16 cents to 20 cents.

Analysts expect, on average, 18 cents per share.

The cut includes a 6 cent impact from Xerox’s share of Fuji Xerox’s restructuring and a lower-than-expected Fuji Xerox profit contribution, the company says.

January and February revenue fell 18 percent, the Norwalk, Conn., company says.

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