clarinews@clarinet.com (02/01/90)
STAMFORD, Conn. (UPI) -- Xerox Corp. reported fourth-quarter net income Wednesday of $212 million, or $2.01 a share, up 27 percent from $167 million, or $1.56 a share, in the same period in 1988. Net income for 1989 was $704 million, or $6.56 a share, up 11 percent from $632 million, or $5.88 a share, in 1988, Xerox officers said. The year-end figures excluded the impact of restructuring charges in 1988, officers said. Revenues for the fourth quarter were $4.7 billion, up from $4.4 billion a year earlier. Revenues for 1989 were $17.6 billion, up from $16.4 billion in 1988. ``A very successful line of new products, continued tight cost controls and the benefits from the restructuring program allowed us to increase our document processing revenues and improve profit margins in a generally soft business equipment market around the world,'' said David T. Kearns, chairman and chief executive officer of Xerox.