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Xerox

  • 28-06-2002 4:57pm
    #1
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭


    Xerox insists miscalculations amount to 'less than $2 billion'

    :rolleyes: Mod, do you want to move this to the Humour board?

    http://www.ireland.com/newspaper/breaking/2002/0628/index.htm
    * Xerox to re-state revenue after improper accounting claim
    * US office equipment company Xerox said today it expected a revenue restatement of around $2 billion between 1997 and 2001.
    * US stocks slip at open on back of Xerox news
    * WorldCom given until Monday to come up with answers
    * Bush to give speech on corporate reforms


Comments

  • #2
    eth0_
    Registered Users, Registered Users 2 Posts: 10,846 ✭✭✭✭eth0_


    Oh it's so funny, I work for Xerox and they didn't even bother their arses sending a communique to everyone!

    They really are such a sh*te company :-D


  • #3
    b20uvkft6m5xwg
    Closed Accounts Posts: 2,695 ✭✭✭b20uvkft6m5xwg


    However funny a miscalculation of about $4m is, I'm not sure everyone will find it as funny as we do.

    Although, I suppose its ironic the "document" company seems to have misplaced some of their own :D


  • #4
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    Originally posted by 80project
    However funny a miscalculation of about $4m
    Are you referring to the Worldcom's US$4bn perhaps?
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    Thats a lot of lotto wins.


  • #5
    b20uvkft6m5xwg
    Closed Accounts Posts: 2,695 ✭✭✭b20uvkft6m5xwg


    No the S.E.C. says it could be up to $6 bn where as Xerox claim its about $2bn...hence the $4bn miscalculation. Obviously it should have read "$4bn" as oppossed to "$4m".

    Heck, its tough keeping up with all these financial scandals:rolleyes:


  • #6
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    From bbc's website of storyhere

    a quote from xerox spokewoman there says that :
    "This isn't about phoney revenue, or fictitious transactions. It is primarily about the timing and the allocation of the revenue over a period of time and in different revenue streams."

    plus analysts say that
    "An adjustment downwards in one period drives an adjustment upward at a subsequent time," analysts Jonathan Rosenzweig and Stephanie Crane said.

    so hopefully its not all that bad and the 2000 people employed here will have job security unlike the worlcom fiasco.
    Oh it's so funny, I work for Xerox and they didn't even bother their arses sending a communique to everyone!

    A friend who works there said they did send a communique around in may about the SEC agreement and re-assuring employees that all was ok but was surprised another one wasnt sent around about the $2bn story:)


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  • #7
    eth0_
    Registered Users, Registered Users 2 Posts: 10,846 ✭✭✭✭eth0_


    Originally posted by gurramok

    A friend who works there said they did send a communique around in may about the SEC agreement and re-assuring employees that all was ok but was surprised another one wasnt sent around about the $2bn story:)

    Yeah but the thing on Friday, they could have sent a email to their employees rather than us having to find out from a customer (which is how I found out).

    Actually, we WERE sent a communique, around 9pm Friday night
    :-D

    Interesting quotes include:

    "We owe a special debt of gratitude to the people of the Xerox finance community who have worked tirelessly over the past many months to get this work done. It was a Herculean task that they accomplished through exceptional commitment and skill. Thank you!"

    "we are a company that takes our responsibilities very seriously and takes a back seat to no one when it comes to ethical behavior"

    Uh....her head is in the clouds, isn't it.


  • #8
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    Actually, we WERE sent a communique, around 9pm Friday night

    hehe, 8:23pm to be exact :D
    They sent it around when all employees went home !...LOL
    talk about bad timing on their part :)


  • #9
    eth0_
    Registered Users, Registered Users 2 Posts: 10,846 ✭✭✭✭eth0_


    You work for xerox? In ballycoolin?


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