Xerox Posts $156-Million Profit for 4th Quarter

Xerox posted a 1985 fourth-quarter profit of $156 million, reversing a net loss of $12 million for the same period of 1984.

The worldwide office machine and information systems conglomerate said Thursday that revenue for the three months totaled $2.52 billion, a 5% increase from the year-earlier quarter’s $2.4 billion.

For the year, Xerox said its net earnings rose to $475 million from $290 million in 1984.

Xerox said its fourth-quarter income was bolstered by a $42-million gain from the sale of six publishing companies.

The annual earnings included one-time gains of $200 million from the sale of the six Xerox publishing companies and two special charges that totaled $164 million in connection with its insurance operations, the company said in a prepared statement.

Reproduction and information systems sales worldwide totaled $8.73 billion during 1985, compared to $8.43 billion in 1984.

Its Crum & Forster insurance subsidiary reported $52 million in annual income from continuing operations, compared to a $5-million loss in 1984, although the subsidiary also took a $67-million charge for its L. W. Biegler unit.

Xerox also said its Xerox Credit Corp. and Van Kampen Merritt investment banking units posted revenue gains.

In 1984, the company phased out its Shugart operations, resulting in an $85-million charge.