Word: copiers
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Accordingly, the company's fortunes have slumped. Though sales were almost $9 billion last year, Xerox no longer monopolizes the market for the marvel it developed, the copier that works using ordinary untreated paper. Japanese and U.S. competitors have shaved the 70% share of the plain-paper copier market that Xerox held a decade ago to about 45% now Earnings for the first half of this year were down to $271 million, off 16% from the same period a year earlier. Security analysts expect that the third quarter, to be reported this week, will also be poor...
...remaining bulls on Xerox, found the announcement so jarring that he took the company's stock off the buy list at Paine Webber, the Wall Street securities firm. Xerox stock, which made millionaires of investors prescient enough to buy in the years after the plain-paper office copier was introduced in 1959, sold as high as $172 in 1972. It closed at only $37.75 last week, even after moving up in the big market rally; it was at $29 two months ago when the Dow Jones industrial average began its 250-point climb. The low level...
Xerox was one of the first companies to develop a local network system, Ethernet, which was announced in 1979 after six years of research. The firm has been hurt in recent years by slumping copier sales, but it hopes that Ethernet will help it regain its prominent position in office equipment. Xerox encouraged Digital Equipment Corp. to make computers that can run on its system, and has sold licenses for a nominal $1,000 to some 100 other companies to build compatible equipment. Says John Shoch, deputy general manager of office systems: "We don't sell Ethernet. We sell...
...International is a victim of technological change. The 58-year-old firm was struggling as a manufacturer of old-fashioned duplicating machines in an age of Xerox copiers when Roy Ash, former head of Litton Industries and Budget Director in the Nixon Administration, took over in 1976 as chairman. Ash immediately began buying up companies that manufactured electronic office equipment and moved the company headquarters from Cleveland to Los Angeles. The new products, including word processors, copier devices and credit-card billing systems, soaked up millions of dollars in development costs, and AM International's profits fell sharply...
...manages to sign those pieces he deems his best. He may bury his signature in the elaborate headdress of a Khmer head or seal a piece of paper with his name on it inside a statue. "If they're perfect," says the master copier, "I always sign my name somewhere. That way I'll know which are mine...