Xerox Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company's total revenues were $5,964 million compared to $5,976 million a year ago. Income before income taxes & equity income was $447 million compared to $177 million a year ago. Net income was $383 million compared to $179 million a year ago. Net income attributable to the company was $375 million or $0.26 per diluted share compared to $171 million or $0.12 per diluted share a year ago. Net cash provided by operating activities was $1,278 million compared to $1,307 million a year ago. The $29 million decrease in cash from fourth quarter 2010 was primarily due to the $50 million decrease from higher net income tax payments primarily due to refunds in the prior year, $46 million decrease due to higher contributions to defined pension benefit plans, $42 million increase due to lower net accounts receivable reflecting improved collections in the quarter and $19 million increase in pre-tax income before depreciation and amortization, restructuring and curtailment. Cost of additions to land, buildings and equipment was $93 million compared to $121 million a year ago. Cost of additions to internal use software was $41 million compared to $50 million a year ago. On an adjusted basis, net income attributable to the company was $462 million, or $0.33 per diluted share compared to $417 million or $0.29 per diluted share a year ago. Adjusted pre tax income was $586 million compared to $559 million a year ago. Adjusted operating income was $594 million compared to $619 million a year ago. Diluted adjusted net income available to common shareholders was $375 million or $0.26 per share compared to $165 million or $0.12 per share a year ago. For the year, the company's total revenues were $22,626 million compared to $21,633 million a year ago. Income before income taxes & equity income was $1,565 million compared to $815 million a year ago. Net income was $1,328 million compared to $637 million a year ago. Net income attributable to the company was $1,295 million or $0.90 per diluted share compared to $606 million or $0.43 per diluted share a year ago. Net cash provided by operating activities was $1,961 million compared to $2,726 million a year ago. Cost of additions to land, buildings and equipment was $338 million compared to $355 million a year ago. Cost of additions to internal use software was $163 million compared to $164 million a year ago. On an adjusted basis, net income attributable to the company was $1,563 million, or $1.08 per diluted share compared to $1,296 million or $0.94 per diluted share a year ago. Total debt as at December 31, 2011 was $8,633 million compared to $8,607 million a year ago. Adjusted pre tax income was $1,996 million compared to $1,759 million a year ago. Adjusted operating income was $2,211 million compared to $2,076 million a year ago. Diluted adjusted net income available to common shareholders was $1,296 million or $0.90 per share compared to $585 million or $0.43 per share a year ago. CapEx was $501 million. The company also provided earnings guidance for the first quarter and full year of fiscal 2012. For the first quarter of fiscal 2012, the company expects GAAP EPS to be in the range of $0.17 to $0.20, adjusted EPS to be in the range of $0.21 to $0.24. The company expect operating cash flow to be negative in first quarter of 2012, with higher pension contributions adding to the typical working capital seasonality. On CapEx, the company planning for investments of $500 million, which will result in free cash flow of between $1.5 billion to $1.8 billion. Full-year 2012 GAAP earnings are expected to be 97 cents to $1.03 per share. Full-year adjusted earnings are expected to be $1.12 to $1.18 per share, including restructuring. The company also expects $2 billion to $2.3 billion in cash flow from operations for 2012. free cash flow of between $1.5 billion to $1.8 billion. For revenue growth in 2012, the company guiding to 2%-plus at constant currency.