Evolution Achieves High-end, Higher-volume Success with EFI VUTEk LED Hybrid Printer

In honor of World Environment Day, Xerox today announced a partnership with the Arbor Day Foundation to plant nearly 23,000 trees — one for each Xerox employee — contributing to the nonprofit’s global reforestation efforts while also educating employees on how they can make a meaningful difference for the environment. The partnership coincides with this year’s World Environment Day focus on the continuation of the UN Decade on Ecosystem Restoration, a global mission to revive billions of hectares, from forests to farmlands. “Partners like Xerox help us achieve the scale needed to drive meaningful impact through trees," said Dan Lambe, chief executive of the Arbor Day Foundation. “It’s going to take organizations of all types and sizes coming together to make a difference. We are grateful for their commitment.” The Arbor Day Foundation has worked to plant nearly 500 million trees over the past 50 years through efforts that improve forests and communities of greatest need worldwide.

• Revenue increased 8.5% year-over-year, driven by Small Business Services which grew 2.5% and includes the results of several small tuck-in acquisitions and from growth in Financial Services of 28.0% driven by the results of FMCG Direct and Data Support Systems, which were acquired in the fourth quarter of 2016 and RDM Corporation, which was acquired in April 2017. • Revenue from marketing solutions and other services increased 30.2% year-over-year and grew to 40.2% of total revenue in the quarter. • Gross margin was 61.2% of revenue, compared to 63.8% in the third quarter of 2016. The impact of acquisitions and increased delivery and material costs this year were only partially offset by previous price increases and continued improvements in manufacturing productivity. • Selling, general and administrative (SG&A) expense increased 2.4% from last year primarily due to additional SG&A expense from acquisitions which was partially offset by continued cost reduction initiatives in all segments. SG&A as a percent of revenue was well leveraged at 40.8% in the quarter compared to 43.2% last year. Click Read More below for additional information.

Arandell Corp. President and CEO Bradley Hoffman issued the following statement regarding the decision to close the company’s Kentucky facility as a result of business disruption resulting from the economic impacts of COVID-19: This week, we made the difficult decision to close our Kentucky facility as a result of the economic disruption resulting from the COVID-19 pandemic. Prior to COVID-19, Arandell had been on pace for a strong year and Arandell Kentucky was playing a key role in that growth and success. Unfortunately, the pandemic has had a significant impact on our customers – many of whom have experienced closures, supply chain disruptions and complications from stay-at-home orders. These challenges have affected our production schedules which has led to this week’s difficult decision. Arandell will be consolidating production to its facility in Wisconsin, which will best position the company to continue to meet customer needs while positioning us for long-term success. Our Kentucky facility will ramp down production in the coming weeks, closing operations by July 31, 2020.