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To: craig crawford who wrote (125876)	6/3/2001 12:53:25 AM
From: H James Morris	Respond to of 164687

Craig, I noticed Xerox was cleared of fraud the other day. Its nice to see GAAP statements instead of EBIDTA which really stands for earnings before fraud. >STAMFORD, Conn., May 31, 2001 (M2 PRESSWIRE via COMTEX) -- Xerox Corporation (NYSE: XRX chart, msgs) today announced that its auditors, KPMG LLP, have certified Xerox's financial statements for the three years ended Dec. 31, 2000. The financials include restatements reflecting results of the previously announced fuller review by KPMG and the concurrent investigation conducted by the Audit Committee of the Xerox board of directors. Xerox has now determined that certain accounting practices including some that involve complex accounting issues, which it had previously believed to comply with generally accepted accounting principles (GAAP), in fact, misapplied GAAP. In addition, the company has made period adjustments to certain previously recorded charges for errors and irregularities resulting from the accounting issues in Mexico. The impact is a cumulative reduction of Common Shareholders' Equity and Consolidated Tangible Net Worth of $137 million and $76 million, respectively, as of Dec. 31, 2000. Adjustments to revenue in each of the three years, 1998-2000, were insignificant. Net income for 2000 increased by $127 million.