Xerox declares first dividend in six years

NEW YORK (CNNMoney.com) -- Xerox Corp. declared a quarterly cash dividend company on Monday, the first in more than six years.

The dividend of 4.25 cents a common share will be payable on Jan. 31, 2008 to shareholders of record on Dec. 31, 2007, the company said.

"With our return to investment grade, strong cash generation and effective business model, we've significantly strengthened our financial position, providing flexibility for investing in our business and delivering shareholder returns," Anne M. Mulcahy, Xerox (Charts, Fortune 500) chairman and CEO, said in a statement.

"Declaring a dividend and our continued share repurchase initiatives reflect the health of our business and our belief in the long-term value we're creating for Xerox shareholders," she said.

The company will host its annual investor conference Monday morning where it will outline its growth strategy and expectations for continued double-digit earnings growth.

Last month, Xerox reported a third-quarter profit that beat Wall Street's expectations.