Restructuring costs dragged beleaguered office equipment maker Xerox into a loss over the first three months of the year, but the company said it was optimistic about its prospects for the coming year.

Xerox, which is revising its accountancy procedures on the orders of US financial watchdogs, reported a net loss of $64m for the quarter.

But ignoring the costs of a company restructuring, which saw 4,300 staff laid-off or transferred during the three months, the company reported a net profit of $53m.

"I am encouraged by first-quarter progress and believe that we have clearly set the stage for a return to full-year operational profitability," chief executive Anne Mulcahy said.

The figures were subject to change, the firm warned, as it introduced accounting changes agreed with the US Securities and Exchange Commission.

Xerox shares edged 8 cents higher to $9.62 in early trade on Wall Street on Wednesday.