OMX » Topics » OFFICEMAX REPORTS SECOND QUARTER 2009 FINANCIAL RESULTS

This excerpt taken from the OMX 8-K filed Jul 30, 2009.

OFFICEMAX REPORTS SECOND QUARTER 2009 FINANCIAL RESULTS

 

NAPERVILLE, Ill., July 30, 2009 — OfficeMaxÒ Incorporated (NYSE: OMX) today announced the results for its second quarter ended June 27, 2009.  Total sales were $1,657.9 million in the second quarter of 2009, a decline of 16.5% from the second quarter of 2008.  For the second quarter of 2009, OfficeMax reported a net loss available to OfficeMax common shareholders of $17.7 million, or $0.23 per diluted share.

 

Sam Duncan, Chairman and CEO of OfficeMax, said, “Our ongoing efforts to streamline the business and enhance the company’s financial position significantly helped our performance in the second quarter.  While we recognize the continued decline in the macro economy is masking achievements in our core business, we remain committed to conserving capital, reducing expenses and operating efficiently.  At the same time, we continue to focus on initiatives that differentiate OfficeMax and position the company for longer-term growth.”

 

This excerpt taken from the OMX 8-K filed Apr 30, 2009.

OFFICEMAX REPORTS FIRST QUARTER 2009 FINANCIAL RESULTS

 

·                  First Quarter Net Income of $13.1 Million, or $0.17 Per Diluted Share

 

·                  Adjusted Net Income of $17.4 Million, or $0.23 Per Diluted Share

 

·                  Total Sales Decreased 17% to $1,911.7 Million

 

NAPERVILLE, Ill., April 30, 2009 — OfficeMaxÒ Incorporated (NYSE: OMX) today announced the results for its first quarter ended March 28, 2009.  Total sales decreased 17.0% in the first quarter of 2009 to $1,911.7 million compared to the first quarter of 2008.  Net income (available to OfficeMax common shareholders) decreased in the first quarter of 2009 to $13.1 million, or $0.17 per diluted share, from $62.4 million, or $0.81 per diluted share in the first quarter of 2008.

 

Sam Duncan, Chairman and CEO of OfficeMax, said, “Although our financial results declined in the first quarter versus the prior year period, we continued to make improvements to our business and to contain costs.  We believe the actions we have been taking significantly benefited our company’s performance this quarter.  We improved Retail segment operating expense as a percentage of sales compared to the first quarter of 2008 as a result of reorganizing our management, more efficient execution, and tighter cost controls.  Our efforts to streamline our business are enabling us to operate profitably and preserve cash and liquidity to carry us through this very challenging economic environment.”

 

Results for the first quarter of 2009 and 2008 included certain charges and income that are not considered indicative of core operating activities.  First quarter 2009 results included a $9.9 million pre-tax charge related to Retail store closures in the U.S. and Mexico, and a pre-tax benefit of $2.5 million recorded as other income related to tax distributions from the company’s investment in Boise Cascade, L.L.C.  First quarter 2008 results included a pre-tax $20.5 million benefit recorded as other income related to tax distributions from the company’s investment in Boise Cascade, L.L.C., which

 

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was partly offset by a $4.2 million pre-tax charge related to the consolidation of manufacturing facilities in New Zealand and employee severance for restructuring the Retail field and ImPress print and document services management organization.

 

Excluding the items described above, adjusted net income in the first quarter of 2009 was $17.4 million, or $0.23 per diluted share, compared to adjusted net income of $52.6 million, or $0.68 per diluted share in the first quarter of 2008.

 

The company has calculated adjusted income and earnings per share which are non-GAAP financial measures that exclude the effect of certain charges and income described in footnotes to the accompanying financial statements.  A reconciliation to the company’s GAAP financial results is included in this press release.

 

EXCERPTS ON THIS PAGE:

8-K
Jul 30, 2009
8-K
Apr 30, 2009

RELATED TOPICS for OMX:

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