This excerpt taken from the OMX 10-Q filed May 6, 2009.
Sales for the first quarter of 2009 decreased 17.0% to $1,911.7 million from $2,302.9 million in the first quarter of 2008. Gross profit margin decreased by 1.1% of sales to 24.4% of sales for the first quarter of 2009 compared to 25.5% of sales for the first quarter of 2008. Net income available to OfficeMax common shareholders for the first quarter of 2009 was $13.1 million, or $0.17 per diluted share compared to $62.4 million or $0.81 per diluted share in the same period last year. The reductions in sales and earnings relative to last year primarily reflected the weaker economic environment, which negatively impacted all product categories and geographic areas in both our Contract and Retail segments.
Results of Operations, Consolidated
Our results for the first quarter of 2009 and 2008 were influenced by the following items:
These items are described in more detail in the sections that follow.
As of March 28, 2009, we had total debt of $342.2 million, excluding $1,470.0 million of timber securitization notes, which have recourse limited to the timber installment notes receivable and related guarantees. As of March 28, 2009, we had $149.3 million in cash and cash equivalents, and $485.6 million in available (unused) borrowing capacity under our $700 million revolving credit facility, which is committed through July 12, 2012. Our unused borrowing capacity as of March 28, 2009 reflects an available borrowing base of $550.5 million, no outstanding borrowings, and $64.9 million of standby letters of credit issued under the revolving credit facility.
For the first quarter of 2009, we generated $3.1 million of cash from operations reflecting our net earnings after adding back non-cash depreciation and amortization expense, partially offset by the timing and associated decrease of payables and accruals mitigated by reduced inventory levels.