NAPERVILLE, Ill., Feb. 19 /PRNewswire-FirstCall/ -- OfficeMax(R)
Incorporated (NYSE:OMX) today announced the results for its fourth
quarter and fiscal year ended December 29, 2007. Total sales
decreased 2.6% in the fourth quarter of 2007 to $2.2 billion
compared to the fourth quarter of 2006, while total sales increased
1.3% for the full year 2007 to $9.1 billion compared to the full
year 2006. Net income increased in the fourth quarter of 2007 to
$71.5 million, or $.92 per diluted share, from $58.0 million, or
$.76 per diluted share, in the fourth quarter of 2006. Net income
for the full year 2007 increased to $207.4 million, or $2.66 per
diluted share, compared with net income of $91.7 million, or $1.19
per diluted share, reported in 2006. Results for the fourth quarter
and full year 2007 included items which are not expected to be
ongoing. All financial measures designated in this release as
"adjusted" are non-GAAP financial measures that exclude the effect
of certain special items. A detailed description of these special
items, and a reconciliation to the company's GAAP financial
results, are included in this press release. Adjusted net income in
the fourth quarter of 2007 increased 37% to $51.1 million, or $.65
per diluted share, from $37.2 million, or $.48 per diluted share,
in the fourth quarter of 2006. For the full year 2007, adjusted net
income increased 18% to $188.1 million, or $2.41 per diluted share,
from $159.1 million, or $2.10 per diluted share, in 2006. "We
demonstrated progress on our turnaround plan in the fourth quarter
and for the full year 2007," said Sam Duncan, Chairman and CEO of
OfficeMax. "In the fourth quarter, we were able to generate further
operating income margin improvement, while we navigated a weaker
economic environment. In our Contract segment, we experienced
declining gross margin rates, but we lowered expenses. In our
Retail segment, we adjusted our promotional strategies for improved
gross margin rates and invested in new stores. For the full year
2007, by lowering costs and managing margins, we enabled operating
income margin expansion and bottom-line earnings growth." Contract
Segment Results OfficeMax Contract segment sales decreased 0.8% to
$1.2 billion in the fourth quarter of 2007 compared to the fourth
quarter of 2006, reflecting U.S. Contract sales decline of 7.8%,
partially offset by International Contract operations sales growth
of 20.4% in U.S. dollars, or 3.4% in local currencies. U.S.
Contract sales declined in the fourth quarter compared to the prior
year period primarily due to lower sales from existing customer
accounts, to the company's initiative to be more disciplined in
account acquisition and retention, and to lower sales from small
market customers. For the full year 2007, Contract segment sales
increased 2.2% to $4.8 billion compared to the prior year,
reflecting U.S. Contract sales decline of 1.2%, offset by
International Contract operations sales growth of 12.3% in U.S.
dollars, or 2.8% in local currencies. Contract segment gross margin
decreased to 21.7% in the fourth quarter of 2007 from 22.5% in the
fourth quarter of 2006, primarily due to lower vendor income levels
compared to the fourth quarter of 2006. For the full year 2007,
Contract segment gross margin decreased to 21.8% from 22.5% in
2006. Contract segment operating expense as a percent of sales in
the fourth quarter of 2007 improved to 17.3% from adjusted
operating expense as a percent of sales of 18.2% in the fourth
quarter of 2006. The improvement was primarily due to targeted cost
controls, including the reorganization of U.S. Contract, expense
leverage in International Contract operations, as well as reduced
incentive compensation expense. For the full year 2007, Contract
segment operating expense as a percent of sales improved to 17.5%
from adjusted operating expense as a percent of sales of 18.1% in
2006. Contract segment operating income increased to $52.0 million,
or 4.4% of sales, from adjusted operating income of $50.8 million,
or 4.3% of sales, in the fourth quarter of 2006. For the full year
2007, Contract segment operating income of $207.9 million, or 4.3%
of sales, was consistent with adjusted operating income of $208.0
million, or 4.4% of sales, in 2006. Retail Segment Results
OfficeMax Retail segment sales decreased 4.5% to $1.03 billion in
the fourth quarter of 2007 compared to the fourth quarter of 2006,
reflecting a same-store sales decrease of 7.3% partially offset by
sales from new stores. Retail same-store sales for the fourth
quarter of 2007 declined across all major product categories due to
weakness in consumer and small business customer purchases, as well
as the company's more targeted promotional activity during the
holiday season. For the full year 2007, OfficeMax Retail segment
sales increased 0.3% to $4.27 billion compared to 2006, reflecting
a same-store sales decrease of 1.2% partially offset by sales from
new stores. Adjusted for the company's initiative to eliminate
mail-in rebates, and to provide instant rebates in lieu of
national, vendor-sponsored mail-in rebates, same-store sales
decreased 0.5% for the full year 2007. Retail segment gross margin
increased to 30.0% in the fourth quarter of 2007 from 29.1% in the
fourth quarter of 2006, primarily due to more effective promotional
strategies that drove a sales mix shift to a higher percentage of
core office supplies category sales, partially offset by occupancy
costs for new stores. For the full year 2007, Retail segment gross
margin increased to 29.5% from 29.3% in 2006. Retail segment
operating expense as a percent of sales increased to 26.2% in the
fourth quarter of 2007 from 25.1% in the fourth quarter of 2006,
primarily due to expense deleveraging from new stores and the
same-store sales decrease, partially offset by reduced incentive
compensation expense. For the full year 2007, Retail segment
operating expense as a percent of sales increased to 25.4% from
adjusted operating expense as a percent of sales of 25.2% in 2006.
Retail segment operating income decreased to $39.1 million, or 3.8%
of sales, from $42.3 million, or 3.9% of sales, in the fourth
quarter of 2006. For the full year 2007, Retail segment operating
income decreased to $173.7 million, or 4.1% of sales, from adjusted
operating income of $175.8 million, or 4.1% of sales, in 2006.
During the fourth quarter of 2007, OfficeMax opened 41 retail
stores in the U.S., closed 2 retail stores in the U.S., and opened
3 retail stores in Mexico. During 2007, OfficeMax opened 59 new
retail stores in the U.S. and 15 stores in Mexico. OfficeMax ended
2007 with a total of 976 retail stores, consisting of 908 retail
stores in the U.S. and 68 retail stores in Mexico. Corporate and
Other Segment Results The OfficeMax Corporate and Other segment
includes support staff services and certain other expenses that are
not fully allocated to the Retail and Contract segments. Corporate
and Other segment operating expense decreased to $3.2 million in
the fourth quarter of 2007 from adjusted operating expense of $17.0
million in the fourth quarter of 2006, primarily due to lower
incentive compensation costs, reduced legacy-related costs, and
targeted cost controls. For the full year 2007, Corporate and Other
segment operating expense decreased to $37.4 million from adjusted
operating expense of $71.6 million in 2006. The company's effective
tax rate was 35.4% in the fourth quarter and 37.1% for the full
year 2007, both benefiting from the resolution of certain tax
matters. As of December 29, 2007, OfficeMax reported total debt of
$398.4 million, excluding $1.470 billion of timber securitization
notes which have recourse limited to the $1.635 billion of timber
installment notes receivable. During the fourth quarter of 2007,
OfficeMax generated $39.2 million of cash from operations, an
increase of $3.3 million from the fourth quarter 2006. For the full
year of 2007, OfficeMax generated $70.6 million of cash from
operations, a decrease of $305.1 million from 2006, primarily due
to the termination of the company's accounts receivable
securitization program in July 2007 and a reduction in accounts
payable. OfficeMax invested $39.5 million and $140.8 million for
capital expenditures in the fourth quarter of 2007 and full year
2007, respectively. "In 2008, we look forward to continuing to
implement our turnaround plan initiatives and realizing benefits
from our efforts even as we expect to be impacted by a weaker U.S.
economy," Mr. Duncan concluded. "We continued to experience
pressure on sales in January and early February 2008, but we expect
to pursue margin and cost management initiatives throughout 2008.
Overall, we remain steadfast in pursuing additional opportunities
to create long-term shareholder value." As previously announced,
OfficeMax intends to hold its 2008 Investor Day on Wednesday, March
19, 2008. The company plans to provide additional details of
initiatives driving its performance in 2008 and beyond at the
Investor Day. Details for accessing a webcast of the Investor Day
will be announced at a future date. Forward-Looking Statements
Certain statements made in this press release and other written or
oral statements made by or on behalf of the company constitute
"forward-looking statements" within the meaning of the federal
securities laws, including statements regarding the company's
future performance, as well as management's expectations, beliefs,
intentions, plans, estimates or projections relating to the future.
Management believes that these forward-looking statements are
reasonable. However, the company cannot guarantee that it will
successfully execute its turnaround plans or that its actual
results will be consistent with the forward-looking statements and
you should not place undue reliance on them. These statements are
based on current expectations and speak only as of the date they
are made. The company undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of
future events, new information or otherwise. Important factors
regarding the company which may cause results to differ from
expectations are included in the company's Annual Report on Form
10-K for the year ended December 30, 2006, under Item 1A "Risk
Factors", and in the company's other filings with the SEC.
Conference Call Information OfficeMax will host a conference call
with analysts and investors today to discuss its fourth quarter
2007 financial results at 9:00 a.m. Eastern Time (8:00 a.m. Central
Time). To participate in the conference call, dial (800) 374-0165;
international callers should dial (706) 634-0995. An audio webcast
of the conference call can be accessed via the Internet by visiting
the Investors section of the OfficeMax website at
http://investor.officemax.com/. The webcast will be archived and
available online for one year following the call and will be posted
on the "Presentations" page located within the Investors section of
the OfficeMax website. About OfficeMax OfficeMax Incorporated
(NYSE:OMX) is a leader in both business-to- business office
products solutions and retail office products. The OfficeMax
mission is simple. We help our customers do their best work. The
company provides office supplies and paper, in-store print and
document services through OfficeMax ImPress(TM), technology
products and solutions, and furniture to consumers and to large,
medium and small businesses. OfficeMax customers are served by
approximately 36,000 associates through direct sales, catalogs,
e-commerce and more than 900 stores. To find the nearest OfficeMax,
call 1-877-OFFICEMAX. For more information, visit
http://www.officemax.com/. OFFICEMAX INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (unaudited) (thousands) December 29,
December 30, 2007 2006 ASSETS Current assets: Cash and cash
equivalents $152,637 $282,070 Receivables, net 720,878 562,528
Inventories 1,088,312 1,071,486 Other current assets 242,874
180,760 Total current assets 2,204,701 2,096,844 Property and
equipment: Property and equipment 1,279,609 1,189,686 Accumulated
depreciation (698,954) (610,061) Property and equipment, net
580,655 579,625 Goodwill and intangible assets, net 1,416,524
1,417,336 Timber notes receivable 1,635,000 1,635,000 Other
non-current assets 446,888 487,243 Total assets $6,283,768
$6,216,048 LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities: Short-term borrowings $14,197 $- Current portion of
long-term debt 34,827 25,634 Accounts payable 861,285 997,700
Accrued liabilities and other 460,400 505,569 Total current
liabilities 1,370,709 1,528,903 Long-term debt: Long-term debt,
less current portion 349,421 384,246 Timber notes securitized
1,470,000 1,470,000 Total long-term debt 1,819,421 1,854,246 Other
long-term obligations: Compensation and benefits 200,283 287,122
Other long-term liabilities 582,741 530,248 Total other long-term
liabilities 783,024 817,370 Minority interest 32,042 29,885
Shareholders' equity: Preferred stock 49,989 54,735 Common stock
188,481 187,226 Additional paid-in capital 922,414 893,848 Retained
earnings 1,095,950 941,830 Accumulated other comprehensive income
(loss) 21,738 (91,995) Total shareholders' equity 2,278,572
1,985,644 Total liabilities and shareholders' equity $6,283,768
$6,216,048 OFFICEMAX INCORPORATED AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF INCOME (unaudited) (thousands, except per-share
amounts) Quarter Ended December 29, December 30, 2007 2006 Sales
$2,198,072 $2,256,805 Cost of goods sold and occupancy costs
1,634,848 1,678,157 Gross profit 563,224 578,648 Operating
expenses: Operating and selling 400,492 409,619 General and
administrative 76,356 94,435 Other operating, net (1,521) 9,186
Operating income 87,897 65,408 Other income (expense): Interest
expense (29,976) (30,806) Interest income 21,313 23,606 Other, net
32,546 36,174 23,883 28,974 Income from continuing operations
before income taxes and minority interest 111,780 94,382 Income tax
expense (39,613) (39,201) Income from continuing operations before
minority interest 72,167 55,181 Minority interest, net of income
tax (698) (791) Income from continuing operations 71,469 54,390
Discontinued operations: Income tax benefit - 3,647 Income from
discontinued operations - 3,647 Net income 71,469 58,037 Preferred
dividends (1,014) (1,009) Net income applicable to common
shareholders $70,455 $57,028 Basic income per common share:
Continuing operations $0.93 $0.72 Discontinued operations - 0.04
Basic income per common share $0.93 $0.76 Diluted income per common
share: Continuing operations $0.92 $0.71 Discontinued operations -
0.05 Diluted income per common share $0.92 $0.76 Weighted Average
Shares Basic 75,385 74,625 Diluted 76,602 75,464 OFFICEMAX
INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
(unaudited) (thousands, except per-share amounts) Year Ended
December 29, December 30, 2007 2006 Sales $9,081,962 $8,965,707
Cost of goods sold and occupancy costs 6,771,657 6,656,497 Gross
profit 2,310,305 2,309,210 Operating and other expenses: Operating
and selling 1,633,606 1,641,147 General and administrative 338,593
361,818 Other operating, net (6,065) 140,343 Operating income
344,171 165,902 Other income (expense): Debt retirement expense - -
Interest expense (121,271) (123,082) Interest income 87,940 89,723
Other, net 26,687 39,335 (6,644) 5,976 Income from continuing
operations before income taxes and minority interest 337,527
171,878 Income tax expense (125,282) (68,741) Income from
continuing operations before minority interest 212,245 103,137
Minority interest, net of income tax (4,872) (4,083) Income from
continuing operations 207,373 99,054 Discontinued operations:
Operating loss - (17,972) Income tax benefit - 10,639 Income (loss)
from discontinued operations - (7,333) Net income 207,373 91,721
Preferred dividends (3,961) (4,037) Net income applicable to common
shareholders $203,412 $87,684 Basic income (loss) per common share:
Continuing operations $2.70 $1.30 Discontinued operations - (0.10)
Basic income per common share $2.70 $1.20 Diluted income (loss) per
common share: Continuing operations $2.66 $1.29 Discontinued
operations - (0.10) Diluted income per common share $2.66 $1.19
Weighted Average Shares Basic 75,274 73,142 Diluted 76,374 73,713
OFFICEMAX INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
CASH FLOWS (unaudited) (thousands) Year Ended December 29, December
30, 2007 2006 Cash provided by operations: Net income $207,373
$91,721 Items in net income not using (providing) cash:
Depreciation and amortization 131,573 127,812 Other 39,062 50,563
Changes other than from acquisitions of business: Receivables and
inventory (142,705) 72,127 Accounts payable and accrued liabilities
(228,269) 8,662 Income taxes and other 63,570 24,754 Cash provided
by operations 70,604 375,639 Cash used for investment: Expenditures
for property and equipment (140,843) (174,769) Other 1,909 10,833
Cash used for investment (138,934) (163,936) Cash used for
financing: Cash dividends paid (49,103) (47,546) Changes in debt,
net (11,554) (84,276) Proceeds from exercise of stock options 5,917
129,966 Other (7,885) (33) Cash used for financing (62,625) (1,889)
Effect of exchange rates on cash and cash equivalents 1,522 58
Increase (decrease) in cash and cash equivalents (129,433) 209,872
Cash and cash equivalents at beginning of period 282,070 72,198
Cash and cash equivalents at end of period $152,637 $282,070
OFFICEMAX INCORPORATED AND SUBSIDIARIES SUPPLEMENTAL SEGMENT
INFORMATION (unaudited) (millions, except per-share data) Quarter
Ended December 29, 2007 December 30, 2006 As As As Special Adjusted
As Special Adjusted Reported Items(a) (c) Reported Items(b) (c)
Segment Sales OfficeMax, Contract $1,168.7 $1,168.7 $1,178.7
$1,178.7 OfficeMax, Retail 1,029.3 1,029.3 1,078.1 1,078.1 2,198.0
2,198.0 2,256.8 2,256.8 Segment income (loss) OfficeMax, Contract
$52.0 $- $52.0 $48.4 $2.4 $50.8 OfficeMax, Retail 39.1 - 39.1 42.3
- 42.3 Corporate and Other (3.2) - (3.2) (25.3) 8.3 (17.0)
Operating income 87.9 - 87.9 65.4 10.7 76.1 Operating income margin
4.0% 4.0% 2.9% 3.4% Interest expense (30.0) - (30.0) (30.8) -
(30.8) Interest income and other 53.9 (32.4) 21.5 59.8 (38.8) 21.0
Income (loss) from continuing operations before income taxes and
minority interest 111.8 (32.4) 79.4 94.4 (28.1) 66.3 Income taxes
(39.6) 12.0 (27.6) (39.2) 10.9 (28.3) Income (loss) from continuing
operations before minority interest 72.2 (20.4) 51.8 55.2 (17.2)
38.0 Minority interest, net of income tax (0.7) - (0.7) (0.8) -
(0.8) Income (loss) from continuing operations 71.5 (20.4) 51.1
54.4 (17.2) 37.2 Discontinued operations Income tax benefit - - -
3.6 (3.6) - Income (loss) from discontinued operations - - - 3.6
(3.6) - Net income (loss) $71.5 $(20.4) $51.1 $58.0 $(20.8) $37.2
Diluted income (loss) per common share Continuing operations $0.92
$(0.27) $0.65 $0.71 $(0.23) $0.48 Discontinued operations - - -
0.05 (0.05) - Diluted income (loss) per common share $0.92 $(0.27)
$0.65 $0.76 $(0.28) $0.48 Totals may not foot due to rounding. (a)
See Note 4 for a discussion of these special items. (b) See Notes 3
and 5 for a discussion of these special items. (c) For the purpose
of evaluating our results, net of taxes, we have presented the
special items using an estimated effective annual tax rate.
OFFICEMAX INCORPORATED AND SUBSIDIARIES SUPPLEMENTAL SEGMENT
INFORMATION (unaudited) (millions, except per-share data) Year
Ended December 29, 2007 December 30, 2006 As As As Special Adjusted
As Special Adjusted Reported Items(a) (c) Reported Items(b) (c)
Segment Sales OfficeMax, Contract $4,816.1 $4,816.1 $4,714.5
$4,714.5 OfficeMax, Retail 4,265.9 4,265.9 4,251.2 4,251.2 9,082.0
9,082.0 8,965.7 8,965.7 Segment income (loss) OfficeMax, Contract
$207.9 $- $207.9 $197.7 $10.3 $208.0 OfficeMax, Retail 173.7 -
173.7 86.3 89.5 175.8 Corporate and Other (37.4) - (37.4) (118.0)
46.4 (71.6) Operating income 344.2 - 344.2 166.0 146.2 312.2
Operating income margin 3.8% 3.8% 1.9% 3.5% Interest expense
(121.3) - (121.3) (123.1) - (123.1) Interest income and other 114.6
(32.4) 82.2 129.1 (48.0) 81.1 Income (loss) from continuing
operations before income taxes and minority interest 337.5 (32.4)
305.1 172.0 98.2 270.2 Income taxes (125.2) 12.0 (113.2) (68.8)
(38.2) (107.0) Income (loss) from continuing operations before
minority interest 212.3 (20.4) 191.9 103.2 60.0 163.2 Minority
interest, net of income tax (4.9) 1.1 (3.8) (4.1) - (4.1) Income
(loss) from continuing operations 207.4 (19.3) 188.1 99.1 60.0
159.1 Discontinued operations Operating loss - - - (18.0) 18.0 -
Income tax benefit - - - 10.6 (10.6) - Loss from discontinued
operations - - - (7.4) 7.4 - Net income (loss) $207.4 $(19.3)
$188.1 $91.7 $67.4 $159.1 Diluted income (loss) per common share
Continuing operations $2.66 $(0.25) $2.41 $1.29 $0.81 $2.10
Discontinued operations - - - (0.10) 0.10 - Diluted income (loss)
per common share $2.66 $(0.25) $2.41 $1.19 $0.91 $2.10 Totals may
not foot due to rounding. (a) See Note 4 for a discussion of these
special items. (b) See Notes 3 and 5 for a discussion of these
special items. (c) For the purpose of evaluating our results, net
of taxes, we have presented the special items using an estimated
effective annual tax rate. (1) Financial Information The quarterly
and annual consolidated financial statements included in this
release are unaudited, and should be read in conjunction with the
audited financial statements in our 2006 Annual Report on Form
10-K. In all periods presented, the measurement of net income
(loss) involved estimates and judgments. (2) Reconciliation of
non-GAAP Measures to GAAP Measures We evaluate our results of
operations both before and after certain gains and losses that
management believes are not indicative of our core operating
activities. We believe our presentation of financial measures
before, or excluding, these items, which are non-GAAP measures,
enhances our investors' overall understanding of our recurring
operational performance and provides useful information to both
investors and management to evaluate the ongoing operations and
prospects of OfficeMax by providing better comparisons. Whenever we
use non-GAAP financial measures, we designate these measures, which
exclude the effect of certain special items, as "adjusted" and
provide a reconciliation of non-GAAP financial measures to the most
closely applicable GAAP financial measure. Investors are encouraged
to review the related GAAP financial measures and the
reconciliation of these non-GAAP financial measures to their most
directly comparable GAAP financial measure. In the preceding
tables, we reconcile our financial measures before special items to
our reported GAAP financial results for the fourth quarter and full
year of both 2007 and 2006. Although we believe the non-GAAP
financial measures enhance an investor's understanding of our
performance, our management does not itself, nor does it suggest
that investors should, consider such non-GAAP financial measures in
isolation from, or as a substitute for, financial information
prepared in accordance with GAAP. The non-GAAP financial measures
we use may not be consistent with the presentation of similar
companies in our industry. However, we present such non-GAAP
financial measures in reporting our financial results to provide
investors with an additional tool to evaluate our operating results
in a manner that focuses on what we believe to be our ongoing
business operations. (3) 2006 Special Items First Quarter 2006
During the first quarter of 2006, we closed 109 underperforming
domestic retail stores and recorded a charge of $98.6 million in
our Retail segment primarily for remaining lease obligations and we
incurred $15.7 million of expenses in our Corporate and Other
segment related to our headquarters consolidation primarily for
employee severance and retention. Second Quarter 2006 During the
second quarter of 2006, we recorded a $9.0 million pre-tax benefit
in our Retail segment from an adjustment to the reserve for closed
retail stores, and we incurred $10.9 million of expenses in our
Corporate and Other segment related to our headquarters
consolidation, primarily for employee severance and retention. Also
during the second quarter of 2006, we recognized a $9.2 million
credit from an adjustment to the reserve for the additional
consideration agreement that was entered into in connection with
the October 2004 sale of our paper, forest products and timberland
assets. This adjustment is included in Other, income (expense) net.
Third Quarter 2006 During the third quarter of 2006, we incurred
$11.5 million of expenses in our Corporate and Other segment
related to our headquarters consolidation, and incurred $7.9
million of expenses in our Contract segment related to our Contract
reorganization primarily for severance. Fourth Quarter 2006 During
the fourth quarter of 2006, we incurred $8.3 million of expenses in
our Corporate and Other segment primarily related to our
headquarters consolidation, and we incurred $2.4 million of
expenses in our Contract segment related to a facility closure and
severance. Also during the fourth quarter of 2006, we recognized a
$38.8 million credit from an adjustment to the reserve for the
additional consideration agreement that was entered into in
connection with the October 2004 sale of our paper, forest
products, and timberland assets. This adjustment is included in
Other, net income (expense). (4) 2007 Special Items First Quarter
2007 During the first quarter of 2007, we sold OfficeMax Contract's
operations in Mexico to OfficeMax de Mexico, our 51% owned joint
venture, resulting in a net loss of $1.1 million which is included
in minority interest, net of income tax in our Consolidated
Statements of Income (Loss) for 2007. Fourth Quarter 2007 During
the fourth quarter of 2007, we recognized income of $32.5 million
from the additional consideration agreement that was entered into
in connection with the October 2004 sale of our paper, forest
products, and timberland assets. This income is included in Other,
net income (expense). (5) Discontinued Operations In the first
quarter of 2006, we ceased operations at the Company's wood-polymer
building materials facility near Elma, Washington. The costs and
expenses related to this business are reflected as discontinued
operations in our Consolidated Statements of Income (Loss) for 2006
and are included as special items in our Segment Information
tables. DATASOURCE: OfficeMax(R) Incorporated CONTACT: Media, Bill
Bonner, +1-630-864-6066, or Investor, John Jennings,
+1-630-864-6820, both of OfficeMax Incorporated Web site:
http://www.officemax.com/
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