NAPERVILLE, Ill., Nov. 6 /PRNewswire/ -- OfficeMax(R) Incorporated
(NYSE:OMX) today announced the results for its third quarter ended
September 27, 2008. Total sales decreased 9.5% in the third quarter
of 2008 to $2.1 billion compared to the third quarter of 2007. For
the third quarter of 2008, OfficeMax reported a net loss of $432.7
million, or $5.70 per diluted share. The third quarter of 2008
included a non-cash charge of $735.8 million (pre-tax) for
impairment of the Lehman Brothers Holdings Inc. ("Lehman")
guaranteed installment note (the "Lehman Note") and a pre-tax
charge of $18.2 million for impairment of the interest receivable
related to the Lehman Note, neither of which is considered
indicative of core operating activities. Excluding these two items,
adjusted net income was $28.0 million, or $0.36 per diluted share.
This compares to net income of $49.0 million, or $0.64 per diluted
share in the third quarter of 2007. Adjusted income and earnings
per share are non-GAAP financial measures that exclude the effect
of large and unusual impairment charges. A reconciliation to the
company's GAAP financial results is included in this press release.
Sam Duncan, Chairman and CEO of OfficeMax, said, "In the third
quarter, we operated in a weaker selling environment than in the
third quarter of 2007 for both our Contract and Retail segments.
The challenging environment, along with our more disciplined
approach to customer acquisition and retention in Contract as well
as promotional strategies that are focused on preserving gross
margin in Retail are reflected in our results. Nonetheless, our
success in continuing to lower expenses was offset by reduced sales
volumes that deleveraged fixed costs in both the Contract and
Retail segments, resulting in lower profitability. While we
recorded a non-cash impairment charge related to one-half of our
timber installment notes, we continue to believe that there will be
no adverse impact on our operations or liquidity from the Lehman
bankruptcy. Our cash flow from operations and access to capital
remain solid and, we believe, will help us continue to pursue our
turnaround plan initiatives during the challenging economic
environment." Contract Segment Results OfficeMax Contract segment
sales decreased 11.5% to $1.05 billion in the third quarter of 2008
compared to the third quarter of 2007, reflecting a U.S. Contract
operations sales decline of 14.6%, and an International Contract
operations sales decline of 3.1% in U.S. dollars (a sales decrease
of 3.5% in local currencies). U.S. Contract sales declined compared
to the prior year period primarily due to weaker sales from
existing corporate accounts, our continued discipline in large
corporate account acquisition and retention, and lower sales from
small market customers. Contract segment gross margin decreased to
21.8% in the third quarter of 2008 from 22.1% in the third quarter
of 2007, primarily due to deleveraging of fixed delivery and
occupancy costs from lower sales, partially offset by improved
account profitability. Contract segment operating expense as a
percentage of sales increased to 18.4% in the third quarter of 2008
from 17.5% in the third quarter of 2007, primarily due to
deleveraging of fixed operating and allocated general and
administrative expenses from lower sales, partially offset by
targeted cost controls including reduced selling expenses. For the
third quarter of 2008, the Contract segment generated operating
income of $35.5 million, or 3.4% of sales, compared to operating
income of $55.0 million, or 4.6% of sales, in the third quarter of
2007. Retail Segment Results OfficeMax Retail segment sales
decreased 7.3% to $1.05 billion in the third quarter of 2008
compared to the third quarter of 2007, reflecting a same-store
sales decrease of 11.1% partially offset by sales from new stores.
Retail same-store sales for the third quarter of 2008 declined
across all major product categories due to weaker small business
and consumer spending. Retail segment gross margin decreased to
28.5% in the third quarter of 2008 from 28.9% in the third quarter
of 2007, primarily due to deleveraging of fixed occupancy costs
from the same-store sales decrease and new stores, partially offset
by improved merchandise margins and a sales mix shift to an
increased percentage of higher-margin office supplies category
sales. Retail segment operating expense as a percentage of sales
increased to 25.7% in the third quarter of 2008 from 24.9% in the
third quarter of 2007, primarily due to deleveraging of expenses
from the same-store sales decrease and the addition of new stores,
partially offset by targeted cost controls, reduced store payroll
expense due in part to our recent reorganization and lower levels
of incentive compensation expense. For the third quarter of 2008,
the Retail segment generated operating income of $29.1 million, or
2.8% of sales, compared to operating income of $45.3 million, or
4.0% of sales, in the third quarter of 2007. During the third
quarter of 2008, OfficeMax opened 17 retail stores in the U.S. and
5 retail stores in Mexico. OfficeMax ended the third quarter of
2008 with a total of 1,019 retail stores, consisting of 936 retail
stores in the U.S. and 83 retail stores in Mexico. Corporate and
Other Segment Results During the third quarter of 2008, the
Corporate and Other segment was impacted by a $735.8 million
pre-tax non-cash charge related to the impairment of the Lehman
Note. Including this item, operating expenses increased to $746.1
million from $10.0 million in the third quarter of 2007. Excluding
this charge, Corporate and Other segment adjusted operating
expenses totaled $10.3 million in the third quarter of 2008,
consistent with the prior year, and included support staff services
and certain other expenses that are not fully allocated to the
Retail and Contract segments. As previously disclosed, Lehman's
bankruptcy filing on September 15, 2008 constituted an event of
default under the $817.5 million Lehman Note that OfficeMax
received in connection with the 2004 timberlands sale. The company
is required for accounting purposes to assess the carrying value of
assets whenever circumstances indicate that a decline in value may
have occurred. Accordingly, due to the uncertainty of collection of
the Lehman Note as a result of the Lehman bankruptcy, OfficeMax has
deemed the carrying value of the Lehman Note impaired and has
recorded a pre-tax non-cash impairment charge of $735.8 million in
the third quarter of 2008. As previously disclosed, in 2004
OfficeMax monetized the Lehman Note through the issuance of
securitization notes (the "Securitization Notes") by its
bankruptcy-remote special purpose entity. For accounting purposes,
the company is required to decouple the long-term liability related
to the Securitization Notes from the Lehman Note, even though
recourse on the Securitization Notes is limited to the Lehman
guaranty and the Lehman Note as collateral. Specifically,
irrespective of the impairment of the Lehman Note, the company is
not permitted to reduce the amount of the liability associated with
the Securitization Notes until settlement occurs when the Lehman
Note is delivered to and accepted by the Securitization Note
holders in satisfaction of the underlying obligation. The result is
that the current period non-cash impairment charge is expected to
be followed by a corresponding non-cash gain in a later period when
the liability is extinguished. Although recognition of the non-cash
impairment charge and offsetting gain on extinguishment of debt
will occur in separate accounting periods, as a result of the
limited recourse nature of the liability associated with the
Securitization Notes, the maximum economic loss to the company when
the liability is extinguished is expected to be $82.5 million,
which is the difference between the $817.5 million principal amount
of the Lehman Note and the $735 million principal amount of the
Securitization Notes. As of September 27, 2008, OfficeMax had total
debt of $374.0 million, excluding $1.470 billion of timber
securitization notes, which have recourse limited to the timber
installment notes receivable and related guarantees. As previously
announced, OfficeMax believes the cash exposure from the Lehman
bankruptcy will not exceed approximately $50 million for an
accelerated tax payment related to one-half of the gain on the 2004
timberlands sale transaction, and a loss of approximately $1
million related to the excess interest income previously expected
to be received on the Lehman Note over the interest expense
previously expected to be paid on the Securitization Notes.
OfficeMax continues to believe that the cash impact will be funded
adequately by OfficeMax's available excess cash and, if necessary,
funds available under its credit facility. At September 27, 2008,
OfficeMax had $171 million in available and invested cash, and $602
million in available (unused) borrowing capacity under its $700
million revolving credit facility. The company's unused borrowing
capacity reflects an available borrowing base of $669 million, no
outstanding borrowings, and $67 million of letters of credit issued
under the revolving credit facility as of September 27, 2008.
During the third quarter of 2008, OfficeMax generated $112.1
million of cash from operations reflecting active and effective
working capital management. This is an increase of $122.8 million
from the third quarter of 2007 primarily due to the termination of
the company's accounts receivable securitization program in the
prior year period. OfficeMax invested $36.1 million for capital
expenditures in the third quarter of 2008 compared to $41.9 million
in the third quarter of 2007. Based on the company's evaluation of
capital projects for the remainder of 2008, OfficeMax now expects
capital expenditures for full year 2008 to be in the range of $140
million to $160 million. Given the expected weak economic outlook,
OfficeMax is cautious in its expectations about performance for the
fourth quarter of 2008. The company expects significant sales
declines as a result of both the existing difficult economic
environment and a weaker 2008 holiday selling season than last
year. In addition, the company will be cycling significant expense
reductions it began generating in the fourth quarter of 2007. As a
result of these factors, and based on the current outlook,
OfficeMax expects increased deleveraging of costs and expenses in
the fourth quarter of 2008 compared to the first nine months of the
year. Mr. Duncan concluded, "Sales in both our Contract and Retail
segments in October trended in the negative low-double-digit range
and we anticipate negative sales trends will continue through the
remainder of the year. Despite the challenging economic
environment, we remain focused on initiatives integral to our
turnaround plan that are strengthening our business. Further, while
we are committed to managing OfficeMax for the long-term and
positioning the Company for growth when the economic environment
improves, in the near term we are placing a premium on maintaining
strong cash flow through conservative working capital management."
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 the impact of the Lehman bankruptcy on the
company will be limited to the amounts described in the release,
that future events will not impact the company's access to cash or
the funds available under its revolving credit facility, 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 29, 2007, 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 to discuss its third quarter 2008
financial results today 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 over
30,000 associates through direct sales, catalogs, e-commerce and
more than 1,000 stores. To find the nearest OfficeMax, call
1-877-OFFICEMAX. For more information, visit
http://www.officemax.com/. Media Contact Investor Relations Contact
Bill Bonner Mike Steele 630 864 6066 630 864 6826 OFFICEMAX
INCORPORATED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(unaudited) (thousands) September 27, December 29, 2008 2007 ASSETS
Current assets: Cash and cash equivalents $234,511 $152,637
Receivables, net 650,555 720,878 Inventories 990,468 1,088,312
Other current assets 189,189 242,874 Total current assets 2,064,723
2,204,701 Property and equipment: Property and equipment 1,327,338
1,279,609 Accumulated depreciation (748,979) (698,954) Property and
equipment, net 578,359 580,655 Goodwill and intangible assets, net
458,576 1,416,524 Timber notes receivable 899,250 1,635,000 Other
non-current assets and deferred taxes 689,368 446,888 Total assets
$4,690,276 $6,283,768 LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities: Short-term borrowings $9,831 $14,197 Current portion
of long-term debt 35,788 34,827 Income taxes payable 38,357 33,887
Accounts payable 820,683 861,285 Accrued liabilities and other
414,332 426,513 Total current liabilities 1,318,991 1,370,709
Long-term debt: Long-term debt, less current portion 328,373
349,421 Timber notes securitized 1,470,000 1,470,000 Total
long-term debt 1,798,373 1,819,421 Other long-term obligations:
Compensation and benefits 180,155 200,283 Other long-term
liabilities 424,403 582,741 Total other long-term liabilities
604,558 783,024 Minority interest 35,679 32,042 Shareholders'
equity: Preferred stock 44,653 49,989 Common stock 189,872 188,481
Additional paid-in capital 924,751 922,414 Retained earnings
(204,813) 1,095,950 Accumulated other comprehensive income (21,788)
21,738 Total shareholders' equity 932,675 2,278,572 Total
liabilities and shareholders' equity $4,690,276 $6,283,768
OFFICEMAX INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
INCOME (unaudited) (thousands, except per-share amounts) Quarter
Ended September 27, September 29, 2008 2007 Sales $2,096,337
$2,315,219 Cost of goods sold and occupancy costs 1,569,870
1,727,161 Gross profit 526,467 588,058 Operating and other
expenses: Operating and selling 394,590 419,765 General and
administrative 77,664 78,060 Goodwill and other asset impairments
(a) 735,750 - Operating income (loss) (681,537) 90,233 Other income
(expense): Interest expense (29,822) (31,220) Interest income 3,318
21,814 Other, net (25) (179) (26,529) (9,585) Income (loss) before
income taxes and minority interest (708,066) 80,648 Income taxes
276,415 (29,080) Income (loss) before minority interest (431,651)
51,568 Minority interest, net of income tax (232) (1,639) Net
income (loss) (431,883) 49,929 Preferred dividends (812) (931) Net
income (loss) applicable to common shareholders $(432,695) $48,998
Basic income (loss) per common share $(5.70) $0.65 Diluted income
(loss) per common share $(5.70) $0.64 Weighted Average Shares Basic
75,931 75,376 Diluted 75,931 76,558 (a) Third quarter of 2008
includes a $735.8 million non-cash impairment charge related to the
timber installment notes receivable due from Lehman (the Lehman
Note), recorded in the Corporate and Other Segment. In addition,
the company recorded the ongoing interest expense on the
securitization notes payable but ceased the recognition of interest
income and impaired the interest receivable of $18.2 million
related to the Lehman Note. Together these items reduced net income
by $460.7 million or $6.06 per diluted share. OFFICEMAX
INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
(unaudited) (thousands, except per-share amounts) Nine Months Ended
September 27, September 29, 2008 2007 Sales $6,383,899 $6,883,890
Cost of goods sold and occupancy costs 4,786,026 5,136,809 Gross
profit 1,597,873 1,747,081 Operating and other expenses: Operating
and selling 1,191,688 1,233,114 General and administrative 229,305
257,694 Other operating, net (c) 11,274 - Goodwill and other asset
impairments (a) & (b) 1,671,090 - Operating income (loss)
(1,505,484) 256,273 Other income (expense): Interest expense
(89,144) (91,296) Interest income 46,900 66,628 Other, net (d)
20,679 (5,858) (21,565) (30,526) Income (loss) before income taxes
and minority interest (1,527,049) 225,747 Income taxes 265,481
(85,669) Income (loss) before minority interest (1,261,568) 140,078
Minority interest, net of income tax (e) (1,191) (4,174) Net income
(loss) (1,262,759) 135,904 Preferred dividends (2,839) (2,947) Net
income (loss) applicable to common shareholders $(1,265,598)
$132,957 Basic income (loss) per common share $(16.69) $1.77
Diluted income (loss) per common share $(16.69) $1.74 Weighted
Average Shares Basic 75,831 75,237 Diluted 75,831 76,298 (a) Third
quarter of 2008 includes a $735.8 million non-cash impairment
charge related to the timber installment notes receivable due from
Lehman (the Lehman Note), recorded in the Corporate and Other
Segment. In addition, the company recorded the ongoing interest
expense on the securitization notes payable but ceased the
recognition of interest income and impaired the interest receivable
of $18.2 million related to the Lehman Note. Together these items
reduced net income by $460.7 million or $6.06 per diluted share.
(b) Second quarter of 2008 includes a $935.3 million non-cash item
related to impairment of goodwill, trade names and fixed assets.
These charges are recorded by segment in the following manner:
Contract $464.0 million and Retail $471.3 million. This item
reduced net income by $909.3 million or $11.99 per diluted share.
(c) Second quarter of 2008 includes a $10.2 million unusual item
related to employee severance from the reorganization of Retail
store management and a $3.1 million unusual item related to the
legacy Voyageur Panel business sold in 2004. First quarter of 2008
includes a $2.4 million unusual item related to the consolidation
of the Contract segment's manufacturing facilities in New Zealand,
and a $1.8 million unusual item related to reorganizing the Retail
field and ImPress print and document services management
organization. The cumulative effect of these items was a reduction
in net income of $7.0 million, or $0.09 per diluted share. (d)
First quarter of 2008 includes a $20.5 million unusual item related
to the company's investment in Boise Cascade, L.L.C., primarily
from their sale of a majority interest in their paper and packaging
and newsprint business completed during the first quarter of 2008.
This item increased net income by $12.5 million, or $0.16 per
diluted share. (e) First quarter of 2007 includes a $1.1 million
unusual item related to the sale of OfficeMax's Contract operations
in Mexico to Grupo OfficeMax, our 51% owned joint venture. This
item reduced net income by $1.1 million, or $0.01 per diluted
share. OFFICEMAX INCORPORATED AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF CASH FLOWS (unaudited) (thousands) Nine Months Ended
September 27, September 29, 2008 2007 Cash provided by operations:
Net income (loss) $(1,262,759) $135,904 Items in net income (loss)
not using (providing) cash: Depreciation and amortization 105,235
97,512 Non-cash impairment charges 1,671,090 - Non-cash deferred
taxes on impairment charges (319,363) - Other (5,610) 29,174
Changes other than from acquisitions of business: Receivables and
inventory 144,903 (87,239) Accounts payable and accrued liabilities
(19,431) (205,878) Income taxes and other (67,337) 61,980 Cash
provided by operations 246,728 31,453 Cash used for investment:
Expenditures for property and equipment (112,065) (101,339) Other
9,440 (748) Cash used for investment (102,625) (102,087) Cash used
for financing: Cash dividends paid (34,359) (35,758) Changes in
debt, net (26,392) (25,482) Proceeds from exercise of stock options
- 5,852 Other 130 (10,022) Cash used for financing (60,621)
(65,410) Effect of exchange rates on cash and cash equivalents
(1,608) 1,325 Increase (decrease) in cash and cash equivalents
81,874 (134,719) Cash and cash equivalents at beginning of period
152,637 282,070 Cash and cash equivalents at end of period $234,511
$147,351 OFFICEMAX INCORPORATED AND SUBSIDIARIES SUPPLEMENTAL
SEGMENT INFORMATION (unaudited) (millions, except per-share data)
Quarter Ended September 27, September 29, 2008 2007 Impairment As
Adjustments As As Reported (a) Adjusted Reported Segment Sales
OfficeMax, Contract $1,049.1 $1,049.1 $1,185.7 OfficeMax, Retail
1,047.2 1,047.2 1,129.5 2,096.3 2,096.3 2,315.2 Segment income
(loss) OfficeMax, Contract 35.5 35.5 55.0 OfficeMax, Retail 29.1
29.1 45.3 Corporate and Other (746.1) 735.8 (10.3) (10.0) Operating
income (681.5) 735.8 54.3 90.3 Operating income margin -32.5% 2.6%
3.9% Interest expense (29.8) (29.8) (31.2) Interest income and
other 3.2 18.2 21.4 21.6 Income before income taxes and minority
interest (708.1) 754.0 45.9 80.7 Income taxes 276.4 (293.3) (16.9)
(29.1) Income before minority interest (431.7) 460.7 29.0 51.6
Minority interest, net of income tax (0.2) (0.2) (1.7) Net income
(loss) $(431.9) $460.7 $28.8 $49.9 Preferred dividends (0.8) (0.8)
(0.9) Net income (loss) applicable to common shareholders $(432.7)
$460.7 $28.0 $49.0 Diluted income (loss) per common share $(5.70)
$(6.06) $0.36 $0.64 (a) Third quarter of 2008 includes a $735.8
million non-cash impairment charge related to the timber
installment notes receivable due from Lehman (the Lehman Note),
recorded in the Corporate and Other Segment. In addition, the
company recorded the ongoing interest expense on the securitization
notes payable but ceased the recognition of interest income and
impaired the interest receivable of $18.2 million related to the
Lehman Note. Together these items reduced net income by $460.7
million or $6.06 per diluted share. OFFICEMAX INCORPORATED AND
SUBSIDIARIES SUPPLEMENTAL SEGMENT INFORMATION (unaudited)
(millions, except per-share data) Nine Months Ended September 27,
September 29, 2008 2007 Impairment As Adjustments As As Reported
(a) (b) Adjusted Reported Segment Sales OfficeMax, Contract
$3,356.1 $3,356.1 $3,647.3 OfficeMax, Retail 3,027.8 3,027.8
3,236.6 6,383.9 6,383.9 6,883.9 Segment income (loss) OfficeMax,
Contract (321.7) 464.0 142.3 155.9 OfficeMax, Retail (422.1) 471.3
49.2 134.6 Corporate and Other (761.7) 735.8 (25.9) (34.2)
Operating income (1,505.5) 1,671.1 165.6 256.3 Operating income
margin -23.6% 2.6% 3.7% Interest expense (89.1) (89.1) (91.3)
Interest income and other 67.6 18.2 85.8 60.8 Income before income
taxes and minority interest (1,527.0) 1,689.3 162.3 225.8 Income
taxes 265.4 (319.3) (53.9) (85.7) Income before minority interest
(1,261.6) 1,370.0 108.4 140.1 Minority interest, net of income tax
(1.2) (1.2) (4.2) Net income (loss) $(1,262.8) $1,370.0 $107.2
$135.9 Preferred dividends (2.8) (2.8) (2.9) Net income (loss)
applicable to common shareholders $(1,265.6) $1,370.0 $104.4 $133.0
Diluted income (loss) per common share $(16.69) $(18.05) $1.36
$1.74 (a) Third quarter of 2008 includes a $735.8 million non-cash
impairment charge related to the timber installment notes
receivable due from Lehman (the Lehman Note), recorded in the
Corporate and Other Segment. In addition, the company recorded the
ongoing interest expense on the securitization notes payable but
ceased the recognition of interest income and impaired the interest
receivable of $18.2 million related to the Lehman Note. Together
these items reduced net income by $460.7 million or $6.06 per
diluted share. (b) Second quarter of 2008 includes a $935.3 million
non-cash item related to impairment of goodwill, trade names and
fixed assets. These charges are recorded by segment in the
following manner: Contract $464.0 million and Retail $471.3
million. This item reduced net income by $909.3 million or $11.99
per diluted share. Reconciliation of non-GAAP Measures to GAAP
Measures We evaluate our results of operations before impairment
charges as they 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 impairment 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 impairment items
to our reported GAAP financial results for the third quarter and
first nine months of both 2008 and 2007. 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. DATASOURCE: OfficeMax
Incorporated CONTACT: Media, Bill Bonner, +1-630-864-6066, or
Investor Relations, Mike Steele, +1-630-864-6826, both of OfficeMax
Incorporated Web site: http://www.officemax.com/
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