OfficeMax Announces Common Stock Dividend Suspension
December 18 2008 - 5:34PM
PR Newswire (US)
NAPERVILLE, Ill., Dec. 18 /PRNewswire-FirstCall/ -- OfficeMax
Incorporated (NYSE:OMX), a leader in office products and services,
announced today that the Board of Directors voted to suspend the
payment of quarterly cash dividends on the Company's common stock,
effective immediately, due to the impact of continued weak economic
conditions. "Suspending the common stock dividend will result in
annual savings of approximately $45 million and is consistent with
the actions we've taken during 2008 to reduce costs and enhance
liquidity, including recently announced staff eliminations and
other cost reduction initiatives," said Sam Duncan, chairman and
chief executive officer of OfficeMax. "In the current environment,
we believe this is the most prudent decision and in the best
interest of the company and its stakeholders." About OfficeMax(R)
Incorporated OfficeMax Incorporated is a leader in both
business-to-business and retail office products distribution. The
OfficeMax mission is simple: to help our customers do their best
work. The company provides office supplies, print and document
services through OfficeMax Impress(TM), technology products and
solutions, and furniture to large, medium and small businesses and
consumers. OfficeMax customers are served by more than 30,000
associates through direct sales, catalogs, e-commerce and more than
1,000 stores. For more information, visit:
http://www.officemax.com/. OfficeMax Media Contact OfficeMax
Investor Contact Bill Bonner Mike Steele 630 864 6066 630 864 6826
DATASOURCE: OfficeMax Incorporated CONTACT: Media, Bill Bonner,
+1-630-864-6066, or Investors, Mike Steele, +1-630-864-6826, both
of OfficeMax Incorporated Web site: http://www.officemax.com/
Copyright
Officemax (NYSE:OMX)
Historical Stock Chart
From May 2024 to Jun 2024
Officemax (NYSE:OMX)
Historical Stock Chart
From Jun 2023 to Jun 2024