OfficeMax swung to Q2 earnings of US$10.7M from loss of US$3M a year ago as sales dropped 2.7% to US$1.60B; CEO says company is improving each of its businesses in effort to drive profitable growth

na , August 2, 2012 (press release) – OfficeMax® Incorporated OMX +14.32% , a leader in office supplies, technology and services, today announced the results for its fiscal second quarter ended June 30, 2012.

Consolidated Results

Reported Results

Total sales were $1,602.4 million in the second quarter of 2012, a decrease of 2.7% from the second quarter of 2011. For the second quarter of 2012, OfficeMax reported operating income of $23.1 million, compared to $4.0 million in the second quarter of 2011, and net income available to OfficeMax common shareholders of $10.7 million, or $0.12 per diluted share, compared to a net loss of $3.0 million, or $0.04 per diluted share, in the second quarter of 2011.

"Our teams are successfully implementing fundamental improvements in each of our businesses to drive profitable growth," said Ravi Saligram, President and CEO of OfficeMax. "In particular, we are making good progress in our Contract business and Digital initiatives."

Added Saligram, "As we gain traction in executing against our strategic plan, we are evaluating options for capital allocation to enhance shareholder value. As a first step, we are pleased to reinstate a quarterly dividend which reflects the progress we are making, and our confidence in the future of OfficeMax."

Adjusted Results

Excluding the impact of changes in foreign exchange rates, the impact of stores closed and opened, and the shift in weeks resulting from our fiscal calendar, adjusted total sales in the second quarter of 2012 increased 0.3% from the second quarter of 2011.

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 (in millions, except per-share amounts)         2Q12     2Q11     YTD12    YTD11
        Reported sales                                  $1,602.4 $1,647.6 $3,475.3 $3,510.6
        Reported sales decline (from prior year period) -2.7%             -1.0%
        Adjusted sales growth (from prior year period)* 0.3%              0.2%
        Gross profit                                    $409.5   $425.1   $892.3   $899.6
        Gross profit margin                             25.6%    25.8%    25.7%    25.6%
        Reported operating income                       $23.1    $4.0     $40.9    $32.6
        Adjusted operating income*                      $23.1    $17.9    $66.2    $46.5
        Adjusted operating income margin*               1.4%     1.1%     1.9%     1.3%
        Adjusted diluted income per common share*       $0.12    $0.07    $0.35    $0.20




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