Profits tumble at OfficeMax

21 April 2005 – Itasca (IL): OfficeMax has seen its Q1 net income plummet from a year earlier, when results still included the company’s paper, forest products and timberland assets.

Quarterly net income fell to $2.6 million, or EPS of $0.02, down from $59.1 million, or EPS of $0.61, on the same basis a year earlier.

Earnings from continuing operations came to $19.7 million, or EPS of $0.20, excluding a $8.7 million severance charge.

Sales fell 34 per cent to $2.3 billion from $3.5 billion a year ago, mainly because of lost sales from Boise Building Solutions and Boise Paper Solutions, which were sold in October.