OfficeMax Q3 Profit Down

(RTTNews) - OfficeMax Inc. (OMX) Tuesday reported third-quarter net income of $30.4 million or $0.34 per share, compared to $433.0 million or $4.92 per share last year.

Last year the company recorded a gain on extinguishment of non-recourse debt of $670.8 million.

Adjusted earnings for the quarter dropped to $0.15 per share from $0.25 per share last year.

On average, 13 analysts polled by Thomson Reuters expected earnings per share of $0.22 for the quarter. Analysts' estimates typically exclude one-time items.

Sales for the quarter declined to $1.66 billion from $1.74 billion last year. Analysts estimated revenues of $1.68 billion for the quarter.