OfficeMax Turns To Loss In Q2 - Quick Facts

(RTTNews) - OfficeMax Incorporated (OMX) said it recorded a net loss available to common shareholders of $10.03 million, or $0.12 per share in the second quarter 2013, versus a profit of $10.72 million, or $0.12 per share, a year before. On an adjusted basis, net income available to common shareholders totaled $1.8 million, or $0.02 a share in the period. On average, 13 analysts polled by Thomson Reuters expected earnings per share of $0.03 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly total sales reached $1.53 billion, down compared with the prior-year figure of $1.60 billion, and came in below consensus estimate of $1.55 billion. Excluding the impact of changes in foreign exchange rates, the impact of stores closed and opened, and the difference in the number of business days in the quarter versus last year, adjusted sales for the recent quarter dropped 4.1% year-on-year.

The company said its second-quarter 2013 adjusted figures exclude income of $4.5 million for the recognition of deferred gains on its investment in Boise Cascade Holdings, L.L.C. reflected in the Corporate and Other segment, as well as charges of $11.7 million in its Corporate and Other segment for certain costs related to its pending merger with Office Depot, and severance charges of $4.5 million primarily related to reorganizations in its Contract segment sales and supply chain operations.

For the third quarter, total company sales are expected to be lower than the third quarter of 2012, including the projected unfavorable impact of foreign currency translation. For 2013, OfficeMax projects total company sales to be lower than last year, including the projected unfavorable impact of foreign currency translation.