NAPERVILLE, Ill., Feb. 20, 2013 /PRNewswire/ -- OfficeMax®
Incorporated (NYSE: OMX), a leader in office and facility supplies,
technology and services, today announced the results for its fiscal
fourth quarter and full year ended December
29, 2012.
Consolidated Results
Reported Results
Total sales were $6,920.4 million in
the full year 2012, a decrease of 2.8% compared to the full year
2011, while total sales for the fourth quarter of 2012 decreased
7.4% to $1,700.5 million compared to
the fourth quarter of 2011. For the full year 2012, OfficeMax
reported operating income of $24.3
million compared to $86.5
million in the full year 2011, and net income available to
OfficeMax common shareholders of $414.7
million, or $4.74 per diluted
share, compared to net income of $32.8
million, or $0.38 per diluted
share in the full year 2011.
For the fourth quarter of 2012, OfficeMax reported an operating
loss of $50.1 million, compared to
operating income of $12.6 million in
the fourth quarter of 2011; and a net loss available to OfficeMax
common shareholders of $33.9 million,
or $0.39 per diluted share, compared
to net income of $2.9 million, or
$0.03 per diluted share, in the
fourth quarter of 2011. As previously reported, results for
the fourth quarter and the full year 2011 included one additional
week of operation in the U.S. ($86
million of sales) compared to fourth quarter and full year
2012.
Adjusted Results
Excluding the impact of changes in foreign exchange rates, the
impact of stores closed and opened, and the number of, and shift
in, weeks resulting from our fiscal calendar, adjusted sales
decreased 0.8% for the full year 2012 from the full year 2011, and
decreased 2.7% for the fourth quarter of 2012 from the fourth
quarter of 2011.
Adjusted operating income in the full year 2012 was $139.2 million, or 2.0% of sales, compared to
$118.2 million, or 1.7% of sales, in
the full year 2011, which included the benefit of $8 million of operating income due to the
additional week of operation; and adjusted net income available to
OfficeMax common shareholders was $68.5
million, or $0.78 per diluted
share, in the full year 2012, compared to $53.3 million, or $0.61 per diluted share, in the full year 2011,
which included the benefit of $0.06
earnings per diluted share due to the additional week.
For the fourth quarter of 2012, adjusted operating income was
$28.1 million, or 1.7% of sales,
compared to $30.4 million, or 1.7% of
sales, in the fourth quarter of 2011; and adjusted net income
available to OfficeMax common shareholders was $13.9 million, or $0.16 per diluted share, compared to $14.4 million, or $0.17 per diluted share, in the fourth quarter of
2011. The adjusted figures for the fourth quarter of 2011
also include the benefit of $8
million of operating income, and $0.06 of earnings per share due to the additional
week.
The fourth quarter of 2012 adjusted figures in the preceding
paragraph exclude $76.7 million of
charges associated with the acceleration of pension expense related
to participant lump sum settlements ($56.4
million); store closures in the U.S. ($14.1 million); and severance and other charges
($6.2 million) primarily related to
restructurings in the Contract business. The adjusted figures
also exclude a $1.6 million non-cash
charge to impair fixed assets in the fourth quarter of 2012
associated with certain retail stores, primarily in Mexico.
"We've been making tangible progress in executing against our
strategic plan," said Ravi Saligram,
President and CEO of OfficeMax. "Our execution during 2012
resulted in a significant increase in earnings per share, strong
cash flow from operations, and reinstatement of a quarterly
dividend. After completing our comprehensive review, we've also
simplified our balance sheet and created greater clarity for our
investors."
|
Consolidated (in millions, except per-share
amounts)
|
4Q12
|
4Q11
|
FY12
|
FY11
|
|
Sales
|
$1,700.5
|
$1,835.8
|
$6,920.4
|
$7,121.2
|
|
Sales
decline (from prior year period)
|
-7.4%
|
|
-2.8%
|
|
|
Adjusted sales decline (from prior year
period)*
|
-2.7%
|
|
-0.8%
|
|
|
Gross
profit
|
$431.8
|
$449.9
|
$1,784.5
|
$1,809.2
|
|
Gross
profit margin
|
25.4%
|
24.5%
|
25.8%
|
25.4%
|
|
Adjusted
operating income*
|
$28.1
|
$30.4
|
$139.2
|
$118.2
|
|
Adjusted
operating income margin*
|
1.7%
|
1.7%
|
2.0%
|
1.7%
|
|
Adjusted
diluted income per common share*
|
$0.16
|
$0.17
|
$0.78
|
$0.61
|
|
*Adjusted sales, adjusted operating income,
adjusted operating income margin, adjusted net income available to
OfficeMax common shareholders, and adjusted diluted income per
share are non-GAAP financial measures that exclude the effect of
certain items and charges described in the footnotes to the
accompanying financial statements. A reconciliation to the
company's GAAP financial results is included in this press
release.
|
Contract Segment Results
Contract segment sales decreased 5.3% compared to the prior year
period to $885.4 million in the
fourth quarter of 2012. This decrease reflected a U.S.
Contract operations sales decrease of 8.0% and an international
Contract operations sales increase of 0.9% in U.S. dollars (a
decrease of 2.6% on a local currency basis). The Contract
segment sales decline primarily reflects the $35 million of sales in the additional week in
the fourth quarter of 2011. Excluding the additional week,
Contract segment sales in the fourth quarter decreased 1.6% (a
decrease of 2.8% on a local currency basis) compared to the prior
year; and U.S. Contract operations sales decreased 2.8%. The
U.S. Contract performance reflects weaker sales to existing
corporate accounts partially offset by sales to new customers
exceeding lost sales to former customers.
|
Contract (in millions)
|
4Q12
|
4Q11
|
FY12
|
FY11
|
|
Sales
|
$885.4
|
$934.8
|
$3,605.8
|
$3,624.1
|
|
Sales
growth/decline (from prior year period)
|
-5.3%
|
|
-0.5%
|
|
|
Sales
growth/decline (from prior year period) excl. additional week in
4Q11
|
-1.6%
|
|
0.5%
|
|
|
Gross
profit margin
|
22.8%
|
22.2%
|
22.6%
|
22.3%
|
|
Segment
income
|
$23.1
|
$28.0
|
$102.4
|
$77.7
|
|
Segment
income margin
|
2.6%
|
3.0%
|
2.8%
|
2.1%
|
Contract segment gross profit margin increased to 22.8% in the
fourth quarter of 2012 from 22.2% in the fourth quarter of 2011,
reflecting higher customer margins. Contract segment
operating, selling and general and administrative expenses as a
percentage of sales increased to 20.2% in the fourth quarter of
2012 from 19.2% in the fourth quarter of 2011 primarily due to
investments in growth and profitability initiatives and higher
incentive compensation expense. Contract segment income was
$23.1 million, or 2.6% of sales, in
the fourth quarter of 2012 compared to $28.0
million, or 3.0% of sales, in the fourth quarter of
2011.
Retail Segment Results
Retail segment sales decreased 9.5% to $815.1 million in the fourth quarter of 2012
compared to the fourth quarter of 2011, reflecting a same-store
sales decrease on a local currency basis of 4.1% primarily due to
decreased traffic and lower technology product category
sales. The decrease reflected a U.S. Retail operations
same-store sales decrease of 4.6%, partially offset by a
Mexico retail operations
same-store sales increase of 0.4% on a local currency basis.
Retail segment sales in the fourth quarter of 2012 included an
additional fiscal month of sales from our majority-owned
joint-venture in Mexico, as we
ceased reporting one month in arrears.
|
Retail (in millions)
|
4Q12
|
4Q11
|
FY12
|
FY11
|
|
Sales
|
$815.1
|
$901.0
|
$3,314.6
|
$3,497.1
|
|
Same-store sales growth/decline
|
-4.1%
|
|
-2.2%
|
|
|
Gross
profit margin
|
28.2%
|
26.9%
|
29.3%
|
28.6%
|
|
Segment
income
|
$16.5
|
$13.2
|
$69.9
|
$75.3
|
|
Segment
income margin
|
2.0%
|
1.5%
|
2.1%
|
2.2%
|
Retail segment gross profit margin increased to 28.2% in the
fourth quarter of 2012 from 26.9% in the fourth quarter of 2011 due
to higher customer margins driven primarily by a sales mix shift
from the relatively lower margin technology category as well as
prudent promotional activity, partially offset by deleveraging of
occupancy costs due to lower sales. Retail segment operating,
selling and general and administrative expenses as a percentage of
sales were 26.2% in the fourth quarter of 2012 and 25.5% in the
fourth quarter of 2011, primarily due to deleveraging of expenses
due to lower sales. Retail segment income was $16.5 million, or 2.0% of sales, in the fourth
quarter of 2012 compared to $13.2
million, or 1.5% of sales, in the fourth quarter of
2011.
OfficeMax ended the fourth quarter of 2012 with a total of 941
Retail stores, consisting of 851 Retail stores in the U.S. and 90
Retail stores in Mexico. For the full year 2012, OfficeMax
Retail closed 46 stores and opened one in the U.S.; and opened 10
stores and closed two in Mexico.
Corporate and Other Segment Results
The Corporate and Other segment includes support staff services
and certain other expenses that are not fully allocated to the
Contract and Retail segments. Corporate and Other segment
operating, selling and general and administrative expenses were
$11.5 million in the fourth quarter
of 2012 compared to $10.8 million in
the fourth quarter of 2011.
Balance Sheet and Cash Flow
As of December 29, 2012, OfficeMax
had total debt of $236.2 million,
excluding $735.0 million of
non-recourse debt related to the Wells Fargo-backed timber
notes.
During the full year 2012, OfficeMax generated $185.2 million of cash flow from operations
compared to $53.7 in the full year
2011. OfficeMax invested $39.0
million in capital expenditures in the fourth quarter of
2012 compared to $28.1 million in the
fourth quarter of 2011. This cash flow from operations did
not include any proceeds from Boise Cascade Holdings, L.L.C., all
of which were received in February
2013. For the full year 2012, OfficeMax invested
$87.2 million in capital expenditures
compared to $69.6 million in
2011.
"Strong cash flow and efforts to address legacy assets and
liabilities translated into an improved balance sheet," said
Bruce Besanko, EVP, Chief Financial
Officer and Chief Administrative Officer of OfficeMax. "Our
continued strong financial position enables us to invest in our
strategic objectives, which we believe will create long-term value
for our shareholders."
Outlook
First Quarter 2013
Based on the current environment, OfficeMax anticipates that total
company sales for the first quarter will be lower than the first
quarter of 2012, including the projected favorable impact of
foreign currency translation. Additionally, OfficeMax
anticipates that for the first quarter of 2013, operating income
margin will be slightly lower than the adjusted margin of 2.3% for
the prior year period.
Full Year 2013
For the full year 2013, OfficeMax anticipates that total company
sales will be in line with the prior year period, including the
projected favorable impact of foreign currency translation.
For the full year 2013, OfficeMax anticipates that operating income
margin will be in line with the adjusted margin of 2.0% for the
prior year.
Outlook for operating income margin for both the first quarter
and full year 2013 includes the negative impact from the lapse of a
retail lease non-cash income item related to the OfficeMax-Boise
merger in 2003, and discontinuation of dividend income due to the
redemption of a Boise Cascade Holdings L.L.C. investment
security. Together these items will reduce 2013 adjusted
operating income by approximately $4
million in the first quarter and $18
million for the full year 2013.
The company's full year 2013 outlook also includes the
following:
- Capital expenditures of approximately $100-125 million, primarily related to
investments in IT, ecommerce, infrastructure improvements, and
maintenance
- Depreciation & amortization of approximately $75-85 million
- Pension expense of approximately $3
million, and cash contributions to the frozen pension plans
of approximately $3 million
- Interest expense of approximately $65-69
million and interest income of approximately $42-45 million
- An effective tax rate of approximately 34%
- Cash flow from operations exceeding capital expenditures
- A net reduction in total Retail square footage for the year,
with U.S. activity including the expected closing of 5-10 stores,
several openings, and selective relocation and downsizing of stores
as locations approach lease expiration dates; Mexico activity including the expected 6 store
openings and no closures
Forward-Looking Statements
Certain statements made in this press release and other written
or oral statements made by or on behalf of the company constitute
"forward-looking statements" within the meaning of the federal
securities laws, including statements regarding the company's
future performance, as well as management's expectations, beliefs,
intentions, plans, estimates or projections relating to the
future. Management believes that these forward-looking
statements are reasonable. However, the company cannot
guarantee that the macroeconomy will perform within the assumptions
underlying its projected outlook; that its initiatives will be
successfully executed and produce the results underlying its
expectations, due to the uncertainties inherent in new initiatives,
including customer acceptance, unexpected expenses or challenges,
or slower-than-expected results from initiatives; or that its
actual results will be consistent with the forward-looking
statements and you should not place undue reliance on them.
These statements are based on current expectations and speak only
as of the date they are made. The company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of future events, new information or
otherwise. Important factors regarding the company that may
cause results to differ from expectations are included in the
company's Annual Report on Form 10-K for the year ended
December 31, 2011, under Item 1A
"Risk Factors", and in the company's other filings with the
Securities and Exchange Commission.
Additional Comments
OfficeMax expects to post further comments by its President and
CEO, Ravi Saligram, and its EVP,
Chief Financial Officer and Chief Administrative Officer,
Bruce Besanko, regarding its fourth
quarter and full year 2012 financial results. The comments
will be available by visiting the SEC Filings section of the
OfficeMax Investor Relations website at
investor.officemax.com.
About OfficeMax
OfficeMax Incorporated (NYSE: OMX) is a leader in integrating
products, solutions and services for the workplace, whether for
business or at home. The OfficeMax mission is simple: We
provide workplace innovation that enables our customers to work
better. The company provides office supplies and paper,
in-store print and document services through OfficeMax ImPress®,
technology products and solutions, and furniture to businesses and
consumers. OfficeMax consumers and business customers are
served by approximately 29,000 associates through OfficeMax.com;
OfficeMaxSolutions.com and Reliable.com; more than 900 stores in
the U.S. and Mexico; and direct
sales and catalogs. OfficeMax has been named one of the 2012
World's Most Ethical Companies, and is the only company in the
office supply industry to receive Ethics Inside®
Certification by the Ethisphere Institute. To find the
nearest OfficeMax, call 1-877-OFFICEMAX. For more
information, visit www.officemax.com.
All trademarks, service marks and trade names of OfficeMax
Incorporated used herein are trademarks or registered trademarks of
OfficeMax Incorporated. Any other product or company names
mentioned herein are the trademarks of their respective owners.
|
Investor
Contact
|
Media
Contact
|
|
Mike
Steele
|
Julie
Treon
|
|
630 864
6826
|
630 864
6155
|
|
OFFICEMAX
INCORPORATED AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(unaudited)
|
|
(thousands, except per-share amounts)
|
|
|
|
|
Quarter Ended
|
|
|
December 29,
|
|
December 31,
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
Sales
|
|
$
1,700,493
|
|
$
1,835,783
|
|
Cost of
goods sold and occupancy costs
|
|
1,268,728
|
|
1,385,839
|
|
Gross profit
|
|
431,765
|
|
449,944
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
Operating,
selling and general and administrative expenses
|
|
403,647
|
|
419,576
|
|
Asset
impairments (a)
|
|
1,585
|
|
11,197
|
|
Other
operating expenses (b)
|
|
76,651
|
|
6,614
|
|
Total
operating expenses
|
|
481,883
|
|
437,387
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(50,118)
|
|
12,557
|
|
|
|
|
|
|
Other
income (expense):
|
|
|
|
|
|
Interest expense
|
|
(17,075)
|
|
(18,415)
|
|
Interest income
|
|
10,952
|
|
11,087
|
|
Other income (expense), net
|
|
40
|
|
(20)
|
|
|
(6,083)
|
|
(7,348)
|
|
|
|
|
|
|
Pre-tax
income (loss)
|
|
(56,201)
|
|
5,209
|
|
Income tax
benefit (expense)
|
|
23,528
|
|
(1,680)
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to OfficeMax and noncontrolling
interest
|
|
(32,673)
|
|
3,529
|
|
Joint
venture results attributable to noncontrolling interest
|
|
(683)
|
|
(113)
|
|
Net
income (loss) attributable to OfficeMax
|
|
(33,356)
|
|
3,416
|
|
|
|
|
|
|
Preferred
dividends
|
|
(514)
|
|
(509)
|
|
|
|
|
|
|
Net
income (loss) available to OfficeMax common
shareholders
|
|
$
(33,870)
|
|
$
2,907
|
|
|
|
|
|
|
Basic
income (loss) per common share:
|
|
$
(0.39)
|
|
$
0.03
|
|
|
|
|
|
|
Diluted
income (loss) per common share:
|
|
$
(0.39)
|
|
$
0.03
|
|
|
|
|
|
|
Weighted Average Shares
|
|
|
|
|
|
Basic
|
|
86,795
|
|
86,127
|
|
Diluted
|
|
86,795
|
|
87,333
|
|
|
|
|
|
|
|
|
|
|
|
(a)
The fourth quarter of 2012 included non-cash charges of $1.6
million to impair fixed assets associated with certain retail
stores, primarily in Mexico. Fourth quarter of 2011
included non-cash charges of $11.2 million to impair fixed assets
associated with certain retail stores in the U.S. These charges
reduced net income by $0.7 million and $6.8 million, or $0.01 and
$0.08 per diluted share for the fourth quarters of 2012 and 2011,
respectively.
|
|
(b)
The fourth quarter of 2012 included charges totaling $76.7 million
associated with the acceleration of pension expense related to
participant settlements ($56.4 million), store closures in the U.S
($14.1 million), and severance and other charges ($6.2 million)
primarily related to restructurings in the Canada, Australia, New
Zealand and U.S Contract businesses. Fourth quarter of 2011
included $6.6 million of severance charges, primarily related to
restructurings in the Australia, Canada and New Zealand sales and
supply chain organizations businesses. These items reduced net
income by $47.0 million and $4.7 million, or $0.54 and $0.05 per
diluted share for the fourth quarters of 2012 and 2011,
respectively.
|
|
OFFICEMAX
INCORPORATED AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(unaudited)
|
|
(thousands, except per-share amounts)
|
|
|
|
|
Year
Ended
|
|
|
December 29,
|
|
December 31,
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
Sales
|
|
$
6,920,384
|
|
$
7,121,167
|
|
Cost of
goods sold and occupancy costs
|
|
5,135,927
|
|
5,311,987
|
|
Gross profit
|
|
1,784,457
|
|
1,809,180
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
Operating,
selling and general and administrative expenses
|
|
1,645,245
|
|
1,690,967
|
|
Asset
impairments (a)
|
|
11,376
|
|
11,197
|
|
Other
operating expenses (b)
|
|
103,558
|
|
20,530
|
|
Total
operating expenses
|
|
1,760,179
|
|
1,722,694
|
|
|
|
|
|
|
Operating income
|
|
24,278
|
|
86,486
|
|
|
|
|
|
|
Other
income (expense):
|
|
|
|
|
|
Interest expense
|
|
(69,765)
|
|
(73,136)
|
|
Interest income
|
|
43,772
|
|
44,000
|
|
Gain on extinguishment of non-recourse debt (c)
|
|
670,766
|
|
-
|
|
Other income, net
|
|
489
|
|
287
|
|
|
645,262
|
|
(28,849)
|
|
|
|
|
|
|
Pre-tax
income
|
|
669,540
|
|
57,637
|
|
Income tax
expense
|
|
(248,722)
|
|
(19,517)
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to OfficeMax and noncontrolling
interest
|
|
420,818
|
|
38,120
|
|
Joint
venture results attributable to noncontrolling interest
|
|
(4,028)
|
|
(3,226)
|
|
|
|
|
|
|
Net
income attributable to OfficeMax
|
|
416,790
|
|
34,894
|
|
|
|
|
|
|
Preferred
dividends
|
|
(2,096)
|
|
(2,123)
|
|
|
|
|
|
|
Net
income available to OfficeMax common shareholders
|
|
$
414,694
|
|
$
32,771
|
|
|
|
|
|
|
Basic
income per common share:
|
|
$
4.79
|
|
$
0.38
|
|
|
|
|
|
|
Diluted
income per common share:
|
|
$
4.74
|
|
$
0.38
|
|
|
|
|
|
|
Weighted Average Shares
|
|
|
|
|
|
Basic
|
|
86,594
|
|
85,881
|
|
Diluted
|
|
87,939
|
|
86,997
|
|
|
|
|
|
|
|
|
|
|
|
(a)
2012 and 2011 included non-cash charges of $11.4 million and $11.2
million, respectively, to impair fixed assets associated primarily
with certain stores in the U.S. These items reduced net
income by $6.7 million and $6.8 million, or $0.08 per diluted share
for 2012 and 2011.
|
|
(b) 2012
included charges totaling $103.6 million associated with the
acceleration of pension expense related to participant settlements
($56.4 million), store closures in the U.S. ($41.0 million), and
severance and other charges ($6.2 million) primarily related to
restructurings in the Canada, Australia, New Zealand and U.S
contract business. 2011 included charges totaling $20.5
million associated with store closures in the U.S. ($5.6 million)
and severance charges ($14.9 million) related to reorganizations in
the Canada, Australia, New Zealand and U.S. sales and supply chain
organizations. The effect of these items reduced net income by
$64.0 million and $13.7 million or $0.73 and $0.16 per diluted
share, for 2012 and 2011, respectively.
|
|
(c)
2012 included a non-cash gain of $670.8 million related to an
agreement that legally extinguished the Company's non-recourse debt
guaranteed by Lehman Brothers Holdings, Inc. The gain
increased net income available to OfficeMax common shareholders by
$416.9 or $4.77 per diluted share.
|
|
OFFICEMAX
INCORPORATED AND SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(unaudited)
|
|
(thousands)
|
|
|
|
|
|
|
|
December 29,
|
|
December 31,
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
495,056
|
|
$
427,111
|
|
Receivables, net
|
|
528,279
|
|
558,635
|
|
Inventories
|
|
812,454
|
|
821,999
|
|
Deferred income taxes and receivables
|
|
68,568
|
|
63,382
|
|
Other current assets
|
|
79,527
|
|
67,847
|
|
Total current
assets
|
|
1,983,884
|
|
1,938,974
|
|
|
|
|
|
|
Property and equipment:
|
|
|
|
|
|
Property and equipment
|
|
1,338,837
|
|
1,308,637
|
|
Accumulated depreciation
|
|
(986,611)
|
|
(943,701)
|
|
Property and equipment,
net
|
|
352,226
|
|
364,936
|
|
|
|
|
|
|
Intangible
assets, net
|
|
80,765
|
|
81,520
|
|
Timber
notes receivable
|
|
817,500
|
|
899,250
|
|
Deferred
income taxes
|
|
108,759
|
|
370,439
|
|
Other
non-current assets
|
|
441,181
|
|
414,156
|
|
|
|
|
|
|
Total assets
|
|
$
3,784,315
|
|
$
4,069,275
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
699,636
|
|
$
654,918
|
|
Income taxes payable
|
|
4,222
|
|
9,553
|
|
Accrued liabilities and other
|
|
342,551
|
|
309,963
|
|
Current portion of debt
|
|
10,232
|
|
38,867
|
|
Total current
liabilities
|
|
1,056,641
|
|
1,013,301
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
225,962
|
|
229,323
|
|
Non-recourse debt
|
|
735,000
|
|
1,470,000
|
|
|
|
|
|
|
Other
long-term obligations:
|
|
|
|
|
|
Compensation and benefits
|
|
365,568
|
|
393,293
|
|
Other long-term liabilities
|
|
322,154
|
|
362,442
|
|
Total other long-term
liabilities
|
|
687,722
|
|
755,735
|
|
|
|
|
|
|
Noncontrolling interest in joint
venture
|
|
44,617
|
|
31,923
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
Preferred stock
|
|
27,391
|
|
28,726
|
|
Common stock
|
|
217,209
|
|
215,397
|
|
Additional paid-in capital
|
|
1,018,667
|
|
1,015,374
|
|
Accumulated deficit
|
|
(91,373)
|
|
(500,843)
|
|
Accumulated other comprehensive loss
|
|
(137,521)
|
|
(189,661)
|
|
Total
shareholders' equity
|
|
1,034,373
|
|
568,993
|
|
|
|
|
|
|
Total
liabilities and equity
|
|
$
3,784,315
|
|
$
4,069,275
|
|
|
|
|
|
|
|
OFFICEMAX INCORPORATED AND
SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(unaudited)
|
|
(thousands)
|
|
|
|
|
|
Year
Ended
|
|
December
29,
|
|
December
31,
|
|
2012
|
|
2011
|
|
Cash provided by
operations:
|
|
|
|
|
Net income attributable to
OfficeMax and noncontrolling interest
|
$
420,818
|
|
$
38,120
|
|
Items in net income not
using cash:
|
|
|
|
|
Depreciation and
amortization
|
74,124
|
|
84,218
|
|
Non-cash gain on
extinguishment of non-recourse debt
|
(670,766)
|
|
-
|
|
Non-cash impairment
charges
|
11,376
|
|
11,197
|
|
Pension and other
post-retirement benefits expense
|
57,076
|
|
8,328
|
|
Deferred income tax
expense
|
227,111
|
|
7,419
|
|
Other
|
47,857
|
|
11,450
|
|
Changes in operating assets
and liabilities:
|
|
|
|
|
Receivables
|
37,368
|
|
(14,674)
|
|
Inventory
|
20,508
|
|
17,269
|
|
Accounts payable and
accrued liabilities
|
59,956
|
|
(54,873)
|
|
Current and deferred
income taxes
|
(13,756)
|
|
(1,425)
|
|
Other
|
(86,471)
|
|
(53,350)
|
|
Cash provided
by operations
|
185,201
|
|
53,679
|
|
|
Cash used for
investment:
|
|
|
|
|
Expenditures for property
and equipment
|
(87,178)
|
|
(69,632)
|
|
Proceeds from sale of
assets
|
1,934
|
|
259
|
|
Cash used for
investment
|
(85,244)
|
|
(69,373)
|
|
|
Cash used for
financing:
|
|
|
|
|
Cash dividends
paid
|
(5,566)
|
|
(3,286)
|
|
Changes in debt,
net
|
(32,548)
|
|
(6,116)
|
|
Other
|
3,278
|
|
(8,550)
|
|
Cash used for
financing
|
(34,836)
|
|
(17,952)
|
|
|
Effect of exchange rates
on cash and cash equivalents
|
2,824
|
|
(1,569)
|
|
Increase (decrease) in
cash and cash equivalents
|
67,945
|
|
(35,215)
|
|
Cash and cash
equivalents at beginning of period
|
427,111
|
|
462,326
|
|
|
Cash and cash
equivalents at end of period
|
$
495,056
|
|
$
427,111
|
|
|
|
|
|
OFFICEMAX
INCORPORATED AND SUBSIDIARIES
|
|
CONTRACT
SEGMENT STATEMENTS OF OPERATIONS
|
|
(unaudited)
|
|
(millions,
except per-share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
December 29,
|
|
|
|
December 31,
|
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
$
885.4
|
|
|
|
$
934.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
202.0
|
|
22.8%
|
|
207.1
|
|
22.2%
|
|
Operating,
selling and general and administrative expenses
|
|
178.9
|
|
20.2%
|
|
179.2
|
|
19.2%
|
|
Segment
income
|
|
|
$
23.1
|
|
2.6%
|
|
$
28.0
|
|
3.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
December 29,
|
|
|
|
December 31,
|
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
$
3,605.8
|
|
|
|
$
3,624.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
814.3
|
|
22.6%
|
|
809.5
|
|
22.3%
|
|
Operating,
selling and general and administrative expenses
|
|
711.9
|
|
19.7%
|
|
731.8
|
|
20.3%
|
|
Segment
income
|
|
|
$
102.4
|
|
2.8%
|
|
$
77.7
|
|
2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Totals may not sum down due to rounding.
|
|
|
|
|
|
Note: Management evaluates the segments'
performances using segment income which is based on operating
income after eliminating the effect of certain operating items that
are not indicative of our core operations such as an accelerated
pension expense related to participant settlements, facility
closures and adjustments, asset impairments and severance. These
certain operating items are reported on the other operating
expenses line in the Consolidated Statements of
Operations.
|
|
OFFICEMAX
INCORPORATED AND SUBSIDIARIES
|
|
RETAIL
SEGMENT STATEMENTS OF OPERATIONS
|
|
(unaudited)
|
|
(millions,
except per-share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
December 29,
|
|
|
|
December 31,
|
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
$
815.1
|
|
|
|
$
901.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
229.8
|
|
28.2%
|
|
242.8
|
|
26.9%
|
|
Operating,
selling and general and administrative expenses
|
|
213.3
|
|
26.2%
|
|
229.6
|
|
25.5%
|
|
Segment
income
|
|
|
$
16.5
|
|
2.0%
|
|
$
13.2
|
|
1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
December 29,
|
|
|
|
December 31,
|
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
$
3,314.6
|
|
|
|
$
3,497.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
970.2
|
|
29.3%
|
|
999.7
|
|
28.6%
|
|
Operating,
selling and general and administrative expenses
|
|
900.3
|
|
27.2%
|
|
924.4
|
|
26.4%
|
|
Segment
income
|
|
|
$
69.9
|
|
2.1%
|
|
$
75.3
|
|
2.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Totals may not sum down due to rounding.
|
|
|
|
Note: Management evaluates the segments'
performances using segment income which is based on operating
income after eliminating the effect of certain operating items that
are not indicative of our core operations such as an accelerated
pension expense related to participant settlements, facility
closures and adjustments, asset impairments and severance. These
certain operating items are reported on the other operating
expenses line in the Consolidated Statements of
Operations.
|
Reconciliation of non-GAAP Measures to GAAP Measures
In addition to assessing our operating performance as reported
under U.S. generally accepted accounting principles ("GAAP"), we
evaluate our results of operations before non-operating legacy
items, such as the gain related to an agreement that legally
extinguished our non-recourse debt guaranteed by Lehman, and
certain operating items that are not indicative of our core
operating activities such as accelerated pension expense related to
participant settlements, facility closures and adjustments, asset
impairments and severance. We believe our presentation of financial
measures before, or excluding, these items, which are non-GAAP
measures, enhances our investors' overall understanding of our
operational performance and provides useful information to both
investors and management to evaluate the ongoing operations and
prospects of OfficeMax by providing better comparisons. Whenever we
use non-GAAP financial measures, we designate these measures as
"adjusted" and provide a reconciliation of the non-GAAP financial
measures to the most closely applicable GAAP financial measure.
Investors are encouraged to review the related GAAP financial
measures and the reconciliation of these non-GAAP financial
measures to their most directly comparable GAAP financial measure.
In the following tables, we reconcile our non-GAAP financial
measures to our reported GAAP financial results.
Although we believe the non-GAAP financial measures enhance an
investor's understanding of our performance, our management does
not itself, nor does it suggest that investors should, consider
such non-GAAP financial measures in isolation from, or as a
substitute for, financial information prepared in accordance with
GAAP. The non-GAAP financial measures we use may not be consistent
with the presentation of similar companies in our industry.
However, we present such non-GAAP financial measures in reporting
our financial results to provide investors with an additional tool
to evaluate our operating results in a manner that focuses on what
we believe to be our ongoing business operations.
|
OFFICEMAX
INCORPORATED AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
NON-GAAP
RECONCILIATION - OPERATING RESULTS
|
|
(unaudited)
|
|
(millions,
except per-share amounts)
|
|
|
|
Quarter Ended
|
|
|
December
29, 2012
|
|
December
31, 2011
|
|
|
As
|
|
|
|
As
|
|
As
|
|
|
|
As
|
|
|
Reported
|
|
Adjustments
|
|
Adjusted
|
|
Reported
|
|
Adjustments
|
|
Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$1,700.5
|
|
$
-
|
|
$1,700.5
|
|
$1,835.8
|
|
|
|
$1,835.8
|
|
Cost of
goods sold and occupancy costs
|
|
1,268.7
|
|
-
|
|
1,268.7
|
|
1,385.8
|
|
|
|
1,385.8
|
|
Gross profit
|
|
431.8
|
|
-
|
|
431.8
|
|
449.9
|
|
-
|
|
449.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating,
selling and general and administrative expenses
|
|
403.6
|
|
-
|
|
403.6
|
|
419.6
|
|
|
|
419.6
|
|
Asset
impairments (a)
|
|
1.6
|
|
(1.6)
|
|
-
|
|
11.2
|
|
(11.2)
|
|
-
|
|
Other
operating expenses (b)
|
|
76.7
|
|
(76.7)
|
|
-
|
|
6.6
|
|
(6.6)
|
|
-
|
|
Total
operating expenses
|
|
481.9
|
|
(78.2)
|
|
403.6
|
|
437.4
|
|
(17.8)
|
|
419.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(50.1)
|
|
78.2
|
|
28.1
|
|
12.6
|
|
17.8
|
|
30.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
(17.1)
|
|
-
|
|
(17.1)
|
|
(18.4)
|
|
-
|
|
(18.4)
|
|
Interest income
|
|
11.0
|
|
-
|
|
11.0
|
|
11.1
|
|
-
|
|
11.1
|
|
|
(6.1)
|
|
-
|
|
(6.1)
|
|
(7.3)
|
|
-
|
|
(7.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income (loss)
|
|
(56.2)
|
|
78.2
|
|
22.0
|
|
5.2
|
|
17.8
|
|
23.0
|
|
Income tax
benefit (expense)
|
|
23.5
|
|
(30.1)
|
|
(6.6)
|
|
(1.7)
|
|
(6.3)
|
|
(8.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate
|
|
41.8%
|
|
|
|
30.0%
|
|
32.7%
|
|
|
|
34.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to OfficeMax and noncontrolling
interest
|
|
(32.7)
|
|
48.1
|
|
15.4
|
|
3.5
|
|
11.5
|
|
15.0
|
|
Joint
venture results attributable to noncontrolling interest
|
|
(0.7)
|
|
(0.4)
|
|
(1.0)
|
|
(0.1)
|
|
-
|
|
(0.1)
|
|
Net
income (loss) attributable to OfficeMax
|
|
(33.4)
|
|
(47.8)
|
|
14.4
|
|
3.4
|
|
11.5
|
|
14.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
dividends
|
|
(0.5)
|
|
-
|
|
(0.5)
|
|
(0.5)
|
|
-
|
|
(0.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) available to OfficeMax common
shareholders
|
|
$
(33.9)
|
|
$
47.8
|
|
$
13.9
|
|
$
2.9
|
|
$
11.5
|
|
$
14.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
income (loss) per common share:
|
|
$
(0.39)
|
|
$
0.55
|
|
$
0.16
|
|
$
0.03
|
|
$
0.13
|
|
$
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
income (loss) per common share:
|
|
$
(0.39)
|
|
$
0.55
|
|
$
0.16
|
|
$
0.03
|
|
$
0.13
|
|
$
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
86,795
|
|
|
|
86,795
|
|
86,127
|
|
|
|
86,127
|
|
Diluted
|
|
86,795
|
|
|
|
87,689
|
|
87,333
|
|
|
|
87,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Totals may not sum down or across due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
The fourth quarter of 2012 included non-cash charges of $1.6
million to impair fixed assets associated with certain retail
stores, primarily in Mexico. Fourth quarter of 2011
included non-cash charges of $11.2 million to impair fixed assets
associated with certain retail stores in the U.S. These charges
reduced net income by $0.7 million and $6.8 million, or $0.01 and
$0.08 per diluted share for the fourth quarters of 2012 and 2011,
respectively.
|
|
(b)
The fourth quarter of 2012 included charges totaling $76.7 million
associated with the acceleration of pension expense related to
participant settlements ($56.4 million), store closures in the U.S
($14.1 million), and severance and other charges ($6.2 million)
primarily related to restructurings in the Canada, Australia, New
Zealand and U.S Contract businesses. Fourth quarter of 2011
included $6.6 million of severance charges, primarily related to
restructurings in the Australia, Canada and New Zealand sales and
supply chain organizations businesses. These items reduced net
income by $47.0 million and $4.7 million, or $0.54 and $0.05 per
diluted share for the fourth quarters of 2012 and 2011,
respectively.
|
|
OFFICEMAX
INCORPORATED AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
NON-GAAP
RECONCILIATION - OPERATING RESULTS
|
|
(unaudited)
|
|
(millions,
except per-share amounts)
|
|
|
|
Year
Ended
|
|
|
December
29, 2012
|
|
December
31, 2011
|
|
|
As
|
|
|
|
As
|
|
As
|
|
|
|
As
|
|
|
Reported
|
|
Adjustments
|
|
Adjusted
|
|
Reported
|
|
Adjustments
|
|
Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$6,920.4
|
|
$
-
|
|
$6,920.4
|
|
$7,121.2
|
|
$
-
|
|
$7,121.2
|
|
Cost of
goods sold and occupancy costs
|
|
5,135.9
|
|
-
|
|
5,135.9
|
|
5,312.0
|
|
-
|
|
5,312.0
|
|
Gross profit
|
|
1,784.5
|
|
-
|
|
1,784.5
|
|
1,809.2
|
|
-
|
|
1,809.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating,
selling and general and administrative expenses
|
|
1,645.2
|
|
-
|
|
1,645.2
|
|
1,691.0
|
|
-
|
|
1,691.0
|
|
Asset
impairments (a)
|
|
11.4
|
|
(11.4)
|
|
-
|
|
11.2
|
|
(11.2)
|
|
-
|
|
Other
operating expenses (b)
|
|
103.6
|
|
(103.6)
|
|
-
|
|
20.5
|
|
(20.5)
|
|
-
|
|
Total
operating expenses
|
|
1,760.2
|
|
(114.9)
|
|
1,645.2
|
|
1,722.7
|
|
(31.7)
|
|
1,691.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
24.3
|
|
114.9
|
|
139.3
|
|
86.5
|
|
31.7
|
|
118.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
(69.8)
|
|
-
|
|
(69.8)
|
|
(73.1)
|
|
-
|
|
(73.1)
|
|
Interest income
|
|
43.8
|
|
-
|
|
43.8
|
|
44.0
|
|
-
|
|
44.0
|
|
Gain on extinguishment of non-recourse debt (c)
|
|
670.8
|
|
(670.8)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Other income, net
|
|
0.5
|
|
-
|
|
0.5
|
|
0.3
|
|
-
|
|
0.3
|
|
|
645.3
|
|
(670.8)
|
|
(25.5)
|
|
(28.8)
|
|
-
|
|
(28.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income
|
|
669.5
|
|
(555.8)
|
|
113.7
|
|
57.6
|
|
31.7
|
|
89.4
|
|
Income tax
expense
|
|
(248.7)
|
|
210.0
|
|
(38.8)
|
|
(19.5)
|
|
(11.2)
|
|
(30.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate
|
|
37.1%
|
|
|
|
34.1%
|
|
33.9%
|
|
|
|
34.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to OfficeMax and noncontrolling
interest
|
420.8
|
|
(345.9)
|
|
75.0
|
|
38.1
|
|
20.5
|
|
58.7
|
|
Joint
venture results attributable to noncontrolling
interest
|
|
(4.0)
|
|
(0.4)
|
|
(4.4)
|
|
(3.2)
|
|
-
|
|
(3.2)
|
|
Net
income attributable to OfficeMax
|
|
416.8
|
|
(346.2)
|
|
70.6
|
|
34.9
|
|
20.5
|
|
55.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
dividends
|
|
(2.1)
|
|
-
|
|
(2.1)
|
|
(2.1)
|
|
-
|
|
(2.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income available to OfficeMax common shareholders
|
|
$
414.7
|
|
$
(346.2)
|
|
$
68.5
|
|
$
32.8
|
|
$
20.5
|
|
$
53.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
income per common share:
|
|
$
4.79
|
|
$
(4.00)
|
|
$
0.79
|
|
$
0.38
|
|
$
0.24
|
|
$
0.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
income per common share:
|
|
$
4.74
|
|
$
(3.96)
|
|
$
0.78
|
|
$
0.38
|
|
$
0.24
|
|
$
0.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
86,594
|
|
|
|
86,594
|
|
85,881
|
|
|
|
85,881
|
|
Diluted
|
|
87,939
|
|
|
|
87,421
|
|
86,997
|
|
|
|
86,997
|
|
|
Note:
Totals may not sum down or across due to rounding.
|
|
|
(a)
2012 and 2011 included non-cash charges of $11.4 million and $11.2
million, respectively, to impair fixed assets associated primarily
with certain stores in the U.S. These items reduced net
income by $6.7 million and $6.8 million, or $0.08 per diluted share
for 2012 and 2011.
|
|
|
(b) 2012
included charges totaling $103.6 million associated with the
acceleration of pension expense related to participant settlements
($56.4 million), store closures in the U.S. ($41.0 million), and
severance and other charges ($6.2 million) primarily related to
restructurings in the Canada, Australia, New Zealand and U.S
contract business. 2011 included charges totaling $20.5
million associated with store closures in the U.S. ($5.6 million)
and severance charges ($14.9 million) related to reorganizations in
the Canada, Australia, New Zealand and U.S. sales and supply chain
organizations. The effect of these items reduced net income by
$64.0 million and $13.7 million or $0.73 and $0.16 per diluted
share, for 2012 and 2011, respectively.
|
|
|
(c)
2012 included a non-cash gain of $670.8 million related to an
agreement that legally extinguished the Company's non-recourse debt
guaranteed by Lehman Brothers Holdings, Inc. The gain
increased net income available to OfficeMax common shareholders by
$416.9 or $4.77 per diluted share.
|
|
|
OFFICEMAX
INCORPORATED AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
NON-GAAP
RECONCILIATION - SALES
|
|
(unaudited)
|
|
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
December 29,
|
|
December 31,
|
|
Percent
|
|
|
2012
|
|
2011
|
|
Change
|
|
Sales as
reported
|
|
$
1,700.5
|
|
$
1,835.8
|
|
-7.4%
|
|
Adjustment
for favorable impact of change in foreign exchange rates
(a)
|
|
$
(13.5)
|
|
$
-
|
|
|
|
Sales
adjusted for impact of change in foreign exchange rates
|
|
$
1,687.0
|
|
$
1,835.8
|
|
-8.1%
|
|
Adjustment
for impact of 53rd week (b)
|
|
$
-
|
|
$
(86.3)
|
|
|
|
Adjustment
for same store and shift in weeks (c)
|
|
$
(6.1)
|
|
$
(22.8)
|
|
|
|
Sales
adjusted for impact of change in foreign exchange rates and
adjustment for same stores and shift in weeks
|
|
$
1,680.9
|
|
$
1,726.7
|
|
-2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
December 29,
|
|
December 31,
|
|
Percent
|
|
|
2012
|
|
2011
|
|
Change
|
|
Sales as
reported
|
|
$
6,920.4
|
|
$
7,121.2
|
|
-2.8%
|
|
Adjustment
for unfavorable impact of change in foreign exchange rates
(a)
|
|
$
15.2
|
|
$
-
|
|
|
|
Sales
adjusted for impact of change in foreign exchange rates
|
|
$
6,935.6
|
|
$
7,121.2
|
|
-2.6%
|
|
Adjustment
for impact of 53rd week (b)
|
|
$
-
|
|
$
(86.3)
|
|
|
|
Adjustment
for same store and shift in weeks (c)
|
|
$
(40.7)
|
|
$
(81.6)
|
|
|
|
Sales
adjusted for impact of change in foreign exchange rates and
adjustment for same stores and shift in weeks
|
|
$
6,894.9
|
|
$
6,953.2
|
|
-0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Totals may not sum down due to rounding.
|
|
|
|
|
|
|
|
|
(a)
Computed by assuming constant currency exchange rates between
periods.
|
|
(b)
Adjustment for the impact of the 53rd week of sales in
2011.
|
|
(c) Impact
from stores closed and opened during 2012 and 2011 and the shift in
calendar weeks resulting from reporting 53 weeks in fiscal
2011.
|
SOURCE OfficeMax Incorporated