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officemax inc (OMX) Snapshot

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officemax inc (OMX) Latest News

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Office Depot agrees to sell retail venture in Mexico [Sun Sentinel]
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officemax inc (OMX) Key Developments

OfficeMax Workplace Expands Networking Services to Help Customers Streamline Their Technology Work Environments

OfficeMax Workplace(SM), the U.S. business-to-business division of OfficeMax(R) Incorporated announced it has expanded its IT Lifecycle Management Services with the addition of HP Networking to deliver more world-class solutions to enterprise, medium and small business customers. The addition of HP Networking solutions expands OfficeMax Workplace's Lifecycle Management Services portfolio that already includes technology offerings from Motorola and Cisco. The move provides organizations with more options to modernize their wireless and wired networks, increase productivity, unify digital communications and grow their networking capacity. It is also one of many steps by OfficeMax Workplace to provide organizations with industry-leading solutions to streamline their workplace.

Officemax Shareholder Takes Legal Action Against Office Depot Deal

Eric Hollander, a shareholder OfficeMax Inc, has filed a lawsuit against the firm's directors over breaching their fiduciary duties in agreeing to the takeover by rival Office Depot Inc.

OfficeMax Incorporated Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 30, 2013; Provides Earnings Guidance for the Second Quarter and Full Year of 2013; to Open 4 Store in Mexico; to Close 15 to 20 Stores in 2013

OfficeMax Incorporated announced unaudited consolidated earnings results for the first quarter ended March 30, 2013. For the period, the company reported sales of $1,766,729,000 against $1,872,912,000 a year ago. Operating income was $101,897,000 against $17,848,000 a year ago. Pre-tax income was $96,325,000 against $10,543,000 a year ago. Net income attributable to the company was $56,842,000 against $5,388,000 a year ago. Net income available to common shareholders was $56,335,000 against $4,858,000 a year ago. Diluted income per common share was $0.64 against $0.06 a year ago. Cash provided by operations was $32,860,000 against $86,508,000 a year ago. Expenditures for property and equipment were $28,363,000 against $15,532,000 a year ago. Adjusted operating income was $22.4 million against $41.0 million a year ago. Adjusted pre-tax income was $16.8 million against $33.7 million a year ago. Adjusted net income attributable to company was $10.6 million against $19.6 million a year ago. Adjusted net income available to common shareholders was $10.1 million against $19.0 million a year ago. Adjusted diluted income per common share was $0.11 against $0.22 a year ago. Year-over-year total company sales trends in April continued to be negative, yet slightly improved compared to the first quarter. Based on the current environment, OfficeMax anticipates that total company sales for the second quarter will be lower than the second quarter of 2012, including the projected favorable impact of foreign currency translation. Additionally, OfficeMax anticipates that for the second quarter of 2013, operating income margin will remain positive, but significantly lower than the adjusted margin for the prior year period. Flat gross margin rate for the second quarter compared to the 25.6% rate in the prior year period despite the expiration of the approximately $3 million favorable purchase accounting for leases. Adjusted operating income margin in the second half of 2013 anticipated to be better than the second half of the prior year. For the full year of 2013, the company anticipates that total company sales will be lower than the prior year period, including the projected favorable impact of foreign currency translation. Year-over-year sales declines are expected to continue throughout the year, but at a less negative rate than the first quarter of 2013. For the full year 2013, company anticipates that operating income margin will be lower than the adjusted margin for the prior year, but higher than the adjusted margin for the first quarter of 2013. Capital expenditures of approximately $80 to $90 million, primarily related to investments in IT, ecommerce, infrastructure improvements, and maintenance. Depreciation & amortization expected approximately $75 to $80 million. Adjusted effective tax rate is expected approximately 34%. Cash flow from operations, excluding costs related to pending merger with office depot, to exceed capital expenditures. Outlook for operating income margin for both the second quarter and full year 2013 includes the negative impact from the expiration of the favorable purchase accounting for leases related to the 2003 acquisition of the U.S. Retail business, and discontinuation of dividend income due to the redemption of a Boise Cascade Holdings L.L.C. investment security. Together these items reduce 2013 adjusted operating income by approximately $18 million for the full year. Adjusted operating income margin for the full year 2013 is anticipated to be lower than the adjusted margin rate in 2012, but higher than the adjusted margin rate for the first quarter of 2013. The company expects a total of 4 store openings in Mexico. The company also expects to close a total of 15 to 20 stores in 2013, along with selective relocations and downsizes.

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Officemax Inc Stock

OfficeMax Incorporated, together with its subsidiaries, distributes business-to-business and retail office products. Its Contract segment markets and sells office supplies and paper, technology products and solutions, office furniture, and print and document services directly to large corporate and government offices, as well as to small and medium-sized offices through field salespeople, outbound telesales, catalogs, Internet, and office products stores. As of December 31, 2010, this segment operated 44 distribution centers in the United States, Puerto Rico, Canada, Australia, and New Zealand; 4 customer service and outbound telesales centers in the United States; and 53 office products stores in Canada, Hawaii, Australia, and New Zealand. The company’s Retail segment markets and sells office supplies and paper, print and document services, technology products and solutions, and office furniture to small and medium-sized businesses and consumers through a network of retail stores. It operates 997 stores in the United States and Mexico, 3 large distribution centers in the United States, and 1 small distribution center in Mexico. The company was formerly known as Boise Cascade Corporation and changed its name to OfficeMax Incorporated in October 2004. OfficeMax Incorporated was founded in 1913 and is headquartered in Naperville, Illinois.
OfficeMax Unveils Black Friday Deals, with Doorbuster Events Starting 8 P.M. Thanksgiving Day
[at noodls] - Three Days of Big Holiday Deals In-store and Online, Including Three Doorbuster Savings Events; Discounts on Popular Gift Cards; and Hot Prices on Tablets, Touch Laptops, Tech and Smartphone Accessories ...
OfficeMax to Withdraw American & Foreign Power Company Inc. Debentures, 5% Series Due 2030 from Listing on the NYSE
[at noodls] - Dateline: NAPERVILLE, Ill. & BOCA RATON, Fla. ... This is an abstract of the original noodl. To continue reading this document, click here for the original version.
Illinois Taxes Could Sway Office Depot to Stay in Florida
[at Fox Business] - As it searches for a permanent home, Office Depot is said to be waiting on a bill to provide tax relief in Illinois, where OfficeMax is located.
MAPLEBY HOLDINGS MERGER CORP Files SEC form 8-K, Termination of a Material Definitive Agreement, Completion of Acquis
Will the Office Depot-OfficeMax Merger Supply Success?
[at Wall St. Cheat Sheet] - OfficeMax and Office Depot have completed a merger, creating Office Depot Inc. Will that be enough to fight of online and brick-and-mortar store competition?
Same Old Issues Haunt the New Office Depot
[at TheStreet] - In what was described in a joint press release as a "merger of equals," the union of Office Depot became official today, less than a week after the companies received approval from the Federal Trade Commission. The same problem will remain for the business supply retailer, however, namely competition from Amazon Last year, Amazon launched, a supply site for businesses.
Office Depot
[at TheStreet] - Going forward, the combined company will trade under the Office Depot brand and use Office Depot's New York Stock Exchange-listed ticker. Office Depot reported earnings of 2 cents a share on revenue of $2.62 billion. OfficeMax reported earnings of 15 cents a share, 7 cents short of expectations, on $1.66 billion in revenue. Office Depot reported total sales down 3% compared to a year earlier, while OfficeMax saw a 4.6% decline.
OfficeMax Earnings Fall, Merges with Office Depot
[Zacks] - Sluggish economic conditions coupled with reduced sales of technology products and soft margins in the Contract business resulted in lower-than-anticipated third-quarter 2013 results at OfficeMax that ...
Ahead of the Bell: Office Depot, OfficeMax join
[AP] - Office Depot and OfficeMax Inc. have completed their $1.2 billion merger and the combined office products supplier will begin trading Wednesday under the symbol ODP on the New York Stock Exchange. The ...
Office Depot closes deal to buy OfficeMax
[Reuters] - Office Depot Inc on Tuesday closed its deal to buy smaller rival OfficeMax Inc but both U.S. office retailers reported third-quarter results that missed Wall Street's profit targets, underscoring the challenges the combined company will face. The retailers also named the two firms' chief executives as co-CEOs of the combined company while the search continues for a permanent replacement. It aims at cutting costs, consolidating stores, boosting clout with suppliers and improving their chances of fighting market leader Staples Inc, as well as online and discount rivals. Janney Capital Markets analyst David Strasser had expected the combined company to name a new CEO today, but did not read too much into the company not doing so.

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