|
|
News Breaks | | | | February 12, 2013 | | 05:21 EDT |  | OMX | OfficeMax to receive about $129M cash from Boise Cascade Holdings
OfficeMax announced that it will receive approximately $129M in cash proceeds on February 12 related to its October 2004 investment in Boise Cascade Holdings, or BCH. Since 2004, OfficeMax has held two classes of securities in BCH, non-voting equity securities, the Series A Units, and voting equity securities, the Series B Units. BCH will redeem all of the Series A Units held by OfficeMax for $112M, equal to the original investment amount of $66M plus $46M of total accrued dividends. As previously disclosed, OfficeMax had been recording income earned from the 8% annual dividend yield on the Series A Units as a reduction of operating, selling and general and administrative expenses in its Corporate & Other segment. This dividend income will cease upon completion of the redemption of the Series A Units on February 12. OfficeMax also continues to hold a 20.4% ownership interest in the Series B Units of BCH, which do not accrue any dividend. OfficeMax has accounted for the Series B Units under the cost method as a $109M investment on its consolidated balance sheet since October 2004. BCH has declared a distribution of approximately $85M payable on February 12 to the holders of its Series B Units, of which OfficeMax's share of proceeds is approximately $17M. This distribution on the Series B Units will be recognized as income by OfficeMax and will not reduce the $109M investment amount. | |
|
News For OMX From The Last 14 Days Check below for free stories on OMX the last two weeks. |
|
|
| May 7, 2013 | | 10:58 EDT | | OMX | OfficeMax sees sales declines at less negative rate than in Q1 for rest of year
Says sales weakness that experienced in late 2012 deepened more than expected in Q1. Sees cost synergy opportunity of $400M-$600M by the third year following close of Office Depot (ODP) transaction. Says will continue to make investments in e-commerce platform. Sees sales declines continuing through the year, but at less negative rate than in Q1. Says expects to close a total of 15-20 stores this year, along with selective relocations and downsizes. Says will introduce smaller format store in 2013 in Milwaukee and Portland as pilot program, says new format stores geared specifically towards small business customers. Comments made on the Q1 earnings conference call. | | | 07:11 EDT |  | OMX | OfficeMax sees FY13 revenue to be lower than FY12, consensus $6.88B
 Subscribe for More Information | | | 07:10 EDT | | OMX | OfficeMax sees Q2 revenue to be lower than a year ago, consensus $1.59B
Sees April sales trends continue to be negative. Sees Q2 total company sales to be lower than a year ago, including favorable impact of foreign currency translation. The company also expects Q2 operating income margin to remain positive, but signifancatly lower than the adjusted margin for hte prior year period. | | | 07:09 EDT | | OMX | OfficeMax reports Q1 adjusted EPS 11c, consensus 23c
Subscribe for More Information | | | 07:06 EDT | | OMX | OfficeMax announces special dividend of $1.50 per common share
Subscribe for More Information | |
|
|
|
|
|
|
