OfficeMax Inc. (Itasca, Ill.) has reported a 96 percent drop in net income for its first quarter of 2005.
However, financial results in the 2004 quarters included the results of paper, forest products and timberland assets, which were sold in October 2004.
During the first quarter of 2005, OfficeMax incurred special items, including a loss from discontinued operations and certain expenses, which it said it does not expect to be ongoing. Excluding these special items, the net income drop was really 29.8 percent.
Sales in the quarter fell 34 percent. The company said the sales decline was primarily due to sales from its Boise Building Solutions and Boise Paper Solutions segments that were included in 2004 but not in the 2005 quarter.
or the OfficeMax retail segment fell 2 percent from a year earlier.