WASHINGTON (dpa-AFX) - OfficeMax Inc. (OMX) reported a fall in first-quarter net income available to common shareholders to $4.9 million, or $0.06 per share, from $11.4 million, or $0.13 per share last year. Quarterly adjusted net income available to OfficeMax common shareholders amounted to $20.3 million or $0.23 per share. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $0.16 for the quarter. Analysts' estimates typically exclude one-time items.
Total sales for the period were $1.87 billion, a 0.5% increase from $1.86 billion in the first quarter of 2011. Ten analysts estimated revenues of $1.87 billion for the quarter.
The company said the first quarter 2012 results include charges recorded in its Retail segment related to store closures in the U.S.
Looking ahead to the second quarter, OfficeMax anticipates that total company sales would be flat to slightly lower as compared with 2011 second quarter, including the impact of foreign currency translation. Additionally, OfficeMax sees second-quarter 2012 adjusted operating income margin to be about in line with the 1.1% for the prior-year period, reflecting minimal incentive compensation expense in the second quarter of 2011.
For 2012, the company projects total company sales to be flat to slightly higher than last year, including the projected favorable impact of foreign currency translation in 2012 and excluding the additional week in 2011. Also, OfficeMax sees adjusted operating income margin to be approximately in line with, to slightly higher than, the 1.7% for the prior year.
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