OfficeMax Inc.'s (OMX) first-quarter net income available to common shareholders surged to $56.3 million, or $0.64 per share, from $4.9 million, or $0.06 per share, a year ago. On an adjusted basis, net income available to OfficeMax common shareholders was $10.1 million, or $0.11 per share. On average, 14 analysts polled by Thomson Reuters expected earnings per share of $0.23 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly total sales were $1.77 billion, as compared with $1.87 billion in the first quarter of 2012. Analysts estimated revenues of $1.83 billion for the quarter. Excluding the impact of changes in foreign exchange rates, the impact of stores closed and opened, and the difference in the number of business days in the quarter compared with last year, adjusted sales for the recent period decreased 4.3% year-over-year.
Based on the current environment, OfficeMax sees total company sales for the second quarter to be lower than the second quarter of 2012, including the projected favorable impact of foreign currency translation.
For the year 2013, OfficeMax expects total company sales to be lower than the prior year period, including the projected favorable impact of foreign currency translation.
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