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OfficeMax delays 3Q earnings release

10/30/2008

NAPERVILLE, Ill. OfficeMax announced that it has delayed the release of its full 2008 third quarter earnings results so that the company can complete its analysis of the non-cash impairment charge caused by the bankruptcy of Lehman Brothers Holdings. OfficeMax continues to expect no adverse impact on its operations or liquidity as a result of the Lehman bankruptcy based on additional review completed since issuing its Sept. 19 press release.

Total sales in the third quarter of 2008 decreased approximately 9.5% to approximately $2.1 billion compared to the third quarter of 2007.

OfficeMax retail segment sales were approximately $1.05 billion in the third quarter of 2008, reflecting a same-store sales decrease of about 11.1% partly offset by sales from new stores. Retail same-store sales for the third quarter of 2008 declined across all major product categories due to weaker U.S. consumer and small business spending. Retail segment operating income for the third quarter of 2008 was approximately $29.1 million, or about 2.8% of sales, compared to operating income of $45.3 million, or 4.0% of sales, in the third quarter of 2007.

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