OfficeMax 2005 Annual Report Download - page 51

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
OfficeMax Incorporated and Subsidiaries
Consolidated Statements of Income (Loss)
Year Ended December 31
2005 2004 2003
(thousands, except per-share amounts)
Sales ............................................... $9,157,660 $ 13,270,196 $ 8,245,098
Costs and expenses
Materials, labor and other operating expenses .................... 6,923,911 10,361,090 6,624,575
Depreciation, amortization and cost of company timber harvested ........ 151,145 354,982 307,849
Selling and distribution expenses ............................. 1,730,231 1,948,106 948,955
General and administrative expenses .......................... 288,636 304,658 158,786
Other (income) expense, net ................................ 59,505 (83,740) 35,786
9,153,428 12,885,096 8,075,951
Gain on sale of forest products assets .......................... — 280,558 —
Equity in net income of affiliates ............................ 5,460 6,311 8,822
Income from operations .................................. 9,692 671,969 177,969
Debt retirement expense .................................. (14,391) (137,137) —
Interest expense ........................................ (128,504) (151,939) (132,545)
Interest income ........................................ 97,272 14,093 1,186
Timber notes securitization ................................. — (19,000) —
Other, net ............................................ (1,685) 1,456 2,630
(47,308) (292,527) (128,729)
Income (loss) from continuing operations before income taxes, minority
interest and cumulative effect of accounting changes ............ (37,616) 379,442 49,240
Income tax provision ..................................... (1,226) (142,291) (13,860)
Income (loss) from continuing operations before minority interest and
cumulative effect of accounting changes ..................... (38,842) 237,151 35,380
Minority interest, net of income tax ............................ (2,370) (3,026) —
Income (loss) from continuing operations before cumulative effect of
accounting changes ................................... (41,212) 234,125 35,380
Discontinued operations
Operating loss ....................................... (24,416) (32,095) (29,943)
Write-down of assets ................................... (28,243) (67,841) —
Income tax benefit ..................................... 20,109 38,869 11,638
Loss from discontinued operations .......................... (32,550) (61,067) (18,305)
Income (loss) before cumulative effect of accounting changes ........ (73,762) 173,058 17,075
Cumulative effect of accounting changes, net of income tax ............ — — (8,803)
Net income (loss) ...................................... (73,762) 173,058 8,272
Preferred dividends ...................................... (4,378) (11,917) (13,061)
Net income (loss) applicable to common shareholders ............. $ (78,140) $ 161,141 $ (4,789)
Basic income (loss) per common share
Continuing operations ................................... $ (0.58) $ 2.55 $ 0.37
Discontinued operations ................................. (0.41) (0.70) (0.30)
Cumulative effect of accounting changes, net of income tax .......... — — (0.15)
Basic income (loss) per common share ....................... $ (0.99) $ 1.85 $ (0.08)
Diluted income (loss) per common share
Continuing operations ................................... $ (0.58) $ 2.44 $ 0.37
Discontinued operations ................................. (0.41) (0.67) (0.30)
Cumulative effect of accounting changes, net of income tax .......... — — (0.15)
Diluted income (loss) per common share ...................... $ (0.99) 1.77 $ (0.08)
See accompanying notes to consolidated financial statements.
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