OfficeMax 2007 Annual Report Download - page 23

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Year Ended (millions, except per-share amounts)
December 29, 2007 December 30, 2006 December 31, 2005
As Special As As Special As As Special As
Reported Items Adjusted Reported Items Adjusted Reported Items Adjusted
Segment Sales
OfficeMax, Contract ........... $4,816.1 $4,816.1 $4,714.5 $4,714.5 $4,628.6 $4,628.6
OfficeMax, Retail ............. 4,265.9 4,265.9 4,251.2 4,251.2 4,529.1 4,529.1
9,082.0 9,082.0 8,965.7 8,965.7 9,157.7 9,157.7
Segment Income (loss)
Office, Contract .............. $ 207.9 $ — $ 207.9 $ 197.7 $ 10.3(a) $ 208.0 $ 100.3 $15.2(a),(i) $ 115.5
OfficeMax, Retail ............. 173.7 — 173.7 86.3 89.5(b) 175.8 27.9 17.9(h) 45.8
Corporate and Other .......... (37.4) — (37.4) (118.0) 46.4(c) (71.6) (118.5) 56.9(c),(j) (61.6)
Operating income (loss) ........ 344.2 — 344.2 166.0 146.2 312.2 9.7 90.0 99.7
Operating Income margin
OfficeMax, Contract ........... 4.3% — 4.3% 4.2% 0.2% 4.4% 2.2% 0.3% 2.5%
OfficeMax, Retail ............. 4.1% — 4.1% 2.0% 2.1% 4.1% 0.6% 0.4% 1.0%
Consolidated ............... 3.8% — 3.8% 1.9% 1.6% 3.5% 0.1% 1.0% 1.1%
Debt retirement expenses ....... — — — — — — (14.4) 14.4(k) —
Interest expense ............. (121.3) — (121.3) (123.1) — (123.1) (128.5) — (128.5)
Interest income and other ....... 114.6 (32.4)(d) 82.2 129.1 (48.0)(d) 81.1 95.6 1.6 97.2
Income (loss) from continuing
operations before income taxes
and minority interest ........ 337.5 (32.4) 305.1 172.0 98.2 270.2 (37.6) 106.0 68.4
Income taxes ............... (125.2) 12.0(g) (113.2) (68.8) (38.2)(g) (107.0) (1.2) (41.2)(g) (42.4)
Income (loss) from continuing
operations before minority
interest ................. 212.3 (20.4) 191.9 103.2 60.0 163.2 (38.8) 64.8 26.0
Minority interest, net of income tax . . (4.9) 1.1(e) (3.8) (4.1) — (4.1) (2.4) — (2.4)
Income (loss) from continuing
operations ............... 207.4 (19.3) 188.1 99.1 60.0 159.1 (41.2) 64.8 23.6
Discontinued operations
Operating loss ............. — — — (18.0) 18.0(f) — (24.4) 24.4(f) —
Write-down of assets ......... — — — — — — (28.2) 28.2(f) —
Income tax benefit .......... — — — 10.6 (10.6)(g) — 20.1 (20.1)(g) —
Loss from discontinued operations . — — — (7.4) 7.4 — (32.5) 32.5 —
Net income (loss) ............ $ 207.4 $(19.3) $ 188.1 $ 91.7 $ 67.4 $ 159.1 $ (73.7) $97.3 $ 23.6
Diluted income (loss) per common
share
Continuing operations ........ $ 2.66 $(0.25) $ 2.41 $ 1.29 $ 0.81 $ 2.10 $ (0.58) $0.82 $ 0.24
Discontinued operations ....... — — — (0.10) 0.10 — (0.41) 0.41 —
Diluted income (loss) per common
share .................. $ 2.66 $(0.25) $ 2.41 $ 1.19 $ 0.91 $ 2.10 $ (0.99) $1.23 $ 0.24
Totals may not foot due to rounding.
(a) Charges associated with the reorganization of our Contract segment included in Contract segment operating expenses.
(b) Charges associated with the closing of 109 retail stores included in Retail segment operating expenses.
(c) Charges associated with the consolidation of our corporate headquarters included in Corporate and Other segment operating
expenses.
(d) Income related to the Additional Consideration agreement included in interest income and other.
(e) Loss from a sale of OfficeMax, Contract’s operations in Mexico included in minority interest, net of income tax.
(f) Loss from Discontinued operations related to a manufacturing facility near Elma, Washington.
(g) Income tax effect of special items.
(h) Charges associated with impaired assets in underperforming retail stores included in Retail segment operating expenses.
(i) Charges associated with a legal settlement with the Department of Justice included in Contract segment operating expenses.
(j) Charges associated with one-time severance payments, professional fees and asset write-downs.
(k) Loss from early retirement of debt.
19