OfficeMax 2012 Annual Report Download - page 123

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17. Quarterly Results of Operations (unaudited)
Summarized quarterly financial data is as follows:
2012 2011
First(a) Second Third(b) Fourth(c) First Second(d) Third Fourth(e)
($ in millions, except per-share and stock price information)
Sales .................. $1,872.9 $1,602.4 $1,744.6 $1,700.5 $1,863.0 $1,647.6 $1,774.8 $1,835.8
Gross Profit ............ $ 482.8 $ 409.5 $ 460.4 $ 431.8 $ 474.5 $ 425.1 $ 459.7 $ 449.9
Percent of sales ..... 25.8% 25.6% 26.4% 25.4% 25.5% 25.8% 25.9% 24.5%
Operating income ....... $ 17.8 $ 23.1 $ 33.5 $ (50.1) $ 28.6 $ 4.0 $ 41.3 $ 12.6
Net income (loss) available
to OfficeMax common
shareholders .......... $ 4.9 $ 10.7 $ 433.0 $ (33.9) $ 11.4 $ (3.0) $ 21.5 $ 2.9
Net income (loss) per
common share available
to OfficeMax common
shareholders(f)
Basic ............. $ 0.06 $ 0.12 $ 5.00 $ (0.39) $ 0.13 $ (0.04) $ 0.25 $ 0.03
Diluted ............ $ 0.06 $ 0.12 $ 4.92 $ (0.39) $ 0.13 $ (0.04) $ 0.25 $ 0.03
Common stock dividends
paid per share ......... — — $ 0.02 $ 0.02————
Common stock prices(g)
High .............. $ 6.33 $ 5.95 $ 8.33 $ 10.62 $ 18.95 $ 14.36 $ 8.82 $ 5.93
Low .............. $ 4.46 $ 4.10 $ 4.20 $ 7.04 $ 12.24 $ 6.05 $ 4.46 $ 3.90
(a) Includes a $25.3 million pre-tax charge related to retail store closures in the U.S.
(b) Includes a $670.8 million pre-tax gain related to an agreement that legally extinguished our non-recourse
debt guaranteed by Lehman and a $9.8 million non-cash pre-tax charge to impair fixed assets associated
with our retail stores in the U.S.
(c) Includes a $56.4 million pre-tax charge for acceleration of pension expense related to participant
settlements, $14.1 million pre-tax charge related to retail store closures, $6.2 million of pre-tax charges
related to severance and other costs associated with restructuring, and a $1.6 million non-cash pre-tax
charge to impair fixed assets associated with our Retail stores, primarily in Mexico.
(d) Includes a $5.6 million pre-tax charge related to retail store closures in the U.S., and $8.3 million of pre-tax
charges for severance.
(e) Includes an $11.2 million non-cash pre-tax charge to impair fixed assets associated with our Retail stores in
the U.S. and $6.6 million of pre-tax charges for severance.
(f) Quarters added together may not equal full year amount because each quarter is calculated on a stand-alone
basis.
(g) The Company’s common stock (symbol OMX) is traded on the New York Stock Exchange.
18. Subsequent Events
On February 20, 2013, the Company entered into an Agreement and Plan of Merger (the “Merger
Agreement”) with Office Depot, Inc. and certain other parties. In accordance with the Merger Agreement, each
share of OfficeMax Incorporated common stock issued and outstanding immediately prior to the Second
Effective Time (as defined in the Merger Agreement), other than shares to be cancelled pursuant to the terms of
the Merger Agreement, shall be converted into the right to receive 2.69 shares of Office Depot, Inc. common
stock, together with cash in lieu of fractional shares, if any, and unpaid dividends and distributions, if any.
The completion of the proposed merger is subject to various customary conditions, including among others
(i) shareholder approval by both companies, (ii) expiration or termination of any applicable waiting period under
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