OfficeMax 2012 Annual Report Download - page 9

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// III
Key 2012
Accomplishments
Created a cohesive world-class management team
Bolstered our team through hiring, promoting and
developing team members on many levels, across
the organization
Expanded adjusted operating income margin by 30
basis points to 2.0%
Achieved a record customer retention rate of 93% in
our U.S. Contract business
Achieved the highest net new sales in U.S. Contract
in five years
Gained momentum in product and service adjacencies
Significantly improved capabilities of our websites
Achieved double-digit sales growth on OfficeMax.com
and launched Online Store Pickup to advance our
multichannel offering
Continued to aggressively rationalize our U.S. Retail
store footprint, including removing approximately
one million square feet
Strong cash flow from operations, significantly
higher than capex
Reinstated the quarterly dividend after a nearly
four-year suspension
Lehman-backed Timber Notes removed from the
balance sheet, improving book value and optics
Executed lump sum payouts to pension participants,
significantly reducing the liability and improving the
underfunded level
Key Early 2013
Accomplishments
Named one of the 2013 World’s Most Ethical
Companies, by Ethisphere Institute, for second
consecutive year
Monetized a portion of our investment in Boise
Cascade Holdings