Office Depot 2010 Annual Report Download - page 24

sentence, any time we use the words “estimate,” “project,” “intend,” “expect,” “believe,” “anticipate,” “continue”
and similar expressions, we intend to clearly express that the information deals with possible future events and is
forward-looking in nature. Certain information in our MD&A is clearly forward-looking in nature, and without
limiting the generality of the preceding cautionary statements, we specifically advise you to consider all of our
MD&A in the light of the cautionary statements set forth herein.
Forward-looking information involves future risks and uncertainties. Much of the information in this report that
looks towards future performance of our company is based on various factors and important assumptions about
future events that may or may not actually come true. As a result, our operations and financial results in the
future could differ materially and substantially from those we have discussed in the forward-looking statements
in this Annual Report on Form 10-K/A. Significant factors that could impact our future results are provided in
Item 1A. Risk Factors included in this Annual Report on Form 10-K/A. Other risk factors are incorporated into
the text of our MD&A, which should itself be considered a statement of future risks and uncertainties, as well as
management’s view of our businesses.
Item 8. Financial Statements and Supplementary Data.
See Item 15(a) in Part IV of this Annual Report on Form 10-K/A.
Item 9A. Controls and Procedures.
Disclosure Controls and Procedures
The company initially carried out an evaluation, with the participation of its Interim Chief Executive Officer
(“CEO”), and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of the company’s
disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange
Act of 1934 (the “Act”) as of December 25, 2010 in connection with the preparation of the company’s Original
Form 10-K. The company disclosed in its Original Form 10-K that, based on that evaluation, the CEO and CFO
had concluded that as of December 25, 2010, the company’s disclosure controls and procedures were effective to
provide reasonable assurance that information required to be disclosed by the company in reports that the
company files or submits under the Act is recorded, processed, summarized and reported within the time periods
specified in SEC rules and forms and that such information is accumulated and communicated to the company’s
management, including the CEO and CFO, to allow timely decisions regarding required disclosures.
In connection with the restatements of certain of our financial statements described in more detail elsewhere in
this Form 10-K/A, management of the company re-evaluated the effectiveness of the company’s disclosure
controls and procedures as of December 25, 2010. As a result of that reevaluation, management of the company
has determined that due to the material weakness in internal control over financial reporting described below, the
company’s disclosure controls and procedures were not effective as of such date. Additional information
regarding the restatement is contained in Note B to the Notes to Consolidated Financial Statements included in
this Form 10-K/A.
Changes in Internal Controls
There were no changes in the company’s internal control over financial reporting that occurred during the quarter
ended December 25, 2010 that materially affected, or are reasonably likely to materially affect, the company’s
internal control over financial reporting, as the circumstances that led to the restatements had not yet been
identified by management. The material weakness discussed above was subsequently identified and will result in
future mitigation activities as discussed below in Management’s Report on Internal Control over Financial
Reporting.
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