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December 25, 2010

Sales Cost of goods sold and occupancy costs Gross profit Operating expenses Operating, selling, and general and administrative expenses Goodwill and other asset impairments Other operating expenses Operating income (loss) Interest expense Interest income Other income (expense) Pre-tax income (loss) Income tax benefit (expense) Net income (loss) attributable to OfficeMax and noncontrolling interest Joint venture results attributable to noncontrolling interest Net income (loss) attributable to OfficeMax Preferred dividends Net income (loss) available to OfficeMax common shareholders Net income (loss) per common share Basic Diluted No of shares Diluted

$ $

div per common share no of common share common div restricted stock expense options income not including options and restricted stock

Fiscal year ended December 25, 2010 December 26, 2,009 (thousands, except per-share amounts) December 27, 2,008

7,150,007 5,300,355

7,212,050 5,474,452

8,267,008 6,212,591

1,849,652 1,689,130 10,979 3,077

1,737,598 1,674,711 17,612 49,263

2,054,417 1,862,555 2,100,212 27,851

146,466 73,333 ) 42,635 32 ) 115,736 41,872 ) 73,864 (2,709 ) 71,155 2,527 ) 68,628 $

(3,988 ) (76,363 ) 47,270 2,748

(1,936,201 (113,641 57,564 19,878

(30,333 ) 28,758

(1,972,400 306,481

(1,575 ) 2,242

(1,665,919 7,987

667 (2,818 ) (2,151 )

(1,657,932 (3,663 (1,661,595

1 1

$ $

(0.03 ) (0.03 )

$ $

(21.90 (21.90

86,512 1 0.790 68,600 8,000 5,200 87,064

) )

) ) )

) )

December 25, 2010

ASSETS Current assets: Cash and cash equivalents Receivables, net Inventories Deferred income taxes and receivables Other current assets Total current assets Property and equipment: Land and land improvements Buildings and improvements Machinery and equipment Total property and equipment Accumulated depreciation Net property and equipment Intangible assets, net Investments in affiliates Timber notes receivable Deferred income taxes Other non-current assets Total assets LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities: Current portion of debt Accounts payable Income tax payable $ $

Accrued expenses and other current liabilities: Compensation and benefits Other Total current liabilities Long-term debt, less current portion Non-recourse debt Other long-term items: Compensation and benefits obligations Deferred gain on sale of assets Other long-term liabilities Noncontrolling interest in joint venture Shareholders equity: Preferred stockno par value; 10,000,000 shares authorized; Series D ESOP: $.01 stated value; 686,696 and 810,654 shares outstanding Common stock$2.50 par value; 200,000,000 shares authorized; 85,057,710 and 84,624,726 shares outstanding Additional paid-in capital Accumulated deficit Accumulated other comprehensive loss Total OfficeMax shareholders equity Total liabilities and shareholders equity $

December 25, 2010 (thousands)

December 26, 2009

462,326 546,885 846,463 99,613 58,999

486,570 539,350 805,646 133,836 55,934

764047 774583.75

762110

2,014,286

2,021,336

2054583

1965263

41,317 487,160 818,081

41,072 483,133 792,650

1,346,558 (949,269 ) 397,289 83,231 175,000 899,250 284,529 225,344 4,078,929 $

1,316,855 (894,707 ) 422,148 83,806 175,000 899,250 300,900 167,091 4,069,531

395690

395805

4079308 4,046,422

3995727

4,560 686,106 11,055

22,430 687,340 3,389

145,911 196,842 1,044,474 270,435 1,470,000

153,408 225,125 1,091,692 274,622 1,470,000

250,756 179,757 213,496 49,246

277,247 179,757 244,958 28,059

30,901 212,644 986,579 533,606 ) 95,753 ) 600,765 4,078,929 600,765 $

36,479 211,562 989,912 (602,242 ) (132,515 ) 503,196 4,069,531

32615

33052

34589

539837 572452 4079308

502831 535883 3995727

489312 523901

725715

1989580

407825

4031724

382995 558250.3

December 25, 2010

Cash provided by operations: Net income (loss) attributable to OfficeMax and noncontrolling interest Non-cash items in net income (loss): Earnings from affiliates Depreciation and amortization Non-cash impairment charges Non-cash deferred taxes on impairment charges Pension and other postretirement benefits expense Other Changes in operating assets and liabilities: Receivables Inventories Accounts payable and accrued liabilities Current and deferred income taxes Borrowings (payments) of loans on company-owned life insurance policies Other $

Cash provided by operations

Cash provided by (used for) investment: Expenditures for property and equipment Distribution from escrow account Withdrawal from company-owned life insurance policies Proceeds from sale of restricted investments Proceeds from sales of assets, net

Cash provided by (used for) investment

Cash used for financing: Cash dividends paid: Common stock Preferred stock

Payments of short-term debt, net Payments of long-term debt Borrowings of long-term debt Purchase of Series D preferred stock Proceeds from exercise of stock options Other

Cash used for financing

Effect of exchange rates on cash and cash equivalents Increase (decrease) in cash and cash equivalents

Balance at beginning of the year

Balance at end of the year

December 26, 2009 (thousands)

December 27, 2008

73,864

(1,575 )

(1,665,919

(7,254 ) 100,936 10,979 (4,271 ) 4,965 2,530

(6,707 ) 116,417 17,612 (6,484 ) 11,537 9,131

(6,246 142,896 2,120,572 (357,313 1,874 329

6,678 (27,606 ) (51,515 ) 51,169 (44,442 ) (27,896 )

26,334 164,027 (56,471 ) 48,752 45,668 (9,297 )

119,133 98,111 (137,716 (40,698 (51,346

88,137

358,944

223,677

(93,511 ) 6,173

(38,277 ) 25,142 14,977 980

(143,968 20,252 11,592

(87,338 )

2,822

(112,124

2,698 )

(3,089 )

(45,474 (2,003

(2,698 ) (654 ) (21,858 ) (5,233 ) 1,961 13

(3,089 ) (11,035 ) (52,936 ) 6,255 (6,079 ) 6,326

(47,477 (1,974 (53,944 15,928 (7,376 8,709

(28,469 )

(60,558 )

(86,134

3,426 (24,244 )

14,583 315,791

(7,277 18,142

486,570

170,779

152,637

462,326

486,570

170,779

) )

) )

) ) )

Ratio Liquidity: Day' sales in receivables Accounts receivable turnover Accounts receivable turnover Days' sales in inventory Merchandise inventory turnover Inventory turnover Operating cycle Working capital ( thousands) Current ratio Acid-test ratio Cash ratio Sales to working capital Operating cash flow/ current maturities of long term debt Operating cash flow/ net income

Unit Days Times per year Days Days Times per year Days Days $

OfficeMax inc. 2010 28.25 12.99 28.1 58.29 6.84 53.34 81.4 969,812 1.93 0.97 0.44 7.37 19.33 1.19

Times per year Times per year

Long-term debt-paying ability Times interest earned Fixed charge coverage Debt ratio Debt/equity Debt to tangible net worth Operating cash flow/total debt Profitability Net profit margin Total asset turnover Return on assets Operating income margin Operating asset turnover Return on operating assets Sales to fixed assets Return on investment Return on total equity Return on common equity Gross profit margin Investor analysis Degree of financial leverage Diluted earnings per share Price/earnings ratio Percentage of earnings retained

Times per year Times per year % % % %

2.58 1.01 80.41 584.23 684.15 2.65

% Times per year % % Times per year % Times per year % % % %

1.0 1.77 1.83 2.05

18.00 2.98 12.29 17.92 25.87

$ %

1.27 1.0 21.18 3.71

Dividend payout ratio Dividend yield Book value per share Materiality of option compensation expense Operating cash flow per share Operating cash flow/cash dividends Year -end market price

% % $ % $ Times per year $

79.00 4.37 0.01 15 0.15 32.67 18.08

Ratio

Industry Source 6500 8500 AR gross 553,385

36.37 Thomson ONE 14.9 AOL 53.13 Thomson ONE 8.01 Thomson ONE

547,850 550617.5 19589.06

1.61 Thomson ONE 0.83 Thomson ONE

INV

826054.5

6 AOL 515739.3 1.967591 97.08 Thomson ONE 3,329,308 569,864 486,633

2 Thomson ONE 9.96 Thomson ONE 7.03 Thomson ONE

265166.7

8.3 AOL

0.361789 120665.9

26.93 Thomson ONE

0.17 Yahoo finance 18.4 AOL

Price 27 dec 2010 18.08

28.73 Thomson ONE 1.3 AOL 0.79

Company QuoteSymbol Last Fiscal Yr End Date Profitability Ratios Return on Per Share Return on Assets Cash Flow To Sales Gross Profit Margin Operating Profit Margin Pretax Margin Net Margin Sales per Employee Net Income per Employee Asset Utilization Ratios Asset Turnover Inventory Turnover Leverage Ratios Total Debt to Common Equity LT Debt to Common Equity LT Debt to Total Capital Dividend Payout Cash Dividend Coverage Ratio Liquidity Ratios Quick Ratio Current Ratio Cash & Equivalent to Current Assets Accounts Receivable Days Inventories Days Held Market Value Ratios Current P/E Ratio Price/Book Ratio Price/Cash Flow Ratio Company QuoteSymbol Last Fiscal Yr End Date Profitability Ratios Return on Per Share Return on Assets Cash Flow To Sales Gross Profit Margin Operating Profit Margin Pretax Margin

Staples Inc SPLS-O 1/29/2011 12.92 7.4 6.98 26.66 6.65 5.53 3.59 275728.92 0.01

Peer Mean

19.91 9.96 7.12 26.93 7.03

1.76 7.58

2 8.01

36.83 28.37 22.08 29.34 6.62

97.08 82.26 34.07 28.73 5.42

0.8 1.51 22.59 28 48.18

0.83 1.61 21.96 36.37 53.13

11.5 1.51 5.85 Askul Corp. 2678-TO 5/20/2010 -5.55 5.13 3.88 23.48 3.71 3.4

4.41 9.71 Sanrio Company Limited 8136-TO 3/31/2010 31.56 6.37 10.77 53.86 12.57 9.4

Net Margin Sales per Employee Net Income per Employee Asset Utilization Ratios Asset Turnover Inventory Turnover Leverage Ratios Total Debt to Common Equity LT Debt to Common Equity LT Debt to Total Capital Dividend Payout Cash Dividend Coverage Ratio Liquidity Ratios Quick Ratio Current Ratio Cash & Equivalent to Current Assets Accounts Receivable Days Inventories Days Held Market Value Ratios Current P/E Ratio Price/Book Ratio Price/Cash Flow Ratio

1.84 2699641.33 0.05

5.92 567155.31 0.03

2.76 16.46

0.93 6.71

62.64 46.72 31.85 26.66 7.9

99.81 43.22 30.16 35.02 5.82

0.81 1.11 30.48 44.27 22.17

0.93 1.2 47.95 53.35 54.38

#N/A 1.95 4.52

35.32 12.09 23.5