Tonernews.com, April 17, 2005. USA
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officemax earnings Drop 90 Percent
OfficeMax
Inc., Itasca, Ill., reported a 90 percent drop in fourth-quarter earnings to
$700,000, but its chairman dismissed the need to consider splitting up the
beleaguered company, as a shareholder group has proposed. George Harad, who also
became interim CEO last month when Christopher Milliken resigned in the wake of
an accounting scandal, said this would be “a particularly inopportune time” for
the company to change direction since other strategic steps already are being
taken. Those actions, he said, include reshaping top management, integrating
contract and retail operations, being more selective with promotions, reducing
debt and committing $775 million to $815 million toward a planned share
repurchase.
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