OfficeMax Q3 net income up

OfficeMax Incorporated, an office and facility products supplier company, has reported that net income attributable to the company was $433.51 million, or $4.92 per share, for the third quarter ended September 29, 2012, compared to $22.03 million, or $0.25 per share, for the same quarter ended September 24, 2011.

Sales for the third quarter ended September 29, 2012 were $1.74 billion, compared to $1.77 billion, for the same quarter ended September 24, 2011.

Net income attributable to the company for the nine months ended September 29, 2012 was $450.14 million, or $5.12 per diluted share, compared to $31.48 million, or $0.34 per diluted share, for the same period ended September 24, 2011.

Sales for the nine months ended September 29, 2012 were $5.22 billion, compared to $5.28 billion, for the same period ended September 24, 2011.

"Our team's focus on strengthening the core business resulted in stronger operating margins for the quarter, driven primarily by our US and international Contract businesses. While we continued to drive sales growth in our US Contract business including digital initiatives, Retail sales were challenged by weaker demand for technology products, especially personal computers," said Ravi Saligram, President and CEO of OfficeMax. "We are also pleased to have extinguished the Lehman non-recourse liability from our balance sheet."