OfficeMax Moves To 3Q Profit But Misses Estimates

NAPERVILLE, Ill. (AP) — Office-supply retailer OfficeMax Inc. said Thursday it moved to a third-quarter profit from a year-ago period weighed down by a massive write-down. But results missed analyst estimates, sending shares sharply lower in premarket activity.

The company said it earned $5.7 million, or 7 cents per share, in the three-month period ending Sept. 26. Excluding one-time items, earnings were 8 cents per share.

In the same quarter last year, the company posted a loss of $432.7 million, or $5.70 per share, including a $735.8 million non-cash impairment charge related to timber installment notes. Excluding that, earnings were 36 cents per share in the 2008 quarter.

Analysts polled by Thomson Reuters expected third-quarter income of 14 cents per share. Analyst estimates typically exclude one-time items.

Revenue fell nearly 13 percent to $1.8 billion, on par with analyst estimates.

Shares dived 73 cents, or 7.1 percent, to $9.50 in premarket activity. They have ranged from $1.86 to $14.50 over the past year.