Office Depot, Inc. (NYSE: ODP), a leading global provider of office supplies and services, today announced results for the fiscal quarter ended September 28, 2013.
THIRD QUARTER RESULTS 1
Total Company sales for the third quarter of 2013 were $2.6 billion, down 3% compared to the third quarter of 2012 in both U.S. dollars and in constant currency.
The Company reported net income, after preferred stock dividends, of $133 million or $0.41 per diluted share in the third quarter of 2013, compared to a net loss, after preferred stock dividends, of $70 million or $0.25 per share in the third quarter of 2012.
- Third quarter 2013 results included a $381 million pre-tax gain on the sale of our investment in the Mexican joint venture (JV), as well as $138 million in income tax expense driven largely by the JV sale. The quarter also included a $22 million preferred stock redemption dividend, and approximately $93 million of pre-tax charges. The charges were comprised primarily of $44 million in goodwill impairment triggered by the JV sale, $40 million in merger and certain shareholder-related expenses, $4 million in restructuring activities, and $5 million in non-cash store impairment charges in the North American Retail Division. Excluding the items above, adjusted net income for the third quarter of 2013, after preferred stock dividends, was $5 million or $0.02 per share.
- The prior year third quarter results included approximately $96 million of pre-tax charges, consisting of $88 million in asset impairment charges and $8 million in restructuring and other charges. Excluding these items, third quarter 2012 net income, after preferred stock dividends, was $18 million or $0.06 per share.