OfficeMax to Restate Earnings
An investigation into accounting for vendor income means revised quarterly data for most of 2004.
OfficeMax
(OMX)
on Tuesday said it plans to restate earnings for the first three quarters of fiscal year 2004 as the result of an internal investigation into its accounting for vendor income.
The company said that "subject to final review by the company's auditors," OfficeMax estimates that it overstated operating income in the first quarter by approximately $7 million while understating it by approximately $1 million in the second and third quarters of 2004.
The investigation began in December 2004 under the direction of the company's audit committee.
OfficeMax added that "previously issued interim statements of operating results for those periods should no longer be relied upon."
Shares rose 44 cents, or 1.4%, to $32.01.
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