OfficeMax Reports Q4 Income Decline, Announces Exec Changes

Itasca, Ill., OfficeMax posted fourth-quarter net income of $0.7 million, compared to $6.9 million in the same quarter last year. For the full year, the chain posted net income of $173.1 million, up from $8.3 million in the full year 2003. Sales for the quarter increased to $2.69 billion, up from $2.35 billion in the fourth quarter last year. For the year, sales increased to $13.3 billion, up from $8.25 billion.

The company had delayed its financial report for several weeks.

The company also shuffled its executive line-up.

OfficeMax named John Jennings VP and treasurer. Jennings will have responsibility for finance, cash management, investor relations and risk management. Prior to joining OfficeMax, Jennings held the VP, investor relations position with Caremark Rx, Inc. since 2003. Previously, Jennings held treasury, investor relations and strategy positions with CVS Corp.

OfficeMax also named Randy G. Burdick CIO. Burdick previously held the group information officer and VP, supply chain operations role with Hewlett-Packard Co.’s Compaq division.

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