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March 31, 2005
Office Max Restates Operating Income
Office Max announced the completion of an internal investigation into its accounting for vendor income in prior periods.
The investigation began in December 2004 and was conducted under the direction of the company's audit committee. Subject to final review by the company's auditors, OfficeMax currently estimates that it overstated operating income in first quarter 2004 by approximately $7 million and understated operating income by approximately $1 million in each of the second and third quarters of 2004. The cumulative net operating income overstatement for the first nine months of 2004 is estimated to be approximately $4 to $5 million. Accordingly, the company expects to restate quarterly income for each of the first three fiscal quarters of 2004 and believes that its previously issued interim statements of operating results for those periods should no longer be relied upon.
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Posted on March 31, 2005 03:35 PM by Office30.
Filed in Office Max! under office max corporate.
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