OfficeMax Announces Common Stock Dividend Suspension
NAPERVILLE, Ill., Dec. 18 /PRNewswire-FirstCall/ -- OfficeMax Incorporated
(NYSE: OMX), a leader in office products and services, announced today that
the Board of Directors voted to suspend the payment of quarterly cash
dividends on the Company's common stock, effective immediately, due to the
impact of continued weak economic conditions.
"Suspending the common stock dividend will result in annual savings of
approximately $45 million and is consistent with the actions we've taken
during 2008 to reduce costs and enhance liquidity, including recently
announced staff eliminations and other cost reduction initiatives," said Sam
Duncan, chairman and chief executive officer of OfficeMax. "In the current
environment, we believe this is the most prudent decision and in the best
interest of the company and its stakeholders."
About OfficeMax(R) Incorporated
OfficeMax Incorporated is a leader in both business-to-business and retail
office products distribution. The OfficeMax mission is simple: to help our
customers do their best work. The company provides office supplies, print and
document services through OfficeMax Impress(TM), technology products and
solutions, and furniture to large, medium and small businesses and consumers.
OfficeMax customers are served by more than 30,000 associates through direct
sales, catalogs, e-commerce and more than 1,000 stores. For more information,
visit: http://www.officemax.com.
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