OfficeMax Bottom Line Tumbles 96%

Itasca, IL-based OfficeMax (NYSE:OMX) reported its quarterly profit fell 96% including severance charges and a loss from discontinued operations, as sales dropped following the sale of its paper, forest products, and timberland assets.

The office supplies company said its income for the quarter March 26 fell to $2.6 million, from $59.1 million last year. Earnings from continuing operations amounted to $19.7 million, excluding an $8.7 million severance charge.

Sales fell 34% to $2.32 billion, from $3.53 billion last year because of lost sales from Boise Building Solutions and Boise Paper Solutions, which the company sold in October. The company’s combined contract and retail segment revenue fell 1% from $2.34 billion a year ago.