Business appliance retailer OfficeMax, a division of Boise Office Solutions, (Itasca, IL, U.S.) reported second quarter 2004 net income of U.S. $50.4 million, or $0.52 per diluted share, compared with a net loss of $3.9 million, or $0.12 per diluted share, in second quarter 2003. In first quarter 2004, Boise reported net income of $63.5 million, or $0.66 per diluted share.
Sales in second quarter 2004 increased 76 percent to $3.4 billion, compared with $1.9 billion in the second quarter of 2003. According to the company, year-over-year sales increased primarily because of the acquisition of OfficeMax in December 2003 but were also aided by strong product prices in Boise Building Solutions.
For second quarter 2004, Boise Office Solutions sales increased 122 percent to $2 billion, compared with $905 million in the same quarter of 2003. Sales for locations operating in both periods, including OfficeMax retail store locations on a pro forma basis, increased 2 percent. Total pro forma sales of office supplies and paper and technology products increased 1 percent, and sales of furniture were up 4 percent.
"We expect two of Boise's three businesses to show improved results in the third quarter," said George J. Harad, chairman and CEO. "Sales and income in our office products business typically strengthen significantly from second-quarter levels and should again this year."
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