OfficeMax to Pay $1.50-per-Share Special Dividend

Office supply specialist OfficeMax  (NYSE: OMX  )  announced today that it will be paying a special, non-recurring dividend of $1.50 per share on July 2 to shareholders of record as of June 12.

OfficeMax's CFO noted the company has been "optimizing" its balance sheet through the removal of Lehman-backed timber notes, the reduction in its unfunded pension liabilities, and the monetization of a portion of the non-core investment in Boise Cascade Holdings. "We are extremely pleased to return the Boise proceeds to our shareholders through this special dividend," said the company. OfficeMax announced in February that it would receive approximately $129 million in cash proceeds related to its investment in Boise Cascade Holdings.

Said president and CEO Ravi Saligram in today's press release: "We are very pleased to close our comprehensive assessment of the balance sheet by returning approximately $130 million to OfficeMax shareholders as a special dividend of $1.50 per share. This dividend, along with the recently announced proposed merger with Office Depot, reflects our strong commitment to driving shareholder value."

OfficeMax employs approximately 29,000 associates through its more than 900 stores, e-commerce platform, direct sales, and catalogs.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2414181, ~/Articles/ArticleHandler.aspx, 11/24/2015 7:16:19 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Rich Duprey

Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time.

Having made the streets safe for Truth, Justice and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. So follow me on Facebook and Twitter for the most important industry news in retail and consumer products and other great stories.


Today's Market

updated Moments ago Sponsored by:
DOW 17,812.19 19.51 0.11%
S&P 500 2,089.14 2.55 0.12%
NASD 5,102.81 0.33 0.01%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

12/31/1969 7:00 PM
OMX $0.00 Down +0.00 +0.00%
OfficeMax, Inc. CAPS Rating: *