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.