Business Services Industry
OfficeMax sees profits stack up for pending IPO. (initial public offering)
Crain's Cleveland Business, September, 1994 by Thompson, Chris
K mart Corp. probably couldn't pick a better time to take OfficeMax Inc. public. In the last 18 months, OfficeMax has converted its phenomenal growth into profits, according to the company's preliminary registration statement and prospectus filed Aug. 31 with the Securities and Exchange Commission.
Those profits had been elusive for the 6-year-old office products retailer. Sales over the last three years soared to $1.4 billion from $245 million. But in fiscal 1992 and 1993, OfficeMax experienced a combined net loss of $1.8 million. In fiscal 1994, which ended Jan. 22, OfficeMax turned the losses into a $10.8 million profit on $1.4 billion in sales. With 50.1 million shares outstanding, those earnings would have given OfficeMax per-share profits of 18 cents. So...
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