Finanzas: Office Depot, Inc. Announces Third Quarter 2016 Results

 

Office Depot, Inc. (ODP) (“Office Depot,” or the “company”) (NASDAQ: ODP), a leading global provider of office products, services, and solutions, today announced results for the third quarter ended September 24, 2016.

“During the third quarter we made substantial progress on the opportunities identified in our new three year strategic plan,” said Roland Smith, chairman and chief executive officer for Office Depot. “We announced a deal to sell our business in Europe and have a process underway to sell substantially all of the remaining international businesses. We also realigned our organization to create a more efficient and effective operating structure that is focused on aggressively implementing a number of growth and profitability initiatives in our North American business. We are recovering quickly from the disruption caused by the protracted Staples acquisition attempt, and I’m very pleased with both our progress and financial results. Importantly, I believe we have the right strategy in place to deliver shareholder value.”

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Consolidated Results

Reported (GAAP) Results

Total reported sales for the third quarter of 2016 were $2.8 billion compared to $3.0 billion in the third quarter of 2015, a decrease of 7%.

In the third quarter of 2016, Office Depot reported operating income of $117 million and net income of $44 million, or $0.08 per share. Net income from continuing operations was $330 million, or $0.61 per diluted share.

In the third quarter of 2015, the company reported operating income of $81 million and net income of $6 million, or $0.01 per share. Net income from continuing operations was $42 million, or $0.08 per share.

Adjusted (non-GAAP) Results (1)

Total adjusted sales in the third quarter of 2016 declined 4% compared to the prior year period, excluding the impact of U.S. retail store closures and foreign currency translation.

Adjusted operating income for the third quarter of 2016 was $158 million compared to an adjusted operating income of $161 million in the third quarter of 2015. Adjusted net income from continuing operations for the third quarter of 2016 was $89 million, or $0.16 per share, compared to adjusted net income from continuing operations of $92 million, or $0.17 per share, in the third quarter of 2015.

Adjusted operating income for the third quarter of 2016 excludes $15 million in expenses related to restructuring activities, $12 million in merger integration expenses, $9 million in non-cash asset impairment charges and $4 million in Staples acquisition expenses.

Adjusted net income from continuing operations in the third quarter of 2016 excludes the after-tax impact from the charges mentioned above, as well as the after-tax impact from a $15 million loss on the extinguishment of debt, the $286 million loss on discontinued operations, net of tax, and a net tax credit of approximately $240 million associated with the reversal of the U.S. valuation allowance.

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Fuente: Seeking Alpha


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