• Embed Doc
  • Copy Link
  • Readcast
  • Collections
  • CommentGo Back
Download
\ue000
\ue000
UNITED\ue000 STATES
SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
Washington,\ue000 D.C.\ue000 20549
FORM\ue000 8-K
CURRENT\ue000 REPORT
PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
Date\ue000 of\ue000 Report:\ue000 February\ue000 24,\ue000 2009
Commission\ue000 file\ue000 number\ue000 1-10948
OFFICE\ue000 DEPOT,\ue000 INC.
(Exact\ue000 name\ue000 of\ue000 registrant\ue000 as\ue000 specified\ue000 in\ue000 its\ue000 charter)
\ue000
\ue000
\ue000
Delaware
\ue000
59-2663954
\ue000
\ue000
\ue000
(State\ue000 or\ue000 other\ue000 jurisdiction\ue000 of
incorporation\ue000 or\ue000 organization)
\ue000
(I.R.S.\ue000 Employer
Identification\ue000 No.)
\ue000
\ue000
\ue000
6600\ue000 North\ue000 Military\ue000 Trail,\ue000 Boca\ue000 Raton,\ue000 Florida
\ue000
33496
\ue000
\ue000
\ue000
(Address\ue000 of\ue000 principal\ue000 executive\ue000 offices)
\ue000
(Zip\ue000 Code)
(561)\ue000 438-4800
(Registrant\u2019s\ue000 telephone\ue000 number,\ue000 including\ue000 area\ue000 code)
Former\ue000 name\ue000 or\ue000 former\ue000 address,\ue000 if\ue000 changed\ue000 since\ue000 last\ue000 report:\ue000 N/A
Check\ue000 the\ue000 appropriate\ue000 box\ue000 below\ue000 if\ue000 the\ue000 Form\ue000 8-K\ue000 filing\ue000 is\ue000 intended\ue000 to\ue000 simultaneously\ue000 satisfy\ue000 the\ue000 filing\ue000 obligation\ue000 of\ue000 the\ue000 registrant\ue000 under\ue000 any\ue000 of
the\ue000 following\ue000 provisions:
o
\ue000 Written\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 425\ue000 under\ue000 the\ue000 Securities\ue000 Act\ue000 (17\ue000 CFR\ue000 230.425)
o
\ue000 Soliciting\ue000 material\ue000 pursuant\ue000 to\ue000 Rule\ue000 14a-12\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.14a-12)
o
\ue000 Pre-commencement\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 14d-2(b)\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.14d-2(b))
o
\ue000 Pre-commencement\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 13e-4(c)\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.13e-4(c))
\ue000
\ue000
\ue000
Processed and formatted by SEC Watch - Visit SECWatch.com
\ue000
ITEM\ue000 2.02.\ue000 RESULTS\ue000 OF\ue000 OPERATIONS\ue000 AND\ue000 FINANCIAL\ue000 CONDITION

Attached\ue000 hereto\ue000 as\ue000 Exhibit\ue000 99.1.1\ue000 and\ue000 incorporated\ue000 by\ue000 reference\ue000 herein\ue000 is\ue000 Office\ue000 Depot,\ue000 Inc.\u2019s\ue000 news\ue000 release\ue000 dated\ue000 February\ue000 24,\ue000 2009,
announcing\ue000 its\ue000 financial\ue000 results\ue000 for\ue000 its\ue000 fiscal\ue000 fourth\ue000 quarter\ue000 and\ue000 full\ue000 year\ue000 2008.\ue000 This\ue000 release\ue000 also\ue000 contains\ue000 forward-looking\ue000 statements\ue000 relating\ue000 to
Office\ue000 Depot\u2019s\ue000 fiscal\ue000 year\ue000 2009.

This\ue000 information\ue000 is\ue000 furnished\ue000 pursuant\ue000 to\ue000 Item\ue000 2.02\ue000 of\ue000 Form\ue000 8-K.\ue000 The\ue000 information\ue000 in\ue000 this\ue000 report\ue000 shall\ue000 not\ue000 be\ue000 treated\ue000 as\ue000 filed\ue000 for\ue000 purposes\ue000 of\ue000 the
Securities\ue000 Exchange\ue000 Act\ue000 of\ue000 1934,\ue000 as\ue000 amended.
ITEM\ue000 7.01\ue000 REGULATION\ue000 FD\ue000 DISCLOSURE

The\ue000 latest\ue000 Investor\ue000 Relations\ue000 presentation\ue000 that\ue000 management\ue000 of\ue000 Office\ue000 Depot,\ue000 Inc.\ue000 (the\ue000 \u201cCompany\u201d)\ue000 intends\ue000 to\ue000 cover\ue000 in\ue000 any\ue000 meetings\ue000 with
shareholders\ue000 during\ue000 the\ue000 quarter\ue000 is\ue000 attached\ue000 to\ue000 this\ue000 Current\ue000 Report\ue000 on\ue000 Form\ue000 8-K\ue000 as\ue000 Exhibit\ue000 99.1.2.\ue000 The\ue000 presentation\ue000 provides\ue000 an\ue000 overview\ue000 of\ue000 the
Company,\ue000 perspective\ue000 on\ue000 the\ue000 office\ue000 supply\ue000 market\ue000 and\ue000 the\ue000 Company\u2019s\ue000 operating\ue000 results\ue000 for\ue000 the\ue000 quarter\ue000 and\ue000 full\ue000 year\ue000 ended\ue000 December\ue000 27,\ue000 2008.
In\ue000 addition,\ue000 the\ue000 presentation\ue000 provides\ue000 information\ue000 on\ue000 strategy,\ue000 action\ue000 plans\ue000 and\ue000 outlook.\ue000 The\ue000 Company\ue000 will\ue000 also\ue000 post\ue000 the\ue000 attached\ue000 materials\ue000 on

its\ue000 web\ue000 site\ue000 (\ue000 www.OfficeDepot.com
)\ue000 located\ue000 in\ue000 the\ue000 Investor\ue000 Relations\ue000 section\ue000 of\ue000 that\ue000 site.
ITEM\ue000 9.01.\ue000 FINANCIAL\ue000 STATEMENTS\ue000 AND\ue000 EXHIBITS
Exhibit\ue000 99.1.1\ue000 \ue000 News\ue000 release\ue000 of\ue000 Office\ue000 Depot,\ue000 Inc.\ue000 issued\ue000 on\ue000 February\ue000 24,\ue000 2009.
\ue000
Exhibit\ue000 99.1.2\ue000 \ue000 Presentation\ue000 Materials\ue000 for\ue000 Investor\ue000 Relations\ue000 Conferences\ue000 for\ue000 Office\ue000 Depot,\ue000 Inc.
2
Processed and formatted by SEC Watch - Visit SECWatch.com
\ue000
SIGNATURE
Pursuant\ue000 to\ue000 the\ue000 requirements\ue000 of\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act\ue000 of\ue000 1934,\ue000 the\ue000 registrant\ue000 has\ue000 duly\ue000 caused\ue000 this\ue000 report\ue000 to\ue000 be\ue000 signed\ue000 on\ue000 its\ue000 behalf\ue000 by
the\ue000 undersigned\ue000 thereunto\ue000 duly\ue000 authorized.
\ue000
\ue000
\ue000 \ue000
\ue000
\ue000
OFFICE\ue000 DEPOT,\ue000 INC.
\ue000
\ue000
Date:\ue000 February\ue000 24,\ue000 2009\ue000
By:\ue000 \ue000 /S/\ue000 ELISA\ue000 D.\ue000 GARCIA\ue000 C.\ue000\ue000
\ue000
\ue000
\ue000
Elisa\ue000 D.\ue000 Garcia\ue000 C.\ue000
\ue000
\ue000
\ue000
Executive\ue000 Vice\ue000 President,\ue000 General\ue000 Counsel\ue000 and
Corporate\ue000 Secretary\ue000
\ue000
\ue000
3
Exhibit\ue000 99.1.1
(OFFICE\ue000 DEPOT\ue000 LOGO)
\ue000
CONTACTS:
Brian\ue000 Turcotte
Investor\ue000 Relations
561-438-3657
brian.turcotte@officedepot.com
Brian\ue000 Levine
Public\ue000 Relations
561-438-2895
brian.levine@officedepot.com
OFFICE\ue000 DEPOT\ue000 ANNOUNCES\ue000 FOURTH\ue000 QUARTER\ue000 2008\ue000 RESULTS
Delray\ue000 Beach,\ue000 Fla.,\ue000 February\ue000 24,\ue000 2009\ue000 \u2014\ue000Office\ue000 Depot,\ue000 Inc.\ue000 (NYSE:\ue000 ODP),\ue000 a\ue000 leading\ue000 global\ue000 provider\ue000 of\ue000 office\ue000 products\ue000 and\ue000 services,\ue000 today
announced\ue000 results\ue000 for\ue000 the\ue000 fiscal\ue000 period\ue000 ending\ue000 December\ue000 27,\ue000 2008.
FOURTH\ue000 QUARTER\ue000 RESULTS\ue0001

Total\ue000 Company\ue000 sales\ue000 for\ue000 the\ue000 fourth\ue000 quarter\ue000 decreased\ue000 15%\ue000 to\ue000 $3.3\ue000 billion.\ue000 Total\ue000 Company\ue000 operating\ue000 expenses,\ue000 adjusted\ue000 for\ue000 Charges,\ue000 increased by\ue000 $42\ue000 million\ue000 from\ue000 the\ue000 fourth\ue000 quarter\ue000 of\ue000 2007.\ue000 EBIT,\ue000 adjusted\ue000 for\ue000 Charges,\ue000 was\ue000 a\ue000 loss\ue000 of\ue000 $210\ue000 million\ue000 in\ue000 the\ue000 fourth\ue000 quarter\ue000 of\ue000 2008\ue000 or\ue000 a\ue000 negative 6.4%\ue000 as\ue000 a\ue000 percentage\ue000 of\ue000 sales,\ue000 compared\ue000 to\ue000 a\ue000 positive\ue000 $6\ue000 million\ue000 or\ue000 0.2%\ue000 as\ue000 a\ue000 percentage\ue000 of\ue000 sales\ue000 in\ue000 the\ue000 prior-year\ue000 period.

The\ue000 Company\ue000 reported\ue000 a\ue000 net\ue000 loss\ue000 of\ue000 $1.54\ue000 billion\ue000 in\ue000 the\ue000 fourth\ue000 quarter\ue000 of\ue000 2008,\ue000 compared\ue000 to\ue000 earnings\ue000 of\ue000 $19\ue000 million\ue000 in\ue000 the\ue000 same\ue000 period\ue000 of\ue000 2007. The\ue000 loss\ue000 per\ue000 share\ue000 on\ue000 a\ue000 diluted\ue000 basis\ue000 was\ue000 $5.64\ue000 for\ue000 the\ue000 quarter,\ue000 versus\ue000 earnings\ue000 per\ue000 share\ue000 of\ue000 $0.07\ue000 in\ue000 the\ue000 fourth\ue000 quarter\ue000 of\ue000 2007.\ue000 Adjusted\ue000 for Charges,\ue000 the\ue000 Company\ue000 reported\ue000 a\ue000 loss\ue000 of\ue000 $199\ue000 million\ue000 and\ue000 a\ue000 loss\ue000 per\ue000 share\ue000 on\ue000 a\ue000 diluted\ue000 basis\ue000 of\ue000 $0.73\ue000 for\ue000 the\ue000 fourth\ue000 quarter\ue000 of\ue000 2008,\ue000 versus earnings\ue000 of\ue000 $27\ue000 million\ue000 and\ue000 earnings\ue000 per\ue000 share\ue000 of\ue000 $0.10\ue000 in\ue000 the\ue000 same\ue000 period\ue000 one\ue000 year\ue000 ago.

The\ue000 Charges\ue000 are\ue000 comprised\ue000 of\ue000 unusual\ue000 items,\ue000 including\ue000 non-cash\ue000 charges\ue000 totaling\ue000 $1.27\ue000 billion,\ue000 or\ue000 $4.54\ue000 per\ue000 share\ue000 recorded\ue000 for\ue000 goodwill\ue000 and trade\ue000 name\ue000 impairments,\ue000 and\ue000 pre-tax\ue000 charges\ue000 totaling\ue000 $167\ue000 million,\ue000 or\ue000 $0.37\ue000 per\ue000 share\ue000 for\ue000 actions\ue000 taken\ue000 as\ue000 part\ue000 of\ue000 the\ue000 strategic\ue000 business\ue000 review announced\ue000 in\ue000 December\ue000 2008\ue000 and\ue000 the\ue000 plan\ue000 announced\ue000 in\ue000 2005.

Additional\ue000 pre-tax\ue000 charges\ue000 taken\ue000 in\ue000 the\ue000 fourth\ue000 quarter\ue000 related\ue000 to\ue000 the\ue000 business\ue000 downturn,\ue000 primarily\ue000 the\ue000 impairment\ue000 of\ue000 North\ue000 American\ue000 Retail
store\ue000 assets,\ue000 totaled\ue000 $125\ue000 million.
In\ue000 the\ue000 fourth\ue000 quarter\ue000 of\ue000 2008,\ue000 the\ue000 Company\u2019s\ue000 cash\ue000 flow\ue000 from\ue000 operations\ue000 was\ue000 $30\ue000 million\ue000 and\ue000 cash\ue000 flow\ue000 before\ue000 financing\ue000 activities\ue000 was\ue000 $4\ue000 million.
FOURTH\ue000 QUARTER\ue000 DIVISION\ue000 RESULTS
North\ue000 American\ue000 Retail\ue000 Division

Fourth\ue000 quarter\ue000 2008\ue000 sales\ue000 in\ue000 the\ue000 North\ue000 American\ue000 Retail\ue000 Division\ue000 were\ue000 $1.4\ue000 billion,\ue000 down\ue000 17%\ue000 compared\ue000 to\ue000 the\ue000 same\ue000 period\ue000 last\ue000 year.
Comparable\ue000 store\ue000 sales\ue000 in\ue000 the\ue000 1,207\ue000 stores\ue000 in\ue000 the\ue000 U.S.\ue000 and\ue000 Canada\ue000 that\ue000 have\ue000 been\ue000 open\ue000 for\ue000 more\ue000 than\ue000 one\ue000 year\ue000 decreased\ue000 18%\ue000 for\ue000 the\ue000 fourth
quarter.\ue000 Although\ue000 it\ue000 appeared\ue000 that\ue000 the\ue000 rate\ue000 of\ue000 sales\ue000 decline\ue000 experienced\ue000 in\ue000 California\ue000 had\ue000 stabilized\ue000 for\ue000 the\ue000 first\ue000 nine\ue000 months\ue000 of\ue000 the\ue000 year,\ue000 the

\ue000
1\ue000 Includes\ue000 non-GAAP\ue000 information.\ue000 Fourth\ue000 quarter\ue000 results\ue000 include\ue000 impacts\ue000 of\ue000 previously\ue000 announced\ue000 programs\ue000 (\u201cCharges\u201d).\ue000 Additional
Processed and formatted by SEC Watch - Visit SECWatch.com
of 00

Leave a Comment

You must be to leave a comment.
Submit
Characters: ...
You must be to leave a comment.
Submit
Characters: ...