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Well, I hope you're making a ton of money on this upswing.
So you think i'm still short and am losing my pants and having a hard time covering after 6 months, i'm a daytrader and scalper and trade various ways friend.
How is that decline coming along...?
Congrats!
UPDATE 1-Staples agrees to buy Office Depot for $6.3 bln
33 Mins Ago
Reuters
Feb 4 (Reuters) - Staples Inc, the No. 1 U.S. office supplier, agreed to buy nearest rival Office Depot Inc in a $6.3 billion cash-and-stock deal to better compete against online and big-box retailers.
Staples said it would pay $7.25 per share in cash and 0.2188 of its shares for each Office Depot share.
The offer, which is likely to face close antitrust scrutiny, values Office Depot at $11.00 per share, based on Staples closing price on Feb. 2, the last trading day prior to media speculation that a deal was near.
The offer price is a premium of 44 percent to Office Depot's Monday's close.
Online retailers such as such as Amazon.com Inc and big-box chains such as Wal-Mart Stores Inc have eaten into the sales of office supply retailers.
Last month, activist investor Starboard Value LP called for the two companies to merge, saying a combined entity would lead to greater cost savings.
Starboard, known for its aggressive shareholder activism, had a 5.1 percent stake in Staples as of December and boosted its holding in Office Depot to nearly 10 percent the same month.
Staples said on Wednesday that it began talks to buy Office Depot in September. The deal is expected to close by the end of 2015.
Office Depot's shares closed up 21.6 percent at $9.28 on the Nasdaq on Tuesday after the Wall Street Journal reported that the two companies were in advanced talks.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D'Souza)
© 2015 CNBC LLC. All Rights Reserved.
I guess some stocks from 2014 are gonna be monsters in 2015
Holy Guacamole!!!
$ODP DD Notes ~ http://www.ddnotesmaker.com/ODP
bullish
$ODP recent news/filings
## source: finance.yahoo.com
Tue, 04 Nov 2014 16:04:11 GMT ~ Office Depot beats estimates on OfficeMax-related savings
read full: http://finance.yahoo.com/news/office-depot-beat-estimates-officemax-142324190.html
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Tue, 04 Nov 2014 14:55:00 GMT ~ Cramer's Stop Trading: Office Depot can go higher
read full: http://finance.yahoo.com/video/cramer-39-stop-trading-office-145500911.html
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Tue, 04 Nov 2014 14:03:00 GMT ~ Trade Data, Oil Dent Futures; Priceline, Herbalife Slide
read full: http://news.investors.com/110414-724815-stock-futures-point-to-lower-open-tuesday.htm?ven=yahoocp&src=aurlled&ven=yahoo
*********************************************************
Tue, 04 Nov 2014 14:00:00 GMT ~ Office Depot Inc Earnings Call scheduled for 9:00 am ET today
read full: http://biz.yahoo.com/cc/8/146198.html
*********************************************************
Tue, 04 Nov 2014 13:52:51 GMT ~ US STOCKS-Futures point to lower open, energy shares in view
read full: http://uk.finance.yahoo.com/news/us-stocks-futures-point-lower-135251822.html
*********************************************************
$ODP charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$ODP company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/ODP/company-info
Ticker: $ODP
OTC Market Place: Not Available
CIK code: 0000800240
Company name: Office Depot, Inc.
Company website: http://www.officedepot.com
Incorporated In: DE, USA
$ODP share structure
## source: otcmarkets.com
Market Value: $2,725,508,738 a/o Nov 03, 2014
Shares Outstanding: 537,575,688 a/o Jun 28, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.01
$ODP extra dd links
Company name: Office Depot, Inc.
Company website: http://www.officedepot.com
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/ODP/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/ODP/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=ODP+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=ODP+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=ODP+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/ODP/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/ODP/news - http://finance.yahoo.com/q/h?s=ODP+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/ODP/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/ODP/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/ODP/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/ODP/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/ODP/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/ODP/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/ODP/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/ODP/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=ODP+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/ODP
DTCC (dtcc.com): http://search2.dtcc.com/?q=Office+Depot%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Office+Depot%2C+Inc.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Office+Depot%2C+Inc.&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.officedepot.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.officedepot.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.officedepot.com
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/ODP/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/ODP
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/ODP/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/ODP/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/ODP/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000800240&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/ODP/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/ODP/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/ODP/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/ODP/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=ODP&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=ODP
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/ODP/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=ODP+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=ODP+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=ODP
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=ODP
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=ODP+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/ODP/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=ODP+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/ODP.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=ODP
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/ODP/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/ODP/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/ODP/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/ODP/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/ODP
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/ODP
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/ODP:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=ODP
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=ODP
$ODP DD Notes ~ http://www.ddnotesmaker.com/ODP
up we gooooo!!!! my 1.50 a shares looking might awesome right
Office Depot And Staples Possible Merger
http://seekingalpha.com/article/2467965-update-office-depot-and-staples-possible-merger?app=1&uprof=44
I hope you covered bro...
Shorting @ $5.07 > decline coming
$5.52 NEW HOD...finally!!!
I'm long here.... Time will tell
GL
Yea, been dreaming about it for months lol
Unbelievable!! It's like ODP is ALLERGIC to $5.50 lol
Come on stupid ODP!! You can get to $5.50 for once!!!
Office Depot jumps up to 17% after results top views
9:47 AM ET 5/6/14 | MarketWatch
NEW YORK (MarketWatch) -- Shares of Office Depot Inc. (ODP), which bought its smaller rival OfficeMax in November, jumped as much as 17% to $4.80 at the opening of trading on Tuesday after the office-supplies retailer reported better-than-expected fiscal first-quarter results. The company also said it plans to shut at least 400 stores by the end of 2016, including about 150 this year. It raised its annual cost savings target from consolidation of the two companies to more than $675 million by the end of 2016 from its prior outlook of more than $600 million.
-Andria Cheng; 415-439-6400; AskNewswires@dowjones.com
> Dow Jones Newswires
May 06, 2014 09:47 ET (13:47 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.
Office Depot to Close 400 Stores; 1Q Sales Top Expectations -- Update
7:50 AM ET 5/6/14 | Dow Jones
By Michael Calia
Office Depot Inc. on Tuesday said its sales for the first quarter surged, bolstered by its acquisition of former rival OfficeMax, and the office-supply company disclosed plans to close several hundred stores.
Shares of the company jumped 10% to $4.60 in recent premarket trading as sales topped analysts' expectations.
Office Depot said it plans to close at least 400 locations in the U.S., with 150 closures pegged for 2014, citing overlap created by the merger. The move comes after rival Staples Inc., which reaps nearly half of its sales from e-commerce, announced plans to trim its retail footprint by closing as much as 12% of its North American stores over the next couple of years.
Office Depot said it expects savings from the store closings will reach at least $75 million by the end of 2016 and will begin adding to earnings in 2015.
Office Depot's first-quarter sales rose 60% to $4.35 billion, exceeding the $4.28 billion projected by analysts polled by Thomson Reuters. But the company said sales fell 3% on a pro forma basis, which reflects combined sales of Office Depot and OfficeMax.
The company had warned in February that it expects sales to decline this year. Office Depot faces a bleak landscape for office-supply retailers, even after its November merger with OfficeMax, as consumers rely more on online stores. However, the company said sales trends started to pick up as the first quarter progressed.
Overall, Office Depot posted a loss of $109 million, or 21 cents a share, compared with a loss of $7 million, or six cents a share, a year earlier. Excluding impairment charges and merger-related expenses, the company posted adjusted earnings of seven cents a share.
North American retail, Office Depot's biggest by sales, posted a 58% jump in sales to $1.81 billion, reflecting the OfficeMax deal. On a pro forma basis, however, sales in the division fell 5%.
Sales in the business solutions unit rose 89% to $1.54 billion in the period, although pro forma sales slipped 2%.
"After a weather-challenged start to the year, sales trends improved as the quarter progressed, and we exceeded our expectations for both cost reduction and operational execution," Chairman and Chief Executive Roland Smith said.
Write to Michael Calia at michael.calia@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
> Dow Jones Newswires
May 06, 2014 07:50 ET (11:50 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.
ODP Office Depot Huge Insider Buying - May be of interest:
http://www.mideasttime.com/insider-buying-office-depot-director-acquires-2162413-shares-of-stock-odp/93506/
To short or not to short? That is the question...
Scary...http://www.techienews.co.uk/977548/malware-pre-installed-new-phones-samsung-lg-motorola-asus/
ODP OFFICE DEPOT AMONG FIRST to offer upcoming Samsung Brand New
12.2" Tablet ahead of...
Office Depot, Inc. to Announce Fourth Quarter and Full Year 2013 Results on Tuesday, February 25, 2014
Jan 28, 2014 09:00:00 (ET)
BOCA RATON, Fla.--(BUSINESS WIRE)--January 28, 2014--
Office Depot, Inc. (NYSE: ODP), a leading global provider of office products, services, and solutions formed by the merger of Office Depot and OfficeMax, will announce fourth quarter and full-year 2013 results for the fiscal period ending December 28, 2013 on Tuesday, February 25, 2014. A conference call to discuss the results will be held that day at 8:00 a.m. Eastern Time.
To listen to the conference call via webcast, please visit the Office Depot Investor Relations website at http://investor.officedepot.com. A replay of the webcast and a copy of the presentation will also be available on the website.
About Office Depot, Inc.
Formed by the merger of Office Depot and OfficeMax, Office Depot, Inc. is a leading global provider of products, services, and solutions for every workplace -- whether your workplace is an office, home, school, or car.
Office Depot, Inc. is a resource and a catalyst to help customers work better. We are a single source for everything customers need to be more productive, including the latest technology, core office supplies, print and document services, business services, facilities products, furniture, and school essentials.
The company has combined annual sales of approximately $17 billion, employs about 66,000 associates, and serves consumers and businesses in 59 countries with more than 2,200 retail stores, award-winning e-commerce sites and a dedicated business-to-business sales organization -- all delivered through a global network of wholly owned operations, joint ventures, franchisees, licensees and alliance partners. The company's portfolio of leading brands includes Office Depot, OfficeMax, OfficeMax Grand & Toy, Viking, Ativa, TUL, Foray, and DiVOGA.
Office Depot, Inc.'s common stock is listed on the New York Stock Exchange under the symbol ODP. Additional press information can be found at: http://news.officedepot.com.
Additional information about the recently completed merger of Office Depot and OfficeMax can be found at http://officedepotmaxmerger.com.
All trademarks, service marks and trade names of Office Depot, Inc. and OfficeMax Incorporated used herein are trademarks or registered trademarks of Office Depot, Inc. and OfficeMax Incorporated, respectively. Any other product or company names mentioned herein are the trademarks of their respective owners.
CONTACT: Office Depot, Inc.
Investor Relations
Mike Steele, 561-438-3657
Michael.Steele@officedepot.com
or
Media Relations
Brian Levine, 561-438-2895
Brian.Levine@officedepot.com
SOURCE: Office Depot, Inc.
Copyright Business Wire 2014
Order free Annual Report for Office Depot, Inc.
Visit http://djnweurope.ar.wilink.com/?ticker=US6762201068 or call +44 (0)208 391 6028
(END) Dow Jones Newswires
January 28, 2014 09:00 ET (14:00 GMT)
$5 calls should pay nicely
Looks like it might be trying to break out.
Chris
Good! Maybe we'll get above $5.50 for a change?
Insider Buying
ODP Smith Jeffrey C Director Dec 13 Buy 5.22 1,350,000 7,047,910 1,350,000 Dec 17 04:39 PM
http://finviz.com/insidertrading.ashx?oc=1362697&tc=7
Be careful Investment Fund Starboard has announced its intention to offload 11 million Office Depot shares worth about $58.2 million
yes. upgrade by b. riley, merill lynch and other heavyweights say time to buy. after after we did!
It's nice to be green here
I guess they have to spend money to make money? lol
still waiting for best buyopp...sometimes markets react weird.
btw from the street:
Office Depot and OfficeMax and have completed their long-awaited merger, finalizing plans set in motion when the companies announced their intentions in February. Going forward, the combined company will trade under the Office Depot brand and use Office Depot's New York Stock Exchange-listed ticker.
Before inking the deal, both company reported quarterly earnings which failed to impress Wall Street. Office Depot reported earnings of 2 cents a share on revenue of $2.62 billion. Earnings fell short by 4 cents a share, though revenue was as analysts surveyed by Thomson Reuters had expected. OfficeMax reported earnings of 15 cents a share, 7 cents short of expectations, on $1.66 billion in revenue.
Both office supply stores were victim to sluggish sales as online giants, namely Amazon , priced them out of the market. Office Depot reported total sales down 3% compared to a year earlier, while OfficeMax saw a 4.6% decline.
The merger is expected to create an office supplies powerhouse with combined annual sales of around $17 billion. The combined company said it will incur numerous one-time charges as it completes the merger process. Costs include $200 million in operating costs, $400 million in integration costs and at least $200 million in capital spending through to the end of 2016.
Yeah, there goes the OMX board. Too bad they didn't do it sooner.
EPS next Year 1925.00%
Interesting numbers there on Viz
So far nothing major aside from the 3.8 million shares trading AH lol
Office Depot Announces Departure of Board Members
4:02 PM ET 11/5/13 | BusinessWir
Office Depot, Inc. (NYSE: ODP), a leading global provider of office supplies and services, today announced the departure of five directors who informed the Company that they would not seek to be appointed to the new Board of Directors following the proposed merger of Office Depot, Inc. and OfficeMax Incorporated.
Kathleen Mason joined the Office Depot Board in 2006. Justin Bateman and Raymond Svider were appointed to the Board in 2009. Tom Colligan served on the Board since 2010, and Eugene Fife was elected to the Board in 2012. The departure is expected to be effective today at the time of closing of the merger with OfficeMax.
Neil Austrian, Chairman and Chief Executive Officer of Office Depot, stated, "Each of these Board members was instrumental in guiding the Company through a period of difficult economic conditions as well as executing two of the Company's largest value creation opportunities - the sale of our stake in the Mexican joint venture and our historic merger with OfficeMax. On behalf of the Company, I thank each of them for their leadership and wish them much success in their future endeavors."
About Office Depot
Office Depot provides office supplies and services through more than 1,300 worldwide retail stores, a field sales force, top-rated catalogs and e-commerce operations, all delivered through a global network of wholly owned operations, licensees, franchisees and alliance partners. Office Depot has annual sales of approximately $10.7 billion, employs about 38,000 associates and serves customers in 59 countries around the world.
Office Depot's common stock is listed on the New York Stock Exchange under the symbol ODP. Additional press information can be found at: http://news.officedepot.com.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20131105006838r1&sid=cmtx6&distro=nx
SOURCE: Office Depot, Inc.
Office Depot, Inc.
Investor Relations
Richard Leland, 561-438-3796
richard.leland@officedepot.com
or
Public Relations
Brian Levine, 561-438-2895
brian.levine@officedepot.com
Office Depot Announces Third Quarter 2013 Results
4:01 PM ET 11/5/13 | BusinessWire
Office Depot, Inc. (NYSE: ODP), a leading global provider of office supplies and services, today announced results for the fiscal quarter ended September 28, 2013.
THIRD QUARTER RESULTS(1)
Total Company sales for the third quarter of 2013 were $2.6 billion, down 3% compared to the third quarter of 2012 in both U.S. dollars and in constant currency.
The Company reported net income, after preferred stock dividends, of $133 million or $0.41 per diluted share in the third quarter of 2013, compared to a net loss, after preferred stock dividends, of $70 million or $0.25 per share in the third quarter of 2012.
-- Third quarter 2013 results included a $381 million pre-tax gain on the sale of our investment in the Mexican joint venture (JV), as well as $138 million in income tax expense driven largely by the JV sale. The quarter also included a $22 million preferred stock redemption dividend, and approximately $93 million of pre-tax charges. The charges were comprised primarily of $44 million in goodwill impairment triggered by the JV sale, $40 million in merger and certain shareholder-related expenses, $4 million in restructuring activities, and $5 million in non-cash store impairment charges in the North American Retail Division. Excluding the items above, adjusted net income for the third quarter of 2013, after preferred stock dividends, was $5 million or $0.02 per share.
-- The prior year third quarter results included approximately $96 million of pre-tax charges, consisting of $88 million in asset impairment charges and $8 million in restructuring and other charges. Excluding these items, third quarter 2012 net income, after preferred stock dividends, was $18 million or $0.06 per share.
"Although we experienced some weakness in July, we had a relatively strong back-to-school season this year as evidenced by sales increases in our school supplies categories and K-12 education customers," said Neil Austrian, Chairman and Chief Executive Officer of Office Depot. "I'm pleased that we were able to deliver these results while continuing to make progress with the integration planning for the pending merger with OfficeMax."
Total Company gross profit margin decreased 45 basis points in the third quarter of 2013 compared to the prior year period, with decreases in the North American Retail and International Divisions partially offset by an increase in the North American Business Solutions Division.
Total Company operating expenses decreased by $33 million in the third quarter of 2013 compared to the prior year period. When adjusted for merger and certain shareholder-related expenses and impairment and restructuring charges, total Company operating expenses decreased by $30 million versus the prior year period.
Third quarter 2013 adjusted earnings before interest and taxes (EBIT), which excludes the gain on sale of our Mexican JV, charges related to goodwill impairment, merger and certain shareholder-related expenses, restructuring activities, and store asset impairment charges, was $42 million, compared to adjusted EBIT of $54 million last year in the same quarter. The third quarter 2012 results included $11 million of miscellaneous income generated by the Mexican JV.
Income tax expense of $155 million in the third quarter of 2013 includes $146 million of income tax expense resulting from the gain on the sale of the Mexican JV, as well as the continuing impact of valuation allowances and the timing of earnings within various tax jurisdictions.
The Company ended the third quarter of 2013 with a use of free cash flow of $58 million, compared to positive free cash flow of $190 million in the prior year period. The use of cash in the third quarter of 2013 includes the income taxes noted above from the Mexican JV sale as well as $9 million in payments of merger and certain shareholder-related expenses.
(1) Includes non-GAAP information. Additional information is provided in our Form 10-Q for the fiscal quarter ended September 28, 2013. Reconciliations from GAAP to non-GAAP financial measures can be found in this release, as well as on our Investor Relations website at http://investor.officedepot.com.
THIRD QUARTER DIVISION RESULTS
North American Retail Division
The North American Retail Division reported third quarter 2013 sales of $1.1 billion, a decrease of 4% compared to the prior year period.
Comparable store sales in the 1,063 stores that have been open for more than one year decreased 2% for the third quarter of 2013. Ink and toner sales were down in the quarter, partially impacted by higher sales from certain vendor promotions in the prior year. Certain technology and related category sales were lower in the third quarter, but sales of tablets and mobility products increased. Compared to the prior year period, paper and printer sales were down and were impacted by lower average selling prices, Copy and Print Depot and school supplies increased, and furniture sales were down. Average order value was down approximately 1% in the quarter and customer transaction counts declined about 2% compared to the same period last year.
The North American Retail Division reported operating income of $10 million in the third quarter of 2013, compared to an operating loss of $52 million in the prior year period. The Division operating income/loss included charges of $5 million and $74 million in the third quarter of 2013 and 2012, respectively, which were driven by non-cash store asset impairments and restructuring activities. Excluding the charges, third quarter 2013 adjusted operating income was $15 million, compared to $22 million in third quarter 2012. The $7 million year-over-year decrease resulted primarily from the negative flow-through impact of lower sales and a 58 basis point gross margin decrease, partially offset by initiative-driven expense reductions including payroll, professional fees, advertising, and general & administrative expenses.
At the end of the third quarter of 2013, Office Depot operated 1,104 stores in the U.S. and Puerto Rico. The North American Retail Division opened two new stores and closed seven during the third quarter of 2013.
North American Business Solutions Division
The North American Business Solutions Division reported third quarter 2013 sales of $811 million, a 2% decrease compared to the prior year period.
Contract channel sales in the third quarter of 2013 were down low-single digits versus the prior year period. The decline was driven primarily by the restructuring and relocation of the technology sales organization and sales to federal customers, who continue to experience significant budgetary constraints. The private sector experienced sales softness, particularly within large and enterprise accounts. Sales improved year over year in the public sector, driven by education, state, and local accounts. In the Direct channel, third quarter 2013 sales were flat compared to the prior year quarter. Online sales increased in the quarter and sales through our catalog and call center operations continued to decline.
The North American Business Solutions Division reported third quarter 2013 operating income of $39 million, compared to $30 million in the same period last year. The Division operating income included restructuring charges of $2 million in the third quarter of 2012. Excluding the charges, the $6 million year-over-year improvement in operating income reflects a 13 basis point gross margin increase which was driven by margin initiatives, as well as lower advertising, payroll, and general & administrative expenses.
International Division
The International Division reported third quarter 2013 sales of $681 million, a decrease of 2% in U.S. dollars and 4% in constant currency compared to the third quarter of 2012.
European Contract sales decreased mid-single digits in third quarter 2013 compared to the prior year period. Strategic decisions to exit certain unprofitable customers partially contributed to the sales declines. In the Direct channel, the rate of year-over-year sales decline continued to improve sequentially in third quarter 2013. The Division continued to take pricing actions on ink and toner in several markets. Retail sales in the quarter were down largely as a result of store closures in Sweden, partially offset by increased sales in France.
The International Division reported operating income of $3 million in the third quarter of 2013, compared to an operating loss of $15 million in the same period last year. The Division operating income in the quarter included $3 million in restructuring charges, compared to an operating loss in the third quarter of 2012 that included $19 million of charges related to asset impairments and restructuring activities. Excluding the charges, third quarter 2013 adjusted operating income was $6 million, compared to adjusted operating income of $4 million in third quarter 2012. The $2 million year-over-year improvement resulted primarily from operating expense reductions including advertising, payroll and general & administrative expenses, offset by sales declines and an 81 basis point gross margin decrease largely driven by the ink and toner pricing actions.
The movement in exchange rates had a minimal impact on International Division operating income in the third quarter of 2013 compared to the same period in 2012.
Other Matters
On July 9, 2013, the Company completed the sale of its investment in the Mexican JV to Grupo Gigante for the Mexican Peso amount of 8,777 million in cash, or approximately $680 million. In the third quarter the Company recognized a $381 million pre-tax gain on the sale as well as a $44 million goodwill impairment related to the transaction.
At the end of the third quarter of 2013, the Company had $725 million in cash and cash equivalents on hand and $728 million available under the Amended and Restated Credit Agreement, for a total of approximately $1.5 billion in available liquidity.
Additional information on the Company's third quarter results can be found in our Form 10-Q filed with the SEC on November 5, 2013, as well as in the Investor Relations section of our corporate website, www.officedepot.com, under the category Financial Information.
Non-GAAP Reconciliations
Reconciliations of GAAP results to non-GAAP results are presented in this release and also may be found on our Investor Relations website at http://investor.officedepot.com.
About Office Depot
Office Depot provides office supplies and services through more than 1,300 worldwide retail stores, a field sales force, top-rated catalogs and e-commerce operations, all delivered through a global network of wholly owned operations, licensees, franchisees and alliance partners. Office Depot has annual sales of approximately $10.7 billion, employs about 38,000 associates and serves customers in 59 countries around the world.
Office Depot's common stock is listed on the New York Stock Exchange under the symbol ODP. Additional press information can be found at: http://news.officedepot.com.
OFFICE DEPOT SAFE HARBOR STATEMENT
This communication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to, among other things, the Company, the merger and other transactions contemplated by the merger agreement, based on current beliefs and assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as "anticipate," "believe," "plan," "could," "estimate," "expect," "forecast," "guidance," "intend," "may," "possible," "potential," "predict," "project," "propose" or other similar words, phrases or expressions, or other variations of such words. These forward-looking statements are subject to various risks and uncertainties, many of which are outside of the Company's control. There can be no assurances that the Company will realize these expectations or that these beliefs will prove correct, and therefore investors and shareholders should not place undue reliance on such statements.
Factors that could cause actual results to differ materially from those in the forward-looking statements include adverse regulatory decisions; the risks that the combined company will not realize the estimated accretive effects of the merger or the estimated cost savings and synergies; the businesses of Office Depot and OfficeMax may not be integrated successfully or such integration may take longer, be more difficult, time-consuming or costly to accomplish than expected; the business disruption following the merger, including adverse effects on employee retention; the combined company's ability to maintain its long-term credit rating; unanticipated changes in the markets for the combined company's business segments; unanticipated downturns in business relationships with customers; competitive pressures on the combined company's sales and pricing; increases in the cost of material, energy and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technologies; unexpected technical or marketing difficulties; unexpected claims, charges, litigation or dispute resolutions; new laws and governmental regulations. The foregoing list of factors is not exhaustive. Investors and shareholders should carefully consider the foregoing factors and the other risks and uncertainties described in Office Depot's and OfficeMax's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. The combined company does not assume any obligation to update or revise any forward-looking statements.
Both charts are pretty much identical...I like ODP better for the price and it has more assets.
Since I started posting here today volume for ODP has doubled! lol
lots of reading. yes. too much for me. pls tell me after u went thru that all ;) with declining omx I'm not fascinated...
Keeping my fingers crossed...
Today the deal closes between ODP & OMX...plus the ER for ODP was postponed until after the bell today to coincide with deal closing...lot's of reading to do lol
Yes I've been in...we'll see what happens AH
Sure, that's why i'm still in.
Long and strong. Are you in? Do you have a target for this stock?
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NYSE - Office Depot, Inc (ODP)
http://www.officedepot.com/ Latest Promo: http://www.badgroove.com/index.php/tag/office-depot-foundation/
Company Information:
2200 Old Germantown Road
Delray Beach, FL 33445
United States
Phone: 561-438-4800
Fax: 561-438-4400
CIK: 0000800240
Every day, Office Depot is Taking Care of Business for millions of customers around the globe. For the local corner store as well as Fortune 500 companies, Office Depot provides products and services to its customers through 1,587 worldwide retail stores, a dedicated sales force, top-rated catalogs and a $4.2 billion e-commerce operation. Office Depot has annual sales of approximately $12.1 billion, and employs about 41,000 associates around the world. The Company provides more office products and services to more customers in more countries than any other company, and currently sells to customers directly or through affiliates in 52 countries.
Management: http://investor.officedepot.com/phoenix.zhtml?c=94746&p=irol-govmanage
Important Company Highlights:
Office Depot's common stock is listed on the New York Stock Exchange under the symbol ODP and is included in the S&P 500 Index. Additional press information can be found at: http://mediarelations.officedepot.com.
Office Depot Information: http://www.officedepot.com/specialLinks.do?file=/content/businesstools/sbh/default.jsp
Recent News:
Press Releases: http://investor.officedepot.com/phoenix.zhtml?c=94746&p=irol-news&nyo=0
http://finance.yahoo.com/q/h?s=ODP+Headlines
Filings:
Transfer Agent:
BNY Mellon Shareowner Services
P.O. Box 358015
Pittsburgh, PA 15252-8015
(800) 681-8059
Web Site: www.bnymellon.com/shareowner/isd
Investor Relations:
Investor.Relations@officedepot.com
561-438-7878
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