OfficeMax Inc. (NYSE:OMX) reported Q1 EPS of $0.23, ex-items, beating consensus analyst estimates of $0.16. Revenues for the quarter fell 17% to $1.91 billion year-over-year, missing consensus estimates of $1.95 billion. Chairman and CEO Sam Duncan said, "We are committed to placing OfficeMax in a stronger position for when the macro economy and industry trends improve. To do this, we are executing important initiatives that are centered on three key areas: growth, differentiation, and productivity. Further, we are strictly managing capital and we remain confident in our ability to generate positive cash flow for the year. We believe that all of our efforts will help us navigate the current environment and strengthen our business for the long-term" The company expects a year-over-year decline in sales for Q2 and continued deleveraging of costs and expenses for 2009.

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