OfficeMax has completed an internal investigation into its accounting practices, and will, as it previously stated, restate its quarterly income for each of the first three quarters of 2004, the company announced on Monday.
The company’s audit committee began reviewing its financial records in December, and has determined that OfficeMax overstated its operating income by $7 million during first-quarter 2004, and understated its operating income by $1 million during both the second and third quarters.
The revelation follows the resignations of six executives, including those of CEO Christopher Milliken, who left in mid-February and CFO Brian Anderson, who left in January.
In December, the Itasca, IL-based company disclosed that it was investigating claims by one of its vendors that $3.3 million in bills had been falsified during 2003 and 2004.
According to one account, the company additionally improperly recorded rebates and other payments from vendors during 2004.
Network
