OfficeMax net income rises in 4th quarter as cost cutting offsets decline in revenue

OfficeMax says its 4th-quarter profit rose 24 percent as lower costs and expenses offset a revenue decline.

Net income rose to $70.5 million, or 92 cents per share, from $57 million, or 76 cents per share a year ago. Excluding income related to the sale of some assets in 2004, net income was 65 cents per share. Analysts polled by Thomson Financial expected a profit of 52 cents per share.

The Naperville-based office-supply retailer's revenue fell 3 percent to $2.2 billion, from $2.26 billion last year. Analysts expected a profit of $2.3 billion.

The company said it experienced sales pressure in January and February but said it will cut costs throughout 2008 to offset sales weakness.