OfficeMax to Restate Earnings Amid Probe

OfficeMax Inc., the No. 3 U.S. office-supplies retailer, said it would restate income for the first three quarters of last year after completing a probe that found employees fabricated $3.3 million in rebates billed to suppliers.

The audit committee investigation discovered the company overstated operating income by as much as $5 million during the first nine months of 2004, Itasca, Ill.-based OfficeMax said. The company said it would restate earnings per share for the three-quarter period without providing specifics.

Shares of OfficeMax rose $1.13 to $32.70 on the NYSE.