Office Depot expects free cash flow to be negative this year

Says has made significant progress with merger integration in last few months. Says expects merger will start to be accretive to earnings in 2015. Says expects synergies to accelerate throughout the year. Sees $180M in synergies in 2014. Sees free cash flow negative this year. Says expects market trends will remain challenging. Sees FY CapEx about $150M. Sees FY merger cash costs around $300M. Comments made on the Q1 earnings conference call.

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