Business-to-business direct marketer Boise Cascade Office Products Corp., Itasca, IL, said last week that its third-quarter earnings may be "modestly below" the 21 cents it earned in the second quarter and below analyst estimates of 25 cents per share. The company blamed lower-than-expected performance of its worldwide direct marketing operations, as well as lower margins in its paper business and disruption of business and other costs associated with the relocation of a distribution center for its earnings downgrade. President/CEO Chris Milliken said that its U.S. DM business continues to perform well, but that the company will take action to improve on its expected performance. According to preliminary third-quarter estimates from earnings tracker First Call, 57 percent of 180 reporting companies are expecting a negative earnings surprise. That compares to 66 percent that reported lower-than-expected earnings in the second quarter.