Tuesday, February 7, 2006
Overstock.com Reports Loss On Higher Revenue
Salt Lake City, Utah-based Overstock.com reported its fourth quarter and fiscal year 2005 results this morning, saying that the firm had revenues of $318M in Q4. For all of 2005, the company lost $25M on total revenues of $804M. CEO Patrick Byrne said in a statement that the company met its goals to grow revenue 60-100%, but failed to meet its goal of breaking even for the year. Byrne blamed the company's internal systems and difficulties with replacing those systems, forcing the company to shift resources to fix those issues. The company's year to year revenues were up 63% from 2004, and the firm ended up with $112M in cash as of December 31st. Overstock is a provider of closeout electronics and other consumer products, and is listed on the NASDAQ as OSTK.