Overstock.com 2010 Annual Report Download - page 135
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Table of Contents
Overstock.com, Inc.
Notes to Consolidated Financial Statements (Continued)
24. QUARTERLY RESULTS OF OPERATIONS (unaudited)
The following tables set forth our unaudited quarterly results of operations data for the eight most recent quarters for the period ended December 31,
2010. We have prepared this information on the same basis as the consolidated statements of operations and the information includes all adjustments that we
consider necessary for a fair statement of its financial position and operating results for the quarters presented.
Three Months Ended
March 31,
2010 June 30,
2010 September 30,
2010 December 31,
2010 March 31,
2009 June 30,
2009 September 30,
2009 December 31,
2009
(in thousands, except per share data)
Consolidated
Statement of
Operations
Data:
Revenue, net
Direct $ 50,568 $ 42,382 $ 47,508 $ 69,188 $ 34,882 $ 28,685 $ 32,281 $ 55,053
Fulfillment
partner 213,762 188,871 197,912 279,682 150,847 146,213 161,502 267,306
Total net
revenue 264,330 231,253 245,420 348,870 185,729 174,898 193,783 322,359
Cost of goods
sold
Direct 43,584 37,434 43,174 62,932 30,397 23,532 28,471 48,490
Fulfillment
partner 173,475 152,240 160,868 226,526 119,201 115,079 128,000 218,847
Total cost of
goods sold 217,059 189,674 204,042 289,458 149,598 138,611 156,471 267,337
Gross profit 47,271 41,579 41,378 59,412 36,131 36,287 37,312 55,022
Operating
expenses:
Sales and
marketing 14,279 14,179 15,626 17,250 13,587 11,162 12,222 18,578
Technology 13,948 14,178 14,186 15,948 13,591 12,708 12,499 13,538
General and
administrative 14,906 14,503 14,742 11,499 13,834 12,326 13,288 9,458
Restructuring (136) — — (433) — (66) — —
Total
operating
expenses 42,997 42,860 44,554 44,264 41,012 36,130 38,009 41,574
Operating income
(loss) 4,274 (1,281) (3,176) 15,148 (4,881) 157 (697) 13,448
Interest income 16 40 55 46 123 27 11 9
Interest expense (802) (760) (668) (732) (922) (808) (977) (763)
Other income
(expense), net 371 652 387 678 1,736 954 297 290
Net income (loss)
before income
taxes 3,859 (1,349) (3,402) 15,140 (3,944) 330 (1,366) 12,984
(Provision)
benefit for
income taxes (129) 7 44 (281) — — — (257)
Net income (loss) $ 3,730 $ (1,342) $ (3,358) $ 14,859 $ (3,944)$ 330 $ (1,366) $ 12,727
Deemed
dividend
related to
redeemable
common
stock (14) (63) (23) (12) (11) (11) (13) (13)
Net income (loss)
attributable to
common
shares $ 3,716 $ (1,405) $ (3,381) $ 14,847 $ (3,955)$ 319 $ (1,379) $ 12,714
Net income (loss)
per common
share—basic:
Net income (loss)
per share—
basic $ 0.16 $ (0.06) $ (0.15) $ 0.64 $ (0.17)$ 0.01 $ (0.06) $ 0.56
Weighted average
common
shares
outstanding—
basic 22,941 23,013 23,060 23,060 22,803 22,817 22,824 22,838