Overstock.com 2012 Annual Report Download - page 65
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Table of Contents
Interest expense is related to interest incurred on our Senior Notes, finance obligations, line of credit and our capital leases. Interest expense for the
year ended December 31, 2011 and 2010 totaled $2.5 million and $3.0 million, respectively. The decrease in interest expense is primarily a result of
extinguishments of our Senior Notes, partially offset by an increase from our finance obligations and line of credit.
Other income, net for the years ended December 31, 2011 and 2010 totaled $278,000 and $2.1 million, respectively. The decrease was primarily
due to a $1.2 million loss on early retirement of our finance obligations resulting from a prepayment premium in 2011 and a $346,000 decrease due to
gains on Senior Notes buybacks in 2010.
Our provision (benefit) for income taxes for the years ended December 31, 2011 and 2010 of ($142,000) and $359,000 is for federal alternative
minimum tax and certain income tax uncertainties, including interest and penalties. As of December 31, 2011 and December 31, 2010 we had federal net
operating loss carry forwards of approximately $192.5 and $166.7 million, respectively, and state net operating loss carry forwards of approximately
$176.1 and $150.7 million, respectively, which may be used to offset future taxable income.
While we believe that the cash and cash equivalents currently on hand and expected cash flows from future operations will be sufficient to continue
operations for at least the next twelve months; we may require additional financing. Although we may attempt to obtain additional financing, there can
be no assurance we will be able to do so. There can be no assurance that if additional financing is necessary it will be available, or, if available, that such
financing can be obtained on satisfactory terms. Our failure to generate sufficient revenues or profits or to obtain additional financing or raise additional
capital could have a material adverse effect on our operations and on our ability to achieve our intended business objectives. Any projections of future
cash needs and cash flows are subject to substantial uncertainty.
Our principal sources of liquidity are cash flows generated from operations, and our existing cash and cash equivalents. At December 31, 2012,
our only available credit facility was a $3.0 million facility solely to support letters of credit. At December 31, 2012, our cash and cash equivalents
balance was $93.5 million.
Cash flow information is as follows:
56
Operating activities $ 28,145 $ 25,663
Investing activities (13,764) (8,905)
Financing activities (17,819) (43,794)