Overstock.com 2008 Annual Report Download - page 114

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Table of Contents
26. QUARTERLY RESULTS OF OPERATIONS (unaudited)
The following tables set forth the Company's unaudited quarterly results of operations data for the eight most recent quarters for
the period ended December 31, 2008. The Company has prepared this information on the same basis as the Consolidated Statements
of Operations and the information includes all adjustments, consisting only of normal recurring adjustments, that it considers
necessary for a fair statement of our financial position and operating results for the quarters presented.
Three Months Ended
Mar. 31, 2007 June 30, 2007 Sept. 30, 2007 Dec. 31, 2007 Mar. 31, 2008 June 30, 2008 Sept. 30, 2008 Dec. 31, 2008
(in thousands, except per share data)
Consolidated Statement of
Operations Data:
Revenue
Direct revenue $ 46,990 $ 43,658 $ 39,270 $ 67,170 $ 51,764 $ 39,832 $ 34,176 $ 48,431
Fulfillment partner
revenue 115,166 105,513 120,789 227,346 151,050 149,004 152,679 207,431
Total revenue 162,156 149,171 160,059 294,516 202,814 188,836 186,855 255,862
Cost of goods sold
Direct 41,469 36,456 33,268 56,815 44,803 34,871 30,633 44,194
Fulfillment partner 96,077 86,523 99,425 191,319 124,040 120,756 124,103 168,058
Total cost of goods
sold 137,546 122,979 132,693 248,134 168,843 155,627 154,736 212,252
Gross profit 24,610 26,192 27,366 46,382 33,971 33,209 32,119 43,610
Operating expenses:
Sales and marketing 11,284 7,962 8,835 27,377 15,019 14,244 11,934 16,437
Technology 14,973 15,237 14,576 14,667 14,516 15,311 14,119 13,869
General and
administrative 10,689 10,429 9,724 11,134 9,563 10,867 10,321 7,622
Restructuring 6,089 6,194 — — — — — —
Total operating
expenses 43,035 39,822 33,135 53,178 39,098 40,422 36,374 37,928
Operating income (loss) (18,425) (13,630) (5,769) (6,796) (5,127) (7,213) (4,255) 5,682
Interest income, net 990 1,078 1,291 1,429 1,304 740 664 455
Interest expense (1,029) (1,027) (1,029) (1,103) (901) (888) (847) (826)
Other income (expense), net — — (92)— — 2 2,849 (4,297)
Income (loss)Loss from
continuing operations (18,464) (13,579) (5,599) (6,470) (4,724) (7,359) (1,589) 1,014
Discontinued operations:
Loss from discontinued
operations (3,624)(300)— — — — — —
Net income (loss) $ (22,088)$ (13,879)$ (5,599)$ (6,470)$ (4,724)$ (7,359)$ (1,589)$ 1,014
Net income (loss) per
common share—basic
Income (loss) from
continuing operations $ (0.78) $ (0.57) $ (0.23) $ (0.27) $ (0.20) $ (0.32) $ (0.07) $ 0.04
Loss from discontinued
operations $ (0.16) $ (0.01) $ — $ — $ — $ — $ — $ —
Net income (loss) per share
—basic $ (0.94) $ (0.58) $ (0.23) $ (0.27) $ (0.20) $ (0.32) $ (0.07) $ 0.04
Weighted average common
shares outstanding—
basic 23,594 23,689 23,726 23,807 23,345 22,750 22,768 22,745
Net income (loss) per
common share—diluted
Income (loss) from
continuing operations $ (0.78) $ (0.57) $ (0.23) $ (0.27) $ (0.20) $ (0.32) $ (0.07) $ 0.04
Income (loss) from
discontinued
operations $ (0.16) $ (0.01) $ — $ — $ — $ — $ — $ —
Net income (loss) per share
—diluted $ (0.94) $ (0.58) $ (0.23) $ (0.27) $ (0.20) $ (0.32) $ (0.07) $ 0.04
Weighted average common
shares outstanding—
diluted 23,594 23,689 23,726 23,807 23,345 22,750 22,768 22,827
F-34