Overstock.com Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
January 31, 2017 at 04:12 pm EST
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Overstock.com Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total net revenue of $526,182,000 against $480,270,000 a year ago. Operating loss was $342,000 against $3,089,000 a year ago. Income before income taxes was $3,880,000 against loss of $2,016,000 a year ago. Net income attributable to stockholders of company was $3,095,000 or $0.12 per basic and diluted share against $110,000 a year ago.
For the year, the company reported total net revenue of $1,799,963,000 against $1,657,838,000 a year ago. Operating income was $6,915,000 against operating loss of $534,000 a year ago. Income before income taxes was $20,545,000 against $3,115,000 a year ago. Net income was $12,522,000 or $0.49 per basic and diluted share against $2,446,000 or $0.10 per basic and diluted share a year ago. Net cash provided by operating activities was $39,564,000 against $54,516,000 a year ago. The $15.0 million decrease is primarily due to timing of payments to suppliers. In 2016, some holiday sales occurred earlier than in 2015 (including sales on Black Friday and Cyber Monday) which resulted in earlier payments to suppliers and lower operating cash flow than in 2015. Expenditures for fixed assets, including internal-use were $72,281,000 against $59,513,000 a year ago.
Beyond, Inc. is an e-commerce company. The Company owns Overstock, Bed Bath & Beyond, Baby & Beyond, Zulily, and other related brands and associated intellectual property. Its suite of online shopping brands feature various products. Bed Bath & Beyond is an online furniture and home furnishings retailer in the United States and Canada. Its e-commerce Website sells a range of home products, including furniture, bedding and bath, patio and outdoor, area rugs, tabletop and cookware, decor, storage and organization, small appliances, home improvement, and more. It offers additional products or services, including Business Advertising Opportunities, Marketplace Services, International Sales Support, and Supplier Oasis Integration. Its Supplier Oasis platform is a singular integration point that enables its partners to manage their products, inventory, and sales channels. It also facilitates international sales for customers outside the United States through third-party logistics providers.