10-29-2005, 09:27 AM
Quote:Overstock.com® (Nasdaq: OSTK) today reported financial results for the quarterly period ending September 30, 2005, including:
* Revenue growth: 64%
* Gross Profit growth: 80%
* Growth in G&A:
* Technology (which includes depreciation): 257%
* Other than technology: 96%
* GAAP Operating loss: $11.2 million
* GAAP Net loss: $14.2 million
CEO statement:
Quote:Q3 was rough. My bad. I bit off more technology projects than my colleagues could chew. The last bite, an ERP implementation, was one bite too many, and we choked on it. This mistake resulted in two kinds of unfortunate results:
1. Unexpected bad things happened. We tested our new ERP system as much as time allowed, but in mid-August I cut-over earlier than I should have. We anticipated that a small number of background processes would fail, but we had more trouble than expected. Rather than pass the problem to the customer in the form of bad service, we ate the cost by doing a great many things manually that would normally be done automatically.
full press release: http://www.shareholder.com/overstock/Rel...eID=178021