Overstock to restate earnings back to 2002--restatement will cut reported losses

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Overstock to restate earnings back to 2002--restatement will cut reported losses

03-01-2006, 02:44 PM,

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Kristijntje Offline

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Overstock to restate earnings back to 2002--restatement will cut reported losses

Quote:Online retailer Overstock.com said on Tuesday that it would restate financial results dating back to 2002, citing an error related to accounting for freight costs, which will cut the net loss reported for the annual periods.

In light of the accounting error, certain financial statements "should no longer be relied upon," the company said in a securities filing.

It's the latest stumbling block for the money-losing Web discounter, which in late December said its holiday sales growth had lagged previous seasons.

full article: http://news.com.com/Overstock+to+restate...44510.html

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