Overstock.com Comments on Patrick Byrne's CNBC Interview
SALT LAKE CITY, Dec. 10 /PRNewswire-FirstCall/ -- Overstock.com, Inc.
(Nasdaq: OSTK) Chairman and CEO Dr. Patrick Byrne appeared on CNBC's Closing
Bell this past Friday and provided an update on the Company's current quarter.
"We are having a pretty nice Christmas," he said during the interview where he
mentioned that the company's gross bookings had increased thus far during Q4
by approximately 10% over last year's Q4 due to an increase in the order size
of the average transaction.
Byrne also suggested that the company's gross margins would be lower than
they have been in recent quarters due to aggressive sales promotions and
discounting. Byrne said that he expects Q4 GAAP net income to be between -1%
and +1% of revenue and EBITDA to be between $5 and $10 million. He said that
he believes the company will generate $50 to $60 million in operating cash
flows in Q4 and that the company plans to expand the business internationally.
"Next year we have an initiative to open up Canada and a couple countries in
Europe."
About Overstock.com
Overstock.com, Inc. is an online "closeout" retailer offering discount,
brand-name merchandise for sale over the Internet. The company offers its
customers an opportunity to shop for bargains conveniently, while offering its
suppliers an alternative inventory liquidation distribution channel.
Overstock.com, headquartered in Salt Lake City, is a publicly traded company
listed on the NASDAQ Global Market System and can be found online at
http://www.overstock.com.
Overstock.com(R) is a registered trademark of Overstock.com, Inc.
This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Such forward-looking statements include, but
are not limited to, statements regarding the Company's Q4 2007 results and
future international expansion. Our Form 10-K for the year ended December 31,
2006, our subsequent quarterly reports on Form 10-Q, and our other subsequent
filings with the Securities and Exchange Commission identify important factors
that could cause our actual results to differ materially from those contained
in our projections, estimates or forward-looking statements.
SOURCE Overstock.com
CONTACT: Kirstie Burden of Overstock.com, Inc., +1-801-947-3172,
kburden@overstock.com,
Investor Contact: Kevin Moon of Overstock.com, Inc.,
+1-801-947-3282, kmoon@overstock.com
.
