overstock.com inc (OSTK) Key Developments
Overstock.com Inc. Announces Resignation of David J. Nielsen, Senior Vice President, Business Development
Jul 2 15
On June 29, 2015, David J. Nielsen, Senior Vice President, Business Development, resigned from Overstock.com Inc.
Overstock.com Launches Offering of Cryptosecurity
Jun 5 15
Overstock.com Inc. has became the first company to solicit qualified institutional buyers in a digital corporate bond which will trade using the same technology that underlies cryptocurrencies such as bitcoin. This pioneering development is part of the company's larger cryptofinance initiative known as Medici. Byrne went on to explain that a cryptosecurity is one that trades on a cryptographically-protected distributed ledger. In this case, buyers will be able to track their ownership on the bitcoin blockchain. The issuance is powered by Overstock.com's TØ.com technology – a name that refers to the fact that trades on the system securely settle same day, as opposed to three days later -- or what Wall Street traders refer to as, "T+3". The TØ.com technology uses the Open Assets protocol.
Overstock.com Inc. Announces Termination of Mark J. Griffin as Senior Vice President, General Counsel and Corporate Secretary
May 5 15
On May 1, 2015, largely for personal reasons, and by mutual agreement with the Overstock.com Inc., Mark J. Griffin, Senior Vice President, General Counsel and Corporate Secretary, and the company agreed to the termination of Mr. Griffin’s responsibilities in those roles, effective as of the close of business on May 1, 2015. Mr. Griffin will continue as a company employee through January 2016, assisting in transition and working on designated company projects.
Overstock.com Inc. - Shareholder/Analyst Call
Apr 28 15
Annual General Meeting
Overstock.com Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015
Apr 27 15
Overstock.com Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the period, the company reported total net revenue of $398,344,000 against $341,207,000 a year ago. Operating income was $3,844,000 against $6,067,000 a year ago. Income before income taxes was $4,488,000 against $6,560,000 a year ago. Net income attributable to stockholders of the company was $2,739,000 or $0.11 per diluted share against $3,970,000 or $0.16 per diluted share a year ago. Net cash used in operating activities was $43,089,000 against $29,679,000 a year ago. Purchases of intangible assets were $32,000 against $22,000 a year ago. Expenditures for fixed assets, including internal-use software and website development were $6,612,000 against $6,195,000 a year ago. The growth in revenue was primarily due to a 12% increase in orders, coupled with a 5% increase in average order size, from $165 to $174. In addition, the percentage of revenue the company defer from orders taken but not delivered was less due to the timing of quarter end. These increases in Revenues were partially offset by increased promotional activities including coupons, site sales, and Club O Rewards due to driving a higher proportion of sales using such promotions, and by an increase in returns. Although average order size has increased in recent years, the company expects the rate of increase to lessen as sales mix shift into home and garden products tapers.