Patrick Byrne must have Overstock.com’s bean counters working on overtime beating the bushes for anything that could reduce the company’s losses. Seems like the company made a boo boo in calculating some of their freight costs over the last few years that resulted in their being overstated the tune of $3.5 million and inventory understated by the same amount as a result. They’ll be restating earnings from 2002 to 2004 so that they’ll show lower losses over that period.
Overstock to restate financial filings – Reuters
Wall Street Folly – www.wallstreetfolly.com
