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    James Cramer, Larry Kudlow & Me 23 July 2004

    In the summer of 2004 I went on Kudlow & Cramer to discuss 2004 Q2 results. We were still growing extraordinarily fast (88% in real terms, and gross profits were growing 106%). Our GAAP losses of $2.3 million on $87.8 million in sales for the quarter, or 2.6%, were in line with our strategy of maintaining high rates of growth while running roughly break-even, which I had publicly defined as +/- 1% on an annual basis. Incidentally, Overstock went on to finish 2004, our fifth full year in business, a half-billion dollar company, having shown real growth of 84% and gross profit growth of 158%, and losing $5 million (that is, running at -1% net income on a GAAP basis), and generating positive $25 million of operating cash flow.

    Note that Jim Cramer reads from David Rocker here. Jim would later claim that he never met David Rocker except for one time in a grocery store.


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