Patrick Byrne A concerned citizen who has been hunting the oligarchy and Deep State since 2004. My actions forced me to abandon recently my 2,000 colleagues at Overstock.com. Help them out by going to Overstock.com and making a purchase.

James Cramer, Larry Kudlow & Me 23 July 2004

30 sec read

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.

 

Patrick Byrne A concerned citizen who has been hunting the oligarchy and Deep State since 2004. My actions forced me to abandon recently my 2,000 colleagues at Overstock.com. Help them out by going to Overstock.com and making a purchase.

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