Summary Of Looking For Alibrandi By Goria Steinem

â€Å"A gender-equal society would be one where the word â€Å"gender† does not exist: where everyone can be themselves. â€Å"said by Goria Steinem. I disagree with Steinem’s statement in relation to gender equality in contemporary Australia. In this essay, three arguments would be addressed, which directly referred to Melina Marchetta’s 1992 novel, Looking for Alibrandi that enacted a story of a teenage girl who had to face difficulties in the society and fight with the original Australians as she was an illegitimate girl. Therefore, from my perspective, I will discuss this topic in order of gender discrimination, the fairness of gender controbility and gender limitation. Firstly, it is not without the word gender that we can be equal, but is our†¦show more content†¦The results showed that 98% of respondents thought they were unfairly treated in schools and families. Keira Wright, 17, said that when she was a little girl, Wright began to worry about her own safety. She said â€Å"she cannot go out at some point or walk somewhere where some male friends can go. She cannot wear special clothes, because people will judge her. Wright said, It s normal for people to comment on the girls dress in the car, but nobody s going to evaluate the boy s clothes. When related to Melina Marchetta s 1992 novels, Looking for Alibrandi, there are a great number of details that shows the inequality of men and women. Katia do not want to follow Francesco to live in Australia, but she had to come over. Visible, women comply with men s needs; there is no right to choose. And on the way, she was not allowed to speak to men, and was not allowed to share a meal wi th men at a table (P 201). Thirdly, gender equity only means that there is no discrimination in the society in case of power, achievement and mistreatment will not be accepted in the society. However, in my perspective, women limitation is certainly not in line with social order, especially in contemporary Australia. For example, divorced women cannot marry again. Unmarried women cannot go out with men, or have sex with men. The book even says, Italy

Qualitative Study of Reasons for (Non) Participation in...

Griffith University Department of Tourism, Leisure, Hotel and Sport Management 1002HSL Introduction to Research Assessment 1 Qualitative Study of Reasons for (Non) Participation in Physical Recreation Part 1a) Introduction: The objective of this qualitative study is to investigate and compare the responses of single and married women that do not participate in physical recreation. Lack of physical activity from married and single women has been studied less extensively than men’s physical activity. (Vehoef, Love amp; Rose 2003) The issue of non-participation in physical activity can affect the quality of life and health of women globally. It is important to address this issue and understand why some women do not participate in leisure†¦show more content†¦(Kwek 2011) It is important when conducting a in-depth interview to not lead the interviewee but to probe them for more information. The person conducting the interview must not agree with of disagree with the interviewee this is vital so the interviewee does not feel induced into to answering a question in a certain way. The interviewer must use more open questions to gain more in-depth information from the interviewee and then confir m this in-depth by using closed questions to ensure the data being collected is on track. The open, axial and reflective coding method was used to analyse the data. Open coding is the first coding method used in analysing the in-depth interview data. Open coding helps to make sense of the process and identify the root of the issue. The interviews were evenly split between married and single women. Some of the issues for married women in the open coding stage were things such as; * Age – feeling too old * Body image – being embarrassed by their body * Housework – having to cook and cleaning the house * Kids – transporting and caring for children * Work – working long hours and irregular hours * No motivation – finding it hard to feel motivated to exercise * No friends to exercise with – not having a partner or group to exercise with * Poor knowledge of physical activities – not knowing the best methods to participate in physical activity * Low energy levels –Show MoreRelatedEvaluation Methodology. The Main Ques tion This Evaluation1548 Words   |  7 Pagesevaluation and summative evaluation. 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Results obtained from Ð ° questionnaire survey Ð ¾f 376 tourists randomly sampled from seven tourism destinations Ã'â€"n Nigeria show that thÐ µ most prominent motivations fÐ ¾r tourist destination choice are self-actualization Ã'â€"n an appreciative, educational or cultural

Minute Speeches free essay sample

The speaker must begin speaking about the subject. The speaker can say anything he or she wants to about the subject, so long as It Is related to the subject. The speaker must attempt to continually speak without long pauses until: After I-minute, the time-keeper shouts: STOP! Variations: A: The speaker may begin the speech by saying what the topic is: e. G. My subject is Supermarkets B: The speaker does not specify the topic he or she is speaking about. (However he or she can still say the word during the speech). At the end of the speech, the audience must guess what the subject was C: The speaker may choose which variation (A or B) will be used. D: In terms of running the activity, there are a variety of options. For one, you can break the class Into groups of 5 or 6, and they can perform the activity In small groups. We will write a custom essay sample on Minute Speeches or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Or, you can make this an ongoing activity: At the start of each class, you can have 3 or 4 students perform their speech in front of the entire class. You can run this activity this way for several days until everyone has performed.Sample Topic Slips: The topics can be absolutely anything. Preferably 1 or 2 words only. They can range from very specific to very general: Subs (Sports Utility Vehicles), Supermarkets, Pollution, Convenience Stores, Sports, Vacations, Traveling, Holidays, Newspapers, Cars, Pets, Restaurants, Dating, Television, Clothing, Shopping, Winter, Karaoke, Kayaks, Reading, Hobbles, Cats, Movies, Flat- Screen Television. Note: Its good to keep the topics short (1 or 2 words) and allow the speaker freedom may wish to speak about his or her favorite restaurants.Or the student might decide to speak about why eating in restaurants is more convenient than eating at home (or vice versa). Or (if your students are business-oriented) why a restaurant would make Please circle one: (Weak) (Strong) a more lucrative business to start than a retail store. In this way, your students speech may be considerably different from how you originally intended when you devised the topics!!! This is good, because it is easier and more dynamic for the student, and very entertaining for the teacher as we ll! Evaluation:For this activity, each student in the class can be provided with a grading sheet, on which different aspects of the speech can be rated on a scale of 1 5. E. G. Creativity 5 Pronunciation 1 4 2 3 Grammar Comments: This way, the speaker can receive positive feedback and encouragement from classmates. Also, the other students in the class can practice communicative listening-comprehension skills. Lastly, if an ATE is present, the ATE should mark the speech and provide comments as well. Hearing encouragement from a native speaker should greatly improve the confidence and motivation of the student!

Othello - Character Analysis Of Othello Essays - Othello, Iago

Othello - Character Analysis of Othello After reading Othello by Shakespeare over about 3 times, I came to feel sorry for a man that I can easily say was gulled into tragedy by his own purity. I can see Othello as a man that could sit at the Round Table with King Arthur and rank among those wonderous knights of chivalry. At his end, he had nothing. The Duke calls Othello Valiant Othello (1057) Othello also stands ready to face Brabantio, Iago tells him to run. Othello - Not I; I must be found. My parts, my title and my perfect soul Shall manifest me rightly. (1054) As grand as his internal characteristics are, he also stumbles with his own susceptibility to become betrayed. Othello also has no sense of grey. He sees things are either good or evil. To Cassio, Othello Thy honesty and love doth mince this matter, making it light to Cassio. Cassio, I love thee, But never more be officer of mine (1078) For his one transgression, Cassio is stripped of his rank and cast aside. Othello seems to place his trust in people that have not demonstrated a reason to be mistrusted. Iago at no time gives cause to be mistrusted. Othello had to see the reason, something tangible. The external pressures on Othello are partially due to his being black. Iago starts his scheming of destruction using Othellos color against him, when he beckons Barbanito to action. Iago Even now, now, very now, an old black ram is tupping your white ewe. Arise! Arise! (1051) This prejudice may have damaged his self-esteem, where he believed he was unworthy of Desdemona. Iago drops doubt in his mind, Othello begs for the suspicious thoughts. Othello By heaven, Ill know thy thoughts. (1087) This opens the door to Iagos deceit. Iago O, beware my lord of jealousy! which doth mock. (1087) Othello Farewell, Farewell,.. Set on thy wife to observe. Leave me, Iago. (1089) Here is where the splinter drives deeper. From this point, there is more falls of the seal the fate of poor Othello. The mind bending Iago plants deep the seeds of wicked thoughts. Iago There are a kind of men so loose of soul that in their sleep will mutter their affairs. In sleep I heard him say Sweet Desdemona, let us be wary (1094) With the fully trusting nature and complete vulnerabilities inside of Othello, coupled with the horrid deception of Iago, the tragic flaw has been discovered. Othello By heaven, I saw the handkerchief in his hand (1121) Once the handkerchiefs seen in Cassios hand, its a time for killing. Paul Browning Eng105 1-26-00

Timeline and History of Chocolate and the Cocoa Bean

Timeline and History of Chocolate and the Cocoa Bean Chocolate has a long and fascinating past, as delicious as its taste. Heres a timeline of notable dates in its history! 1500 BC-400 BC: The Olmec Indians are believed to be the first to grow cocoa beans as a domestic crop.250 to 900 CE: The consumption of cocoa beans was restricted to the Mayan societys elite, in the form of an unsweetened cocoa drink made from the ground beans.AD 600: Mayans migrate into northern regions of South America establishing earliest known cocoa plantations in the Yucatan.14th Century: The drink became popular among the Aztec upper classes who usurped the cocoa beverage from the Mayans and were the first to tax the beans. The Aztecs called it xocalatl meaning warm or bitter liquid.1502: Columbus encountered a great Mayan trading canoe in Guanaja carrying cocoa beans as cargo.1519: Spanish explorer Hernando Cortez recorded the cocoa usage in the court of Emperor Montezuma.1544: Dominican friars took a delegation of Kekchi Mayan nobles to visit Prince Philip of Spain. The Mayans brought gift jars of beaten cocoa, mixed and ready to drink. Spain and Portugal did not export the beloved drink to the rest of Europe for nearly a century. 16th Century Europe: The Spanish began to add cane sugar and flavorings such as vanilla to their sweet cocoa beverages.1570: Cocoa gained popularity as a medicine and aphrodisiac.1585: First official shipments of cocoa beans began arriving in Seville from Vera Cruz, Mexico.1657: The first chocolate house was opened in London by a Frenchman. The shop was called The Coffee Mill and Tobacco Roll. Costing 10 to 15 shillings per pound, chocolate was considered a beverage for the elite class.1674: Eating solid chocolate was introduced in the form of chocolate rolls and cakes served in chocolate emporiums.1730: Cocoa beans had dropped in price from $3 per pound to a price within the financial reach of those other than the very wealthy.1732: French inventor, Monsieur Dubuisson invented a table mill for grinding cocoa beans.1753: Swedish naturalist, Carolus Linnaeus was dissatisfied with the word cocoa, so renamed it theobroma, Greek for food of the gods.1765: Chocolate was introduced to the United States when Irish chocolate-maker John Hanan imported cocoa beans from the West Indies into Dorchester, Massachusetts, to refine them with the help of American Dr. James Baker. The pair soon after built Americas first chocolate mill and by 1780, the mill was making the famous BAKERS  ® chocolate. 1795: Dr. Joseph Fry of Bristol, England, employed a steam engine for grinding cocoa beans, an invention that led to the manufacture of chocolate on a large factory scale.1800: Antoine Brutus Menier built the first industrial manufacturing facility for chocolate.1819: The pioneer of Swiss chocolate-making, Franà §ois Louis Callier, opened the first Swiss chocolate factory.1828: The invention of the cocoa press, by Conrad Van Houten, helped cut prices and improve the quality of chocolate by squeezing out some of the cocoa butter and giving the beverage a smoother consistency. Conrad Van Houten patented his invention in Amsterdam and his alkalizing process became known as Dutching. Several years earlier, Van Houten was the first to add alkaline salts to powdered cocoa to make it mix better with water.1830: A form of solid eating chocolate was developed by Joseph Fry Sons, a British chocolate maker.1847: Joseph Fry Son discovered a way to mix some of the cocoa butter back into the Du tched chocolate, and added sugar, creating a paste that could be molded. The result was the first modern chocolate bar. 1849: Joseph Fry Son and Cadbury Brothers displayed chocolates for eating at an exhibition in Bingley Hall, Birmingham, England.1851: Prince Alberts Exposition in London was the first time that Americans were introduced to bonbons, chocolate creams, hand candies (called boiled sweets), and caramels.1861: Richard Cadbury created the first known heart-shaped candy box for Valentines Day.1868: John Cadbury mass-marketed the first boxes of chocolate candies.1876: Daniel Peter of Vevey, Switzerland, experimented for eight years before finally inventing a means of making milk chocolate for eating.1879: Daniel Peter and Henri Nestlà © joined together to form the Nestlà © Company.1879: Rodolphe Lindt of Berne, Switzerland, produced smoother and creamier chocolate that melted on the tongue. He invented the conching machine. To conch meant to heat and roll chocolate in order to refine it. After chocolate had been conched for seventy-two hours and had more cocoa butter added to it, it was po ssible to create chocolate fondant and other creamy forms of chocolate. 1897: The first known published recipe for chocolate brownies appeared in the Sears and Roebuck Catalogue.1910: Canadian, Arthur Ganong marketed the first nickel chocolate bar. William Cadbury urged several English and American companies to join him in refusing to buy cacao beans from plantations with poor labor conditions.1913: Swiss confectioner  Jules Sechaud of Montreux introduced a machine process for manufacturing filled chocolates.1926: Belgian chocolatier, Joseph Draps starts the Godiva Company to compete with Hersheys and Nestles American market. Special thanks go to John Bozaan for the additional research.

Using Perl Chr() and Ord() Functions

Using Perl Chr() and Ord() Functions The Perl programming languages  chr() and ord() functions are used to convert characters into their ASCII or Unicode values and vice versa. Chr() takes an ASCII or Unicode value and returns the equivalent character, and ord() performs the reverse operation by converting a character to its numeric  value.   Perl Chr() Function The chr() function returns the character represented by the number specified. For example: #!/usr/bin/perl print chr (33) print /n; print chr (36) print /n; print chr (46) print /n; When this code is executed, it produces this result: ! $ Note: The characters from 128 to 255  are by default not encoded as UTF-8 for backward compatibility reasons. Perls Ord() Function The ord() function does the opposite. It takes a character and converts it into its ASCII or Unicode numeric value. #!/usr/bin/perl print ord (A); print /n; print ord  (a); print /n; print ord  (B); print /n; When executed, this returns: 65 97 66 You can confirm the results are accurate  by checking an ASCII Code Lookup Table online. About Perl Perl was created in the mid-80s, so it was a mature programming language long before websites exploded in popularity. Perl  was originally designed for text processing, and it is compatible with HTML and other markup languages, so it quickly became popular with website developers. Perls strength lies in its ability to interact with its environment and its cross-platform compatibility. It can easily open and manipulate many files within the same program.

CONTEMPORARY ISSUES FACING THE HINDUISM RELIGIOUS TRADITION Essay

CONTEMPORARY ISSUES FACING THE HINDUISM RELIGIOUS TRADITION - Essay Example It consists of traditions that have been passed down the Vedic age, adjusted by people to make things simpler. The so called flexibility of the religion is so possible because methodology of practicing has not been put down anywhere. The religion is simply dealt with philosophy and has been an answer to man’s transcendence questions of life existence. However, a single definition of this religion and its countless traditions is not humanly possible. Lord Krishna (a Hindu avatar of God) says: â€Å"Karmanyeva Adhikaraste Ma Phaleshu Kadachana† which is a very important line taken from the sacred Bhagvad Gita and sums up the Hindu traditions. It simply means that work alone and nothing else should be aim of life. Thus, Hinduism with vast range of beliefs and traditions aims towards â€Å"Karma† alone, even after being twisted and adjusted to synchronize with present lifestyle which is one of the key reasons for its strong existence even

Successful Negotiation for Salary Raise Case Study

Successful Negotiation for Salary Raise - Case Study Example It's a quiet convincing statement which refers to human nature where most of the times s/he inquires 'what's in it for me'' and is willing to get into details of the situation. The case presented here is about asking my manager for increasing my salary. It's been almost two years that I have been part of the same organization on the same pay scale; however my job role has changed multiple times, mostly increasing the job responsibilities. Such duration was viable enough to prove my value as being part of the organization and fight the case. In the current scenario, I had an upper hand as recently my coworker resigned, leaving his share of job responsibilities upon my shoulder. Earlier I was managing just a single product line but now another one has been added, making my job role tougher claiming double the time and efforts. I was the only resource my boss had left in retail function, having the set of expertise and experience as I had. If at this point in time I leave, my boss would be left with loads to handle all by himself. Hiring another resource was always an option but as per the regressive interviewing process, it would have taken minimum of three months for hiring adding another three months for trainings and blending in of the new resource. The key here was to present my significance to the organization, specifically to my manager making him believe that I deserve more then what I am getting right now based on my capability of committing to extra amount of work., whereas saving their cost which will be incurred over hiring of the new resource. This did require careful measures, such that I don't look too assertive, giving an impression of over-ambition, nor too timid showing desperation. I was demanding 40% increase over my current gross salary... Alternatives included bonus equivalent to two months of my gross salary, organization paying for my college tuition fees, and one week paid vacations to one of the countries. In return, I was willing to take almost half of the responsibilities of my coworker who resigned or take up additional assignment, distinct to my current job responsibilities. If all above had not worked out, I was willing to take the counter offer I had in hand, which may have been close to my demand if not exceeding it. However this implied starting from scratch in understanding the way of work, getting in the flow and most importantly proving myself once again to my new employer. For my current employer, doing so meant investing their valuable time and resources in hiring and training two resources. Another option was to deny taking additional responsibilities which eventually could have turned out to be the reason for losing my job. My employer could have either let go of me right at the spot or could have removed me till they get a replacement to keep the job running. It was definitely not a piece of cake getting the management team to agree for paying me additional amount. I gathered the Do(s) and Don't(s) needed to be taken care of before presenting my case. Negotiation Process - Do(s) In order to make the negotiation process successful, it was essential to go beyond my current working methods and exhibit my talent. Below are the steps I followed to achieve the outcome: Identify the objective Just like a solution cannot be achieved till the problem is identified, results cannot be attained till objectives are defined. To keep my manager's attention focused, first and the foremost thing I did was to figure out my objective and the desired

How Effective Are Various Methods in Reducing Recidivism Essay Example for Free

How Effective Are Various Methods in Reducing Recidivism Essay Prison, non-custodial sentences and rehabilitation seem all failed in reducing recidivism; however, there is little and limited evidence to support non-custodial sentences, as well as some people think if rehabilitation could be implemented effectively, it would work. Although the advantage of prison is keeping our society from dangerous people, when it comes to reducing recidivism rate, the effect of prison is disappointing. The public usually think that imprisonment is safer for communities; however, it appears powerless to deter inmates from committing crime again. In the article, â€Å"Study shows building prisons did not prevent repeat crimes†, Fox Butterfield (2002) cites a large-scale study of recidivism from the Bureau of Justice Statistics, which investigated up to 272,111 former prisoners in 15 states during the first three years after being released. It found that 67% of inmates broke the law again in three years right after their release in 1994. It is surprised that it does not make any difference to recidivism rate which was studied in 1960’s, and it is even 5% higher than the study done in 1983. In addition, it indicated that the more rearrest records a criminal has, the higher recidivism rate he has. The inmates who have more than 15 prior arrests have 82. 1% of recidivism rate. Nevertheless, according to Emily Kingham’s article (2006), she believes that prison forces offenders to regret and reflect on their behaviour; as for the reason that criminals cannot reject the temptation of committing new crime is because of inadequate provided support. In spite of this, some experts have admitted that prison does not work in terms of reducing recidivism rate (Considering the alternatives 1978; Finckenauer 1988). Some limited evidence has shown that non-custodial sentences may decrease recidivism; regardless of some experts being sceptical about their desired achievements. On the one hand, alternative sentences can help government save money and alleviate over-cramped number of criminals in prison (Considering the alternatives 1978). On the other hand, Kingham(2006) points out that alternative sentences do nothing but return prisoners to their original circumstances, which result in unawareness of their crimes and the onsequences. One study indicated that through one of alternative sentences, intensive probation, recidivism rate is less than 20%; however, the evidence maybe weak as the study has not been completely put into practice (Considering the alternatives 1978). Furthermore, in the Minnesota, alternative sentences have been successfully adopted to keep criminal rate not increasing, but it may not be convinced because of the source not being confirmed (Considering the alternatives 1978) . While some people argue rehabilitation is also failed in reducing recidivism rate, some authors counter that if government could support rehabilitation, recidivism rate would decrease. According to the article, â€Å"Prison†, James O. Finckenauer (1988) cites some studies, which shows that even though the government has already provided with good rehabilitation programmes, they cannot achieve reformatory of inmates. On the other hand, this position is contested by Joan Petersilis (cited in Butterfield 2002), a professor of criminology at the University of California at Irvine and an expert on parole, who says that state governments spent such little money on rehabilitation programs that inmates do not receive sufficient help with drug addition, work skill and preparation for a new life, which may lead increasing recidivism rate. Butterfield (2002) further cites the statement by Mr. Travis, who also argues that criminals return to crime.

Malaria Essay -- essays research papers fc

Malaria is regarded as one of the world's deadliest tropical parasitic diseases. It claims more lives than any other communicable disease except tuberculosis. In Africa and other developing countries, it also accounts for millions of dollars in medical costs. Malaria, however, is a curable disease if promptly diagnosed and adequately treated. Malaria is a mosquito-borne disease caused by the parasite plasmodium. In recent years, most cases in the U.S. have been in people who have acquired the disease after travelling to tropical and sub-tropical areas. Over 200 million cases worldwide are reported each year. Estimates of deaths caused by malaria exceed 1 million each year, with the majority being African children. Other groups at risk include pregnant women, foreign travelers, refugees, and laborers entering endemic areas. Malaria is prevalent in over 100 countries around the world, the most of which located in Africa and South America. Predominance of Malaria Today, malaria is a public health problem in more than 90 countries. Worldwide prevalence of the disease is estimated to be over 200 million cases each year. More than 90% of all malaria cases arise from sub-Saharan Africa. The geographical area affected by malaria has shrunk considerably in the past 50 years. Yet measures to control this epidemic are becoming less and less effective. Increased risk of the disease is linked with expansion projects in undeveloped areas, particularly in the Amazon basin and in Southeast Asia. The rise of malaria is also linked to factors such as global warming, poor health services, political upheavals and armed conflicts. Other causes of this spread include growing resistance of the parasites that cause the disease to new drugs. And with the growing popularity international travel, malaria is now showing up in developed countries. It is also re-emerging in areas where it has previously been under eradicated. Symptoms Symptoms of malaria vary depending on the specific type of parasite involved. These symptoms include high fever, chills, sweats, vomiting, and headaches. This would explain why malaria is often misdiagnosed as the flu. In severe cases the illness can progress to lethargy, respiratory failure, coma and death. If left untreated, the symptoms may persist for weeks or even months. With some types of malaria, relapses may occur for years after treatment. ... ... infection from mosquitoes. Health departments assist travelers in determining what precautions are needed. Drug and Vaccine Development Drugs designed to treat malaria are available on a very limited basis. Because of increasing resistance to drugs in many parts of the world, adequate treatment of malaria is becoming increasingly difficult. Although a few new drugs have appeared in the last 20 years, they are not economically available to many people who need them. In the last decade, considerable progress has been made in the search for a malaria vaccine. An effective vaccine would create a powerful addition to malaria control. More than a dozen candidate vaccines are currently in development, some of them in clinical trial. The hope is that an effective vaccine will be available within the next 7-15 years. REFERENCES A bibliography on the behavioral, social, and economic aspects of malaria and its control. c1978. World Health Organization. Geneva, Switzerland. (April 2000). Malaria Foundation International. [On-line]. Available: http://www.malaria.org/ (April 2000). Travel health online. [On-line]. Available: http://www.tripprep.com/travinfo/timala.html

A Comparative Analysis of Overstock and Amazon

Financial Reporting, Analysis and Ethics: A Comparative Analysis of Overstock. com and Amazon Robert Baird BU7545 Fall 2011 Financial Reporting, Analysis and Ethics: A Comparative Analysis of Overstock. com and Amazon Robert Baird BU7545 Fall 2011 Table of Contents| | | Executive Summary| 2| | | Company and Industry Information| 3| | | Accounting Issues| 6| | | Accounting Policies and Disclosure Practices| 9| | | Financial Statement Analysis| 10| | | Corporate Governance| 13| | | Conclusion| 15| | |References| 18| | | Appendices| 21| Executive Summary This paper covers the accounting errors related to freight costs that led Overstock. com in 2006 to restate its financial statements for 2002, 2003, 2004 and quarterly reports for 2004 and 2005, and the subsequent SEC investigation in which they were cleared of wrongdoing. It also covers a second restatement from 2009, in which the financial statements for 2009 and 2008 were restated and another SEC investigation related to those restat ements.The paper details a glaring problem for Overstock related to its accounting controls and even the company’s admittance in its annual report that it does not have an appropriate number of qualified accounting professionals able to produce financial statements that are free of material errors. Overstock is compared against a direct competitor, Amazon, who although is a much larger company that Overstock, has become the standard in the industry against which all other companies are judged.The financial statements and financial ratios from 2006-2008 of both Amazon and Overstock are shown in comparison with one another to offer some insight into the strengths and weaknesses of each company and to evaluate their performance, and include consolidated statements of operations and consolidated balance sheets from 2005-2008 and common-size statements of operations and balance sheets for each company from 2005-2008, as well as trend statements of operations and balance sheets for each company from 2005-2008.The paper also examines the corporate structure of each company, including the board of directors, the different board committees that exist and compensation practices for senior company executives. The paper concludes that Overstock must put in place the proper controls and hire competent accounting and auditing professionals to ensure the validity of their financial statements. Company and Industry Information Overstock. com (Overstock) was incorporated in Utah in December 1998, originally as D2-Discounts Direct, Inc. , later reincorporated in the state of Delaware in 2002 and changed its name to Deals. om, Inc. in 1999. Overstock adopted its present name on October 25, 1999 and is based out of Salt Lake City, Utah. Overstock is an online retailer that sells discount merchandise to consumers through its online website. According to Mergent Online, â€Å"Overstock. com is an online retailer providing discount brand name, non-brand name and closeout mer chandise, including bed-and-bath goods, home decor, kitchenware, furniture, watches and jewelry apparel, electronics and computers, sporting goods, and designer accessories, among other products† (2011).Overstock also sells â€Å"run books, magazines, compact discs, digital video disk and video games† (Mergent Online, 2011). The company conducts direct business, in which it orders are fulfilled at Overstock’s warehouses in Salt Lake City, Utah and shipped to final consumers or business, and business with fulfillment partners, which occurs when Overstock sells another manufacturers or retailers merchandise on their website and those third parties pack and ship orders. Overstock, however, does â€Å"handle returns and customer service related to substantially all orders placed through its website† (Mergent Online, 2011).According to Mergent Online, as of the end of 2010, Overstock â€Å"sells to customers in over 90 countries† but â€Å"does not have sales operations outside the United States† and â€Å"is using a United States based third party to provide logistics and fulfillment for all international orders† (2011). Overstock does ship goods to suppliers on consignment, and includes car and real estate listings, insurance quotes and an online auction service on its website. Amazon was originally incorporated in Washington in 1994 and later reincorporated in the state of Delaware in 1996. Amazon. om (Amazon), like Overstock is an online retailer that sells all sorts of different products and merchandise on its website. According to Mergent Online, the products on Amazon’s website â€Å"primarily include merchandise and content purchased for resale from vendors and those provided by party sellers, and it also manufactures and sells the Kindle e-reader† and they also provide â€Å"services such as Amazon Web Services (AWS), fulfillment, miscellaneous marketing and promotional agreements, such as onli ne advertising and co-branded credit cards. Amazon consists of two separate business segments, North America and International.North America consists of â€Å"amounts earned from retail sales of consumer products (including from sellers) and subscriptions through North America-focused websites such as www. amazon. com and www. amazon. ca and include amounts earned from AWS† and includes the export sales from the above mentioned websites (Mergent Online, 2011). The International business segment consists of â€Å"amounts earned from retail sales of consumer products (including from sellers) and subscriptions through internationally focused locations† and the segment includes â€Å"export sales from these internationally ased locations (including export sales from these sites to customers in the United States and Canada), but excludes export sales from the company’s United States and Canadian locations† (Mergent Online, 2011). According to Standard & Poorâ €™s NetAdvantage, Amazon â€Å"has virtually unlimited online shelf space, and can offer customers a vast selection of products through an efficient search and retrieval interface† (2011). In addition to being the seller of record for a broad range of new products, Amazon allows other businesses and individuals to sell new, used and collectible products on its websites through its Merchant and Amazon Marketplace programs† in which Amazon â€Å"earns fixed fees, sales commissions and/or per unit activity fees,† as well as serving developers and â€Å"enterprises of all sizes through AWS, which provides access to technology infrastructure that developers can use to virtually enable any type of business† (S&P NetAdvantage, 2011).The online retail industry is an industry that is thriving as more and more consumer purchase products online. As the supply chain and logistics processes have become increasingly advanced and streamlined, online retailing has tak en major strides in the past two decades. According to the Standard & Poor’s Industry Surveys (Computers: Consumer Services & the Internet), â€Å"United States online retail sales (excluding the auto, travel and prescription drug categories) increased 13% in 2010 to $17. billion† and â€Å"improvements in multi-channel initiatives, better online merchandising, more personalized offerings and increasingly sophisticated marketing efforts drove growth in 2010,† while S&P Capital IQ forecasts internet retail sales will rise to 11% in 2011 (2011, p. 10) . The S&P Industry Survey also states that â€Å"worldwide business-to-consumer (B2C) internet spending may increase from $708 billion in 2010 to $1. trillion in 2014† and the three most popular categories of merchandise sold online in 2009 were (in order) â€Å"apparel, accessories and footwear; software and peripherals; and consumer electronics,† and a â€Å"number of exclusive online retailers have also been successful, among (them) major publicly traded online retailers like Amazon. com Inc. and Overstock. com Inc. † (2011, p. 17). Amazon, however, is far and away the leader of its industry. At first it seemed like a business model that was destined to ail, but is has since become â€Å"the model† for its industry and â€Å"has been the breakaway leader in global e-commerce for a number of years† (S&P Industry Surveys, 2011, p. 18). Overstock is trying to emulate the strategy used by Amazon, but it is difficult for any online retailer to differentiate itself from a company like Amazon, with its huge market share and market capitalization. Amazon is an incredibly tough act to follow and according to the S&P Industry Survey, it is predicted that in 2011, Amazon â€Å"will achieve its sixth straight year with revenue growth of greater than 25%† (2011, p. 18).Amazon has â€Å"achieved strong and sustained success by continuing to focus on its customers † and â€Å"has looked to innovate and take risks, despite potential near-term negative impacts to its financial performance† (S&P Industry Surveys, 2011, p. 18). Accounting Issues Overstock has had numerous instances of accounting and control errors that have resulted in restatements of financial statements and probes by the United States Securities and Exchange Commission (SEC). In 2006, Overstock announced that it would restate its previously reported financial statements going back to 2002 due to an error in the way it accounted for its freight costs.According to the Deseret News on March 1, 2006, â€Å"the accounting errors relate to how the Salt Lake-based company immediately expensed inbound freight costs in the periods they were incurred, instead of capitalizing such costs as part of inventory and expensing them as it sold off the inventory† and the error â€Å"effects annual financial reports for 2002, 2003, 2004 and quarterly reports for 2004 and 2005à ¢â‚¬  (2006, p. E1). The correction of the freight cost error actually increased the inventory by $3. million as of the third quarter of 2005, and lowered the net losses for fiscal years 2002, 2003 and 2004. In an interview on CNBC in 2006, Overstock CEO said of the restatement â€Å"our restatement was $3. 5 million to the good† and â€Å"our auditors have said that we understated our results by $3. 5 million† (CEO Wire, 2006). He went on to say in the interview with Becky Quick on CNBC that â€Å"it turns out we had – turns out that we have understated our performance, that our books are too conservative, is what the auditors have said† (CEO Wire, 2006).Overstock vice president of corporate affairs, echoed this sentiment in an interview with the Knight Ridder Tribune Business News, saying â€Å"when you look at what this restatement is really, it is positive† (Sims, 2006, p. 1). In an interview with the Salt Lake Tribune, Overstock President Jon athan Johnson said of the accounting errors: â€Å"When we order comforters, we pay the manufacturer and the freight bill. We’ve been accounting for the freight bill as we paid it, expensing it. We should have been capitalizing the freight bill as we sold the goods, as opposed to when we actually paid it† (Keahey, 2009).These are just some examples from the corporate officers at Overstock that they just clearly do not get it, and do not understand the impact of a financial restatement. The Deseret News describes the effects of the accounting error as follows, â€Å"for 2005, the accounting change will narrow the reported net loss by $1. 8 million for the quarter ended September 30 and by $592,000 for the quarter ended June 30† and â€Å"widen the net loss by $107,000 for the quarter ended March 31. For 2004, the correction will lower the full-year loss by $461,000.The accounting change will also reduce the net losses for the 2002 and 2003 fiscal years† (2 006, p. E1). This restatement led to an investigation of Overstock by the SEC resulting in a subpoena from the SEC for internal documents relating to â€Å"its accounting policies, targets and projections† (Wall Street Journal, 2006). On June 6, 2008 the SEC informed Overstock that it had completed its investigation â€Å"of the company and its officers and does not intend to recommend any enforcement action† (Financial Wire, 2008).Overstock apparently did not learn much from the above mentioned restatement and subsequent SEC investigation, and on September 15, 2009, Overstock received yet another notice from the SEC, putting the company on notice that the SEC was â€Å"conducting an investigation concerning Overstock’s previously-announced restatements of its financial statements in 2006 and 2008 and other matters† and the subpoena that accompanied the notice â€Å"covers documents related to the restatements and also to Overstock’s billings to i ts partners in the fourth quarter of 2008 and related collections, and Overstock’s accounting for and implementation of software relating to its accounting for customer refunds and credit, including offsets to partners, and related matters† (PR Newswire, 2009). In February 2010, Overstock announced it was restating its financial statements for 2008 and 2009, shifting $1. 8 million of income from 2009 to 2008. Overstock attributed this restatement to â€Å"some accounting confusion involving other companies that sell goods on its website† and a related problem involving incorrect invoices from a freight vendor† (Deseret News, 2010, p. A10).Overstock also stated in a filing with the SEC that it was â€Å"applying different accounting standards for its stock option plans that will mean decreased income of $350,000 for 2008 and about $900,000 for 2009† (Harvey, 2010). As if the restatement of financial reports was not bad enough, Overstock admitted to a â€Å"deficiency in its financial controls related to its relationship with certain business partners† and informed the SEC that â€Å"management’s report on internal control over financial reporting for fiscal 2008 can no longer be relied upon† (Harvey, 2010). On his blog on Phil’s Stock World, Sam Antar (who discloses that he is a convicted felon and former CPA who now works closely with government and law enforcement agencies in cases of white-collar crimes and regularly refers cases to them) wrote that â€Å"in 2009†¦Overstock. om violated GAAP in accounting for its recoveries of certain offsetting costs and reimbursements amounts due to the company from its fulfillment partners (suppliers) who were under-billed in previous reporting periods† and that Overstock should have â€Å"restated its financial reports to recognize income when those offsetting costs and reimbursements were actually earned by the company in those previous reporting periods† (Phil’s Stock World, 2010). Antar claims that accounting errors are bordering on criminal and that the company â€Å"improperly recognized income as those amounts were collected in future accounting periods on a non-GAAP cash basis† and that Overstock even reported profits in the fourth quarter of 2008 when they should have reported a loss under GAAP (Phil’s Stock World, 2010).Antar made some even stronger claims against Overstock, saying that accounting errors have become commonplace at Overstock at that the officers of the company do not seemed interested or inclined to put the proper controls in place to detect these errors. Antar writes that â€Å"so far, from 1999 to Q3 2009 every single financial report issued by Overstock. com had to be restated at least once, sometimes twice or even three times to correct material accounting errors† with the company even claiming that the last two restatements were caused by â€Å"technology proble ms† (Phil’s Stock World, 2010). In the 2009 10-K issued by Overstock it stated that Overstock’s â€Å"information technology program change and program development controls were inadequately designed to prevent changes in our accounting systems which led to the failure to appropriately capture and accurately process data† (2010, p. 18).The two previously mentioned instances of financial report restatements mean that in 2006, the annual financial statements for 2002, 2003 and 2004 were restated; then the 2006 financial statements were restated again along with the statements for 2008. Both restatements had little or no effect on the stock price of the company and after each restatement was announced the stock price either fall modestly or even went up slightly. Accounting Policies and Disclosure Practices As shown in the numerous instances of accounting errors and restatements, Overstock clearly has an issue with its internal controls over financial reporti ng to detect basic GAAP errors before their financial statement are released to the SEC.In its 2010 10-K, Overstock acknowledges that they have a problem and states, â€Å"we lacked a sufficient number of accounting professionals with the necessary knowledge, experience and training to adequately account for and perform adequate supervisory reviews of significant transactions that resulted in misapplications of GAAP† (2010, p. 22). This is a fascinating admittance by a major publicly traded company that it simply does not have accountants to properly produce correct financial statements free of significant accounting errors. Amazon, for its part, is the leader in online retailing and a much larger company with a global footprint that outstretches most companies, and especially that of Overstock, yet their accounting policies are sound.There exists nothing in their annual reports to the SEC that outlines anything of the sort that Overstock has admitted related to not having a sufficient number of accountants. The information listed in their financial reports seems to be standard language related to GAAP. Both companies, Amazon and Overstock account for their inventory using the first-in, first-out (FIFO) method, valued at lower of cost or market value and depreciate their fixed assets on a straight-line basis. Financial Statement Analysis In its 2009 10-K report, Amazon gives an interesting overview to its business. It states that its’ â€Å"primary source of revenue is the sale of a wide range of products and services to customers† and that their â€Å"financial focus is on long-term, sustainable growth in free cash flow per share† (2009, p. 21).It also states that â€Å"we seek to reduce our variable costs per unit and work to leverage our fixed costs† and â€Å"because of our model we are able to turn over inventory quicker and have a cash-generating operating cycle† (2009, p. 22). Amazon’s inventory turnover, as shown in the financial ratios in the appendix, was 11. 46 times in 2008 (consistent with 11. 06 times in 2007 and 11. 44 times in 2006) and with a receivables turnover of 24. 95 times in 2008 and payables turnover of 5. 98 times in 2008, they have a sufficient operating cycle and cash conversion cycle. Overstock’s inventory turnover was 31. 68 times in 2008, up from 12. 21 times in 2006, and means their sales are stronger and they are moving inventory at a much better rate. The receivables turnover for Overstock 75. 49 times in 2008 and accounts payable turnover of 12. 53 times in 2008.Amazon gets more bang for their buck than Overstock, and is able to leverage their considerable size and operational capacity to achieve significant returns on their assets, equity and income. In 2008, Amazon’s return on assets (ROA) was 8. 69 percent, compared with Overstock’s -6. 23 percent ROA. Overstock’s ROA has improved from 2006 when it was -34. 43 percent but be cause of consistent net losses their return ratios are negative. Overstock’s return on equity (ROE) was -105. 88 percent, and improvement from -131. 38 percent in 2006, but nothing compared to Amazon’s ROE of 33. 25 percent in 2008. Amazon also has a significant return on operating income (ROI) of 28. 93 percent in 2008, as contrasted with Overstock’s ROI of -12. 82 percent in 2008 (up from -57. 89 percent in 2006).A look at the common-size consolidated statement of operations of Amazon and Overstock (restated) offers some insights into the considerable differences between a company with the size and stature of Amazon and a company that would like to achieve that status, like Overstock. Amazon had a gross profit in 2008 of 22. 3 percent of sales (consistent to the gross profit for 2005 through 2007), whereas Overstock had a gross profit of 17. 1 percent of revenue (consistent with gross profit percentages from 2005 through 2007). Both Amazon and Overstock had si milar total operating expenses, 17. 9 percent of sales for Amazon in 2008 and 18. 4 percent of revenue for Overstock in 2008. The numbers that are the most telling are the income statistics, with Amazon having a net income as a percentage of sales of 3. 4 percent in 2008, whereas Overstock had a net loss s a percentage of revenue of -1. 5 percent, which improved significantly from 2006 when it was -13. 7 percent and 2007 when it was -6. 3 percent. The trend consolidate statements of operations for Amazon and Overstock (restated), in which the base year of 2005 equals 100 percent, the discrepancies between a global leader in its industry, Amazon, and its competitor, Overstock, are even more compelling. Net sales for Amazon more than doubled from 2005 to 2008, and in 2008 net sales were 225. 7 percent of the net sales from 2005. Total revenue for Overstock was only up slightly from 2005 to 2008, and in 2008 total revenues were 104. 4 percent of the total revenues from 2005.Amazon also doubled its gross profit from 2005 in, up 209. 4 percent, whereas Overstock’s gross profit in 2008 was 122. 3 percent of its’ 2005 gross profit. Overstock’s total operating expenses stayed relatively close to their 2005 level in 2006, 2007 and 2008, only rising slightly. Amazon, on the other hand had a significant increase in total operating expenses. Operating expenses in 2008 were 213. 3 percent of the 2005 total operating expenses. Net income for Amazon for 2008 was 179. 7 percent of its 2005 net income and increased from 132. 6 in 2007 and from a very off year in 2006, when net income was 52. 9 percent of the previous year 2005.Overstock has lowered its net losses, and in 2008 the net loss was half (50. 8 percent) of the 2005 level, and they too had a rough year in 2006 when the net loss was four times (428. 5 percent) that of 2005. Analysis of the restated common-size consolidate balance sheet for Overstock and the common-size consolidate balance sheet for Amazon show that both companies have a similar number of current assets, as would be expected from two companies that sell products online and have significant sales and inventory turnover, but Overstock has more cash and cash equivalents when compared to Amazon. Overstock had, as a percentage of total assets, 58. 3 percent of cash and cash equivalents, up drastically from 17. percent in 2005, while Amazon had cash and cash equivalents of one-third (33. 3 percent) of total sales, up slightly from 27. 4 percent in 2005. Amazon’s total current assets were 74 percent of total assets, whereas Overstock had total current assets that totaled 84. 7 percent of total assets, which increased from 72. 1 percent of total assets in 2005. Since current assets were a large percentage of total assets, the reverse would be expected, and total current liabilities for an online retailer would also be a significant portion of total liabilities and stockholders’ equity. Most consumers mak e purchases online using credit cards and those purchases are often paid off within a year, making them current.Total current liabilities for Amazon in 2008 were 57 percent of total assets, remaining stable year over year between 2008 and 2005, while total current liabilities for Overstock were 61. 6 percent of total assets, up from 47. 5 percent in 2005. Corporate Governance Overstock has a board of directors that is comprised of four members, three of whom are independent, and is chaired by the CEO Patrick Byrne. According to the proxy statement (DEF 14A) filed on April 2, 2009, the board of directors held ten meeting during 2008 and each director attended at least 75 percent of the meetings of the board (2009, p. 14). Overstock has an audit committee and compensation committee, but no standing nominations committee.According to the proxy statement, the audit committee held 11 meetings during 2008 and the compensation committee held six meetings, and like board meetings each direc tor attended at least 75 percent of the committee meetings on which he or she served in 2008 (2009, p. 14). The audit committee is chaired by Allison Abraham and includes two financial experts, as defined by the SEC. The audit committee is responsible for â€Å"reviewing and monitoring our financial statements and internal accounting procedures, selecting, reviewing and monitoring our independent registered public accounting firm, evaluating the scope of the annual audit, reviewing audit results and consulting with management and our independent registered public accounting firm prior to presentation of financial statements to stockholders† (2009, p. 15).The compensation committee is responsible for â€Å"determining salaries, incentives and other forms of compensation for our directors, officers and other employees and administering various incentive compensation and benefit plans† (2009, p. 15). The 208 proxy statement says the compensation objectives are to â€Å"s eek to attract and retain highly competent executive management who will build long-term economic value for the Company† and that â€Å"our compensation philosophy is that the executive salary and bonus levels should be modest in comparison to those paid at comparable companies, and that executives’ opportunities for more significant compensation should be tied closely to the Company’s performance (2009, p. 20).The elements of total compensation, as laid out by the 2009 proxy statement include â€Å"base salary, annual individual cash bonuses, payments under our Performance Share Plan, awards under our 2005 Equity Incentive Plan, matching contributions under our 401 (k) plan and benefits under our health and welfare benefits plans† (2009, p. 20-21). The board of directors for Amazon consists of nine members, eight of whom are independent, and is chaired by the CEO of Amazon, Jeffrey Bezos. The 2009 proxy statement reads that the board is responsible for à ¢â‚¬Å"the control and direction of the Company† and â€Å"represents the Company’s shareholders and its primary purpose is to build long-term shareholder value† (2009, p. 8). In 2008, the board of directors met nine times and that all directors attended at least 75 percent of the â€Å"aggregate of the meetings of the board and committees occurring while they were members† (2009, p. 9).Amazon has an audit committee, leadership development and compensation committee and a nominating and corporate governance committee. The audit committee is chaired by Tom Alberg, who meets the requirement of a financial expert as defined by the SEC. According to the 2009 proxy statement, the audit committee â€Å"represents and assists the board in fulfilling its oversight responsibility relating to the Company’s financial statements and reporting process, the qualifications, independence and performance of the Company’s independent registered public accounti ng firm, the performance of the Company’s internal audit function and the Company’s compliance with legal and regulatory requirements† (2009, p. 9).The leadership development and compensation committee, as stated in the 2009 proxy statement, â€Å"evaluates the Company’s programs and practices relating to leadership development, reviews and establishes compensation of the Company’s executive officers, and administers the Company’s stock-based and certain other compensation plans, all with a view toward maximizing long-term shareholder value† (2009, p. 10). The proxy statement for 2009, also lays out the responsibilities of the nominating and corporate governance committee, and says it â€Å"reviews and assesses the composition of the board, assists in identifying potential new candidates for director, recommends candidates for election as director and provides a leadership role with respect to corporate governance of the Company† (2009, p. 10).According to the 2009 proxy statement, Amazon’s executive compensation approach is â€Å"to tie total compensation to long-term shareholder value, as reflected primarily in the Company’s stock price† and therefore the â€Å"primary component of a named executive officer’s total compensation is stock-based compensation† (2009, p. 17). In addition to stock-based compensation, executives also receive a base salary, new-hire cash bonuses and other compensation and benefits, including vacation, medical, 401 (k) and relocation benefits. Conclusion When it comes to online retailing, Amazon is far and away the leader of the industry and the model for all companies to follow. Amazon has an enormous share of the market and their market capitalization is tremendous. Their financial ratios are sound and their year over year statistics are rather impressive. Overstock, on the other hand, is a company that leaves a lot to be desired.They have had numerous restatements of their financial reports, and two instances of these restatements have been covered in detail above. Overstock has yet to have a positive net income and has had net losses every year. Due to the sheer amount of restatements that have occurred, many executives have fired or resigned their positions and taken the fall for their accounting errors and subsequent SEC investigations. Overstock seems to need to branch out into different revenue streams, such as car and real estate listings, insurance quotes and travel services in order to differentiate themselves from Amazon and capture some market share back from the titan of the industry.Amazon has its eyes on bigger targets, and wants to stand toe to toe with another gigantic company, Apple. Amazon’s manufacturing and subsequent sales of the various incarnations of the Kindle and an online music service are bold ideas that have paid off handsomely for the company, as have their investments in supply chain and shipping processes, as well as third party relationships. Overstock, for its part, would most likely just like a piece of Amazon’s market share and still has a long way to go before it is anywhere near the level of an Amazon. Overstock first needs to get its accounting controls in order and make sure that the financial statements they release in their annual reports to the SEC will not be restated in the future.The audit committee, auditors, CFO and accountants need to work together to ensure that their work is free from error, and there clearly needs to be a change in the corporate culture at Overstock because change needs to come from the top. These accounting errors should have been caught before the statements were released and given their history of investigations by the SEC, Overstock should have made every effort to clean up its act and bring in competent accounting and auditing professionals that would have the requisite attention to detail required in producing mistake free financial reports. If Overstock has any hope of ever reaching the level of an Amazon, it needs to fix its accounting issues and to install investor confidence in the company.Outside of their ROA, ROE, and ROI ratios, which are negative due to their net losses, Overstock’s financial ratios stack up nicely against the financial ratios of Amazon, which are a good sign for the company moving forward, if they can right the ship. The fact that Overstock is still around today has to be a good sign for the company, in that is has come through adversity and still remains a going concern. References Amazon, Inc. (2009). 2008 Annual Report. Seattle, WA: Amazon, Inc. , 2009. Amazon, Inc. (2008). 2007 Annual Report. Seattle, WA: Amazon, Inc. , 2008. Amazon, Inc. (2007). 2006 Annual Report. Seattle, WA: Amazon, Inc. , 2007. Amazon, Inc. (2006). 2005 Annual Report. Seattle, WA: Amazon, Inc. , 2006. Amazon, Inc. (2009) Definitive Proxy Statements.Seattle, WA: Amazon, Inc. 2009. Amazon, Inc. (2008) Definitive Proxy Statements. Seattle, WA: Amazon, Inc. 2008. Antar, S. (2010, October 16). Does Overstock. com CEO Patrick Byrne know when to shut up, especially while the SEC investigates his company? Retrieved October 30, 2011, from Phil’s Stock World Web site: http:// www. philstockworld. com Boyd, R. (2007, May 11). Company Byrne-d on probe report. New York Post, pp39. Cheng, A. (2006, May 11). Overstock cancels its share sale after SEC subpoena. Deseret News, pp. E4. Harvey, T. (2010, February 5). Overstock hit by another restatement. The Salt Lake Tribune. Hendrick, D. (2009, November 18).Online retailer fires auditor over accounting fight. SNL Kagan Media & Communications Report. Kanaracus, C. (2008, November 3). Overstock’s ERP woes force it to restate results. Computerworld, 42(44), pp. 7. Keahey, J. (2009, September 23). Overstock CEO and his critics differ over SEC probe. The Salt Lake Tribune. Kessler, S. (2011, October 13). Industry sur veys computers: consumer services & the internet. Standard & Poor’s. Mergent, Inc. (2011). Mergent Online. Mims, B. (2006, March 1). Overstock to restate earnings. Knight Ridder Tribune Business News, pp. 1. Moving the market: Overstock. com corrects results back to 2002; losses are narrowed. (2006, March 1).Wall Street Journal (Eastern Edition), pp. 1. Overstock. com, Inc. (2009) 2008 Amended Annual Report. Salt Lake City, Utah: Overstock. com, Inc. , 2009. Overstock. com, Inc. (2008) 2007 Amended Annual Report. Salt Lake City, Utah: Overstock. com, Inc. , 2008. Overstock. com, Inc. (2007) 2006 Amended Annual Report. Salt Lake City, Utah: Overstock. com, Inc. , 2007. Overstock. com, Inc. (2006) 2005 Amended Annual Report. Salt Lake City, Utah: Overstock. com, Inc. , 2006. Overstock. com, Inc. (2009) 2008 Annual Report. Salt Lake City, Utah: Overstock. com, Inc. , 2009. Overstock. com, Inc. (2008) 2007 Annual Report. Salt Lake City, Utah: Overstock. com, Inc. , 2008.Overstock . com, Inc. (2007) 2006 Annual Report. Salt Lake City, Utah: Overstock. com, Inc. , 2007. Overstock. com, Inc. (2006) 2005 Annual Report. Salt Lake City, Utah: Overstock. com, Inc. , 2006. Overstock. com announces receipt of another SEC subpoena. (2009, September 17). PR Newswire. Overstock. com – President interview. (2006, March 1). CEO Wire. Overstock corrects its financial results. (2006, March 1). Deseret News, pp. E1. Overstock. com, Inc. (2009). Definitive proxy statement. Salt Lake City, Utah: Overstock. com, Inc. , 2009. Overstock. com, Inc. (2008). Definitive proxy statement. Salt Lake City, Utah: Overstock. com, Inc. , 2008.Overstock gets SEC subpoena. (2006, May 10). Wall Street Journal (Eastern Edition). Overstock. com shifting income. (2010, February 6). Deseret News, pp. A10. Q3 2008 Overstock Com Inc earnings conference call – final. (2008, October 24). Fair Disclosure Wire. SEC closes Overstock. com probe, will take no action. (2008, June 7). Financial Wire. Standard & Poor’s. (2011) Standard & Poor’s NetAdvantage. Taub, S. (2006, February 28). Freight costs spur Overstock restatement. CFO. com, pp. 1. Appendices Overstock Original Consolidated Statements of Operations (in thousands)| | | | Year Ended December 31,| | 2008| 2007| 2006| 2005| Revenue| | | | |Direct Revenue| 174,203| 195,622| 303,202| 324,875| Fulfillment partner revenue| 660,164| 564,539| 484,948| 478,947| Total Revenue| 834,367| 760,161| 788,150| 803,822| | | | | | Cost of goods sold:| | | | | Direct| 154,501| 164,368| 284,943| 283,377| Fulfillment partner| 536,957| 468,222| 408,407| 400,889| Total cost of goods sold| 691,458| 632,590| 693,350| 683,266| Gross profit| 142,909| 127,571| 94,800| 120,556| | | | | | Operating expenses:| | | | | Sales and Marketing| 57,634| 55,458| 70,897| 79,651| Technology| 57,815| 59,453| 65,158| 28,132| General and administrative| 38,373| 41,976| 46,837| 36,495| Restructuring| —| 12,283| 5,674| —|Amortiza tion of stock-based compensation| —| —| —| 72| Total operating expenses| 153,822| 169,170| 188,566| 144,350| | | | | | Operating loss| (10,913)| (41,599)| (93,766)| (23,794)| Interest income, net| 3,163| 4,788| 3,566| (270)| Interest expense| (3,462)| (4,188)| (4,765)| (5,582)| Other income (expense), net| (1,446)| (92)| 81| 4,728| | | | | | Loss from continuing operations| (12,658)| (41,091)| (94,884)| —| Loss from discontinued operations| —| (3,924)| (6,882)| —| | | | | | Net loss| (12,658)| (45,015)| (101,856)| (24,918)| | | | Overstock Restated Consolidated Statements of Operations (in thousands)| | | | For Year Ended December 31,| | 2008| 2007| 2006| 2005| Revenue| | | | | Direct Revenue| 174,203| 197,088| 301,509| 324,875|Fulfillment partner revenue| 660,164| 568,814| 478,628| 474,441| Total Revenue| 834,367| 765,902| 780,137| 799,316| | | | | | Cost of goods sold| | | | | Direct| 154,501| 168,008| 284,774| 282,383| Fulfillment partner | 536,957| 473,344| 405,559| 400,057| Total cost of goods sold| 691,458| 641,352| 690,333| 682,440| Gross profit| 142,909| 124,550| 89,804| 116,876| | | | | | Operating expenses:| | | | | Sales and Marketing| 57,634| 57,815| 38,373| 77,155| Technology| 57,815| 59,453| 70,897| 27,901| General and administrative| 38,373| 41,976| 46,837| 33,043| Restructuring| —| 12,283| 5,674| —| Amortization of stock-based compensation| —| —| —| —| Total operating expenses| 153,822| 169,170| 188,566| 138,099| | | | | |Operating loss| (10,913)| (44,620)| (98,762)| (21,223)| Interest income, net| 3,163| 4,788| 3,566| (270)| Interest expense| (3,462)| (4,188)| (4,765)| (5,582)| Other income (expense), net| (1,446)| (92)| 81| 4,728| | | | | | Loss from continuing operations| (12,658)| (44,112)| (99,880)| (22,347)| Loss from discontinued operations| —| (3,924)| (6,882)| (2,571)| | | | | | Net loss| (12,658)| (48,036)| (106,762)| (24,918)| Overstock Common-S ize Consolidated Statements of Operations| | | | | | | Year Ended December, 31| (% of revenue)| 2008| 2007| 2006| 2005| Total Revenue| 100%| 100%| 100%| 100%| Total cost of goods sold| 82. 9%| 83. 2%| 88%| 85%| Gross profit| 17. 1%| 16. 7%| 12%| 15%| Operating expenses:| | | | |Sales and Marketing| 6. 9%| 7. 3%| 9%| 9. 9%| Technology| 6. 9%| 7. 8%| 8. 3%| 3. 5%| General and administrative| 4. 6%| 5. 5%| 6%| 4. 5%| Restructuring| —| 1. 6%| . 7%| —| Amortization of stock-based compensation| —| —| —| . 009%| Total operating expenses| 18. 4%| 22. 3%| 23. 9%| 18%| | | | | | Operating loss| -1. 3%| -5. 5%| -11. 9%| -3%| Interest income, net| . 3%| . 6%| . 5%| -. 03%| Interest expense| -. 4%| -. 6%| -. 6%| -. 7%| Other income (expense), net| -. 1%| -. 01%| . 01%| . 6%| | | | | | Loss from continuing operations| -1. 5%| -5. 4%| -12%| —| Loss from discontinued operations| —| -. 5%| -. 9%| —| | | | | | Net loss| -1. %| -5. 9%| -12. 9%| - 3. 1%| | | | | | Overstock Trend Consolidated Statements of Operations (2005= 100%)| | | | | | | For Year Ended December 31,| | 2008| 2007| 2006| 2005| Total Revenue| 103. 8%| 94. 6%| 98. 1%| 100%| Total cost of goods sold| 101. 2%| 92. 6%| 101. 5%| 100%| Gross profit| 118. 5%| 105. 8%| 78. 7%| 100%| Operating expenses:| | | | | Sales and Marketing| 72. 4%| 69. 7%| 89%| 100%| Technology| 205. 6%| 211. 3%| 231. 6%| 100%| General and administrative| 105. 1%| 115%| 128. 3%| 100%| Total operating expenses| 106. 6%| 117. 2%| 130. 6%| 100%| | | | | | Operating loss| 45. 9%| 174. 8%| 394. 1%| 100%| Interest expense| 62%| 75%| 85. %| 100%| | | | | | Loss from continuing operations| 13. 3%| 43. 3%| 100%| —| Loss from discontinued operations| —| 57%| 100%| —| | | | | | Net loss| 50. 8%| 180. 7%| 408. 8%| 100%| Overstock Restated Common-Size Consolidated Statements of Operations| | | | | | | For Year Ended December 31,| (% of revenue)| 2008| 2007| 2006| 2005| Total Revenue | 100%| 100%| 100%| 100%| Total cost of goods sold| 82. 9%| 83. 7%| 88. 5%| 85. 4%| Gross profit| 17. 1%| 16. 3%| 11. 5%| 14. 6%| Operating expenses:| | | | | Sales and Marketing| 6. 9%| 7. 5%| 4. 9%| 9. 7%| Technology| 6. 9%| 7. 8%| 9. 1%| 3. 5%| General and administrative| 4. 6%| 5. 5%| 6%| 4. 1%|Restructuring| —| 1. 6%| . 7%| —| Amortization of stock-based compensation| —| —| —| —-| Total operating expenses| 18. 4%| 22. 1%| 24. 2%| 17. 3%| | | | | | Operating loss| -1. 3%| -5. 8%| -12. 7%| -2. 7%| Interest income, net| . 4%| . 6%| . 5%| -. 03%| Interest expense| -. 4%| . 5%| -. 6%| -. 7%| Other income (expense), net| -. 2%| . 01%| . 01%| . 6%| | | | | | Loss from continuing operations| -1. 5%| -5. 8%| -12. 8%| -2. 8%| Loss from discontinued operations| —| -. 5%| -. 9%| -. 3%| | | | | | Net loss| -1. 5%| -6. 3%| -13. 7%| -3. 1%| | | | | | Overstock Trend Restated Consolidated Statements of Operations (2005= 100%)| | | | | | For Year Ended December 31,| | 2008| 2007| 2006| 2005| Total Revenue| 104. 4%| 95. 8%| 97. 6%| 100%| Total cost of goods sold| 101. 3%| 94%| 101. 2%| 100%| Gross profit| 122. 3%| 106. 6%| 76. 8%| 100%| Operating expenses:| | | | | Sales and Marketing| 74. 7%| 75%| 50%| 100%| Technology| 207. 2%| 213. 1%| 254. 1%| 100%| General and administrative| 116. 1%| 127%| 141. 7%| 100%| Total operating expenses| 111. 3%| 122. 5%| 136. 5%| 100%| | | | | | Operating loss| 51. 4%| 210. 2%| 465. 4%| 100%| Interest expense| 62%| 75%| 85. 4%| 100%| | | | | | Loss from continuing operations| 56. 6%| 197. 4%| 447%| 100%| Loss from discontinued operations| —| 152. 6%| 267. %| 100%| | | | | | Net loss| 50. 8%| 192. 9%| 428. 5%| 100%| Overstock Original Consolidated Balance Sheets (in thousands)| | | | December 31,| | 2008| 2007| 2006| 2005| | Assets| Current Assets:| | | | | Cash and cash equivalents| 100,577| 101,394| 126,965| 56,224| Marketable securities| 8,959| 46,000| —| 55,799| Cash, cash eq uivalents and marketable securities| 109,566| 147,394| 126,965| 112,023| Accounts receivable, net| 6,985| 12,304| 11,638| 11,695| Notes receivable| 1,250| 1,506| 6,702| —| Inventories, net| 17,723| 25,933| 20,274| 93,269| Prepaid inventory, net| 761| 3,572| 2,241| 9,633| Prepaid expense| 9,694| 7,572| 7,473| 8,508|Current assets of held for sale subsidiary| | | 4,718| | Total current assets| 145,975| 198,281| 180,011| 235,128| Restricted cash| —| —| —| 253| Fixed assets, net| 23,142| 27,197| 56,198| 61,914| Goodwill| 2,784| 2,784| 2,784| 13,169| Other long-term assets, net| 538| 86| 578| 15,449| Notes receivable| —| 4,181| —| —| Long-term assets of held for sale subsidiary| | | 16,594| | Total assets| 172,441| 235,529| 265,165| 325,913| | | | | | Liabilities and Stockholders’ Equity (Deficit)| Current liabilities:| | | | | Accounts payable| 62,120| 70,648| 66,039| 101,436| Accrued liabilities| 25,154| 52,598| 40,142| 46,847| De ferred Revenue| 19,026| —| —| —| Capital lease obligations| —| 3,796| 5,074| 6,683|Current liabilities of held for sale subsidiary| | | 3,684| | Total current liabilities| 106,300| 127,042| 114,939| 154,966| Other long-term liabilities| 2,572| 3,034| —| —| Capital lease obligations, non-current| —-| —-| 3,983| 3,058| Convertible senior notes| 66,558| 75,623| 75,279| 74,935| Total liabilities| 175,430| 205,699| 194,201| 232,959| | | | | | Stockholders’ equity (deficit):| | | | | Preferred stock| —| —| —| —| Common stock| 2| 2| 2| 2| Additional paid in capital| 338,620| 333,909| 325,771| 251,244| Accumulated deficit| (264,985)| (243,709)| (198,694)| (96,829)| Unearned stock-based compensation| | | | (305)|Treasury stock| (76,670)| (63,278)| (64,983)| (65,325)| Accumulated other comprehensive income (loss)| 48| (94)| (132)| 962| Total stockholders’ equity (deficit)| (2,985)| 26,830| 61,964 | 89,749| Total liabilities and stockholders’ equity (deficit)| 172,445| 232,529| 265,165| 325,913| | | | | | Overstock Restated Consolidated Balance Sheets (in thousands)| | | | December 31,| | 2008| 2007| 2006| 2005| | Assets| Current Assets:| | | | | Cash and cash equivalents| 100,577| 101,394| 126,965| 55,875| Marketable securities| 8,989| 46,000| —| 55,799| Cash, cash equivalents and marketable securities| 109,566| 147,394| 126,965| 111,674| Accounts receivable, net| 6,985| 11,208| 16,330| 10,021| Notes receivable| 1,250| 1,506| 6,702| —|Inventories, net| 17,723| 25,643| 23,970| 93,269| Prepaid inventory, net| 761| 3,572| 2,241| 9,633| Prepaid expense| 9,694| 7,572| 7,473| 8,477| Current assets of held for sale subsidiary| | | 4,718| 2,054| Total current assets| 145,979| 196,895| 188,299| 235,128| Restricted cash| | | | 253| Fixed assets, net| 23,144| 27,197| 56,198| 60,850| Goodwill| 2,784| 2,784| 2,784| 2,784| Other long-term assets, net| 538| 86| 578| 3, 333| Notes receivable| —| 4,181| —| —| Long-term assets of held for sale subsidiary| | | 16,594| 23,565| Total assets| 172,445| 231,143| 264,453| 325,913| | | | | | Liabilities and Stockholders’ Equity (Deficit)| Current liabilities:| | | | |Accounts payable| 62,120| 70,358| 58,412| 100,188| Accrued liabilities| 25,154| 37,155| 38,434| 45,934| Deferred Revenue| 19,026| 22,965| 23,220| 6,683| Capital lease obligations| —| 3,796| 5,074| —| Current liabilities of held for sale subsidiary| | | 3,684| 2,161| Total current liabilities| 106,300| 134,274| 128,824| 154,966| Other long-term liabilities| 2,572| 3,034| —| —| Capital lease obligations, non-current| —| —| 3,983| 3,058| Convertible senior notes| 66,558| 75,623| 75,279| 74,935| Total liabilities| 175,430| 212,931| 208,086| 232,959| | | | | | Stockholders’ equity (deficit):| | | | | Preferred stock| —| —| —| —| Common stock| 2| 2 | 2| 2|Additional paid in capital| 338,620| 333,909| 325,771| 250,939| Accumulated deficit| (264,985)| (252,327)| (204,291)| (96,829)| Treasury stock| (76,670)| (63,278)| (64,983)| (65,325)| Accumulated other comprehensive income (loss)| 48| (94)| (132)| 962| Total stockholders’ equity (deficit)| (2,985)| 18,212| 56,367| 89,749| Total liabilities and stockholders’ equity (deficit)| 172,445| 231,143| 264,453| 325,913| Overstock Restated Common-Size Consolidated Balance Sheets| | | | | | | December 31,| (% of total assets)| 2008| 2007| 2006| 2005| Assets| | | | | Current Assets:| | | | | Cash and cash equivalents| 58. 3%| 43. 9%| 48%| 17. 1%| Marketable securities| 5. 2%| 19. 9%| —| 17. 1%| Cash, cash equivalents and marketable securities| 63. 5%| 63. 8%| 48%| 34. 2%| Accounts receivable, net| 4. 1%| . 5%| 6. %| 3. 1%| Notes receivable| . 7%| . 7%| 2. 5%| —| Inventories, net| 10. 3%| 11. 1%| 9. 1%| 28. 6%| Prepaid inventory, net| . 4%| 1. 5%| . 8%| 3%| Prep aid expense| 5. 6%| 3. 3%| 2. 8%| 2. 6%| Current assets of held for sale subsidiary| | | 1. 8%| . 6%| Total current assets| 84. 7%| 85. 2%| 71. 2%| 72. 1%| Restricted cash| | | | . 07%| Fixed assets, net| 13. 4%| 11. 8%| 21. 3%| 18. 7%| Goodwill| 1. 6%| 1. 2%| 1. 1%| . 9%| Other long-term assets, net| . 3%| . 04%| . 2%| 1%| Notes receivable| —| 1. 8%| —| —| Long-term assets of held for sale subsidiary| | | 6. 3%| 7. 2%| Total assets| 100%| 100%| 100%| 100%| | | | | | Liabilities| | | | |Current liabilities:| | | | | Accounts payable| 36%| 30. 4%| 22. 1%| 30. 7%| Accrued liabilities| 14. 6%| 16. 1%| 14. 5%| 14. 1%| Deferred Revenue| 11%| 10%| 8. 8%| 2. 1%| Capital lease obligations| —| 1. 6%| 1. 9%| —| Current liabilities of held for sale subsidiary| | | 1. 4%| . 7%| Total current liabilities| 61. 6%| 58. 1%| 48. 7%| 47. 5%| Other long-term liabilities| 1. 5%| 1. 3%| —| —| Capital lease obligations, non-current| —| —| 1. 5%| . 9%| Convertible senior notes| 38. 6%| 32. 7%| 28. 5%| 23%| Total liabilities| 101. 7%| 92. 1%| 78. 7%| 71. 5%| | | | | | Stockholders’ Equity| | | | | Stockholders’ equity (deficit):| | | | |Preferred stock| —| —| —| —| Common stock| —| —| —| —| Additional paid in capital| 196. 4%| 144. 5%| 123. 2%| 77%| Accumulated deficit| -153. 7%| -109. 2%| -77. 3%| -29. 7%| Treasury stock| -44. 5%| -27. 4%| -24. 6%| -20%| Accumulated other comprehensive income (loss)| . 03%| -. 04%| -. 05%| . 3%| Total stockholders’ equity (deficit)| -1. 7%| 7. 9%| 21. 3%| 27. 5%| Total liabilities and stockholders’ equity (deficit)| 100%| 100%| 100%| 100%| Overstock Restated Trend Consolidated Balance Sheets (2005 = 100%)| | | | | | | December 31,| | 2008| 2007| 2006| 2005| Assets| | | | | Current Assets:| | | | | Cash and cash equivalents| 180%| 181. 5%| 227. %| 100%| Marketable securities| 16. 1%| 82. 4%| —| 100% | Cash, cash equivalents and marketable securities| 98. 1%| 132%| 113. 7%| 100%| Accounts receivable, net| 69. 7%| 111. 8%| 163%| 100%| Notes receivable| 18. 7%| 22. 5%| 100%| | Inventories, net| 19%| 27. 5%| 25. 7%| 100%| Prepaid inventory, net| 7. 9%| 37. 1%| 23. 3%| 100%| Prepaid expense| 114. 4%| 89. 3%| 88. 2%| 100%| Current assets of held for sale subsidiary| —| —| 229. 7%| 100%| Total current assets| 62. 1%| 83. 7%| 80. 1%| 100%| Restricted cash| —| —| —| 100%| Fixed assets, net| 38%| 44. 7%| 92. 4%| 100%| Goodwill| 100%| 100%| 100%| 100%| Other long-term assets, net| 16. 1%| 2. %| 17. 3%| 100%| Notes receivable| —| 100%| —| —| Long-term assets of held for sale subsidiary| | | 70. 4%| 100%| Total assets| 53%| 71%| 81. 1%| 100%| | | | | | Liabilities| | | | | Current liabilities:| | | | | Accounts payable| 62%| 70. 2%| 58. 3%| 100%| Accrued liabilities| 54. 8%| 80. 9%| 83. 7%| 100%| Deferred Revenue| 284. 7%| 343. 6%| 347 . 4%| 100%| Capital lease obligations| —| 74. 8%| 100%| 00%| Current liabilities of held for sale subsidiary| | | 170. 5%| 100%| Total current liabilities| 68. 6%| 86. 6%| 83. 1%| 100%| Other long-term liabilities| 84. 8%| 100%| —| —00%| Capital lease obligations, non-current| —| —| 130. %| 100%| Convertible senior notes| 88. 8%| 101%| 100. 5%| 100%| Total liabilities| 75. 3%| 91. 4%| 89. 3%| 100%| | | | | | Stockholders’ Equity| | | | | Stockholders’ equity (deficit):| | | | | Preferred stock| —| —| —| —00%| Common stock| 100%| 100%| 100%| 100%| Additional paid in capital| 134. 9%| 133. 1%| 129. 8%| 100%| Accumulated deficit| 273. 7%| 260. 6%| 211%| 100%| Treasury stock| 117. 4%| 96. 9%| 99. 5%| 100%| Accumulated other comprehensive income (loss)| 5%| -9. 8%| -13. 7%| 100%| Total stockholders’ equity (deficit)| -3. 3%| 20. 3%| 62. 8| 100%| Total liabilities and stockholders’ equity (deficit)| 52. 9%| 70. 9%| 81. 1%| 100%|Amazon Consolidated Statements of Operations (in millions)| | | | Year Ended December 31,| | 2008| 2007| 2006| 2005| Net sales| 19,166| 14,835| 10,711| 8,490| Cost of sales| 14,896| 11,482| 8,255| 6,451| Gross profit| 4,270| 3,353| 2,456| 2,039| Operating expenses:| | | | | Fulfillment| 1,658| 1,292| 937| 745| Marketing| 482| 344| 263| 198| Technology and content| 1,033| 818| 662| 451| General and administrative| 279| 235| 195| 166| Other operating expense (income), net| (24)| 9| 10| 47| Total operating expenses| 3,428| 2,698| 2,067| 1,607| Income from operations| 842| 655| 389| 432| Interest income| 83| 90| 59| 44| Interest expense| (71)| (77)| (78)| (92)| Other income (expense), net| 47| (8)| 7| 2|Total non-operating income (expense)| 59| 5| 12| 42| Income before income taxes| 901| 660| 377| 428| Provision for income taxes| (247)| (184)| (187)| 95| Equity-method investment activity, net of tax| (9)| —| —| —| Income before cumulati ve effect of change in accounting principle| | | | 333| Cumulative effect of change in accounting principle| | | | 26| Net income| 645| 476| 190| 359| Amazon Common-Size Consolidated Statements of Operations| | | | | | | Year Ended December 31,| (% of sales)| 2008| 2007| 2006| 2005| Net sales| 100%| 100%| 100%| 100%| Cost of sales| 77. 7%| 77. 4%| 77. 1%| 76%| Gross profit| 22. 3%| 22. 6%| 22. 9%| 24%| Operating expenses:| | | | |Fulfillment| 8. 7%| 8. 7%| 8. 7%| 8. 8%| Marketing| 2. 5%| 2. 3%| 2. 5%| 2. 3%| Technology and content| 5. 4%| 5. 5%| 6. 2%| 5. 3%| General and administrative| 1. 5%| 1. 6%| 1. 8%| 2%| Other operating expense (income), net| -. 1%| . 06%| . 09%| . 6%| Total operating expenses| 17. 9%| 18. 2%| 19. 3%| 18. 9%| Income from operations| 4. 4%| 4. 4%| 3. 6%| 5. 1%| Interest income| . 4%| . 6%| . 6%| . 5%| Interest expense| -. 4%| -. 5%| -. 7%| -1. 1%| Other income (expense), net| . 2%| -. 05%| . 07%| . 02%| Total non-operating income (expense)| . 3%| . 03%| . 1%| . 5%| Income before income taxes| 4. 7%| 4. 4%| 3. 5%| 5%| Provision for income taxes| -1. 3%| -1. %| -1. 7%| 1. 1%| Equity-method investment activity, net of tax| -. 05%| —| —| —| Income before cumulative effect of change in accounting principle| | | | 3. 9%| Cumulative effect of change in accounting principle| | | | . 3%| Net income| 3. 4%| 3. 2%| 1. 8%| 4. 2%| | | | | | | Amazon Trend Consolidated Statements of Operations (2005 = 100%)| | | | | | | For Year Ended December 31,| | 2008| 2007| 2006| 2005| Net sales| 225. 7%| 174. 7%| 126. 2%| 100%| Cost of sales| 231%| 178%| 1278%| 100%| Gross profit| 209. 4%| 164. 4%| 120. 5%| 100%| Operating expenses:| | | | | Fulfillment| 222. 6%| 173. 4%| 125. 8%| 100%| Marketing| 243. 4%| 173. %| 132. 8%| 100%| Technology and content| 229%| 181. 4%| 146. 8%| 100%| General and administrative| 168. 1%| 141. 6%| 117. 5%| 100%| Other operating expense (income), net| -51. 1%| 19. 1%| 21. 3%| 100%| Total operating expenses| 213. 3%| 167. 9%| 128. 6%| 100%| Income from operations| 194. 9%| 151. 6%| 90%| 100%| Interest income| 180. 6%| 204. 5%| 134. 1%| 100%| Interest expense| 77. 2%| 83. 7%| 84. 8%| 100%| Other income (expense), net| 2350%| -400%| 350%| 100%| Total non-operating income (expense)| 140. 5%| 11. 9%| 28. 6%| 100%| Income before income taxes| 210. 5%| 154. 2%| 88. 1%| 100%| Provision for income taxes| -260%| -193. 7%| -196. %| 100%| Equity-method investment activity, net of tax| 100%| —| —| —| Income before cumulative effect of change in accounting principle| | | | 100%| Cumulative effect of change in accounting principle| | | | 100%| Net income| 179. 7%| 132. 6%| 52. 9%| 100%| Amazon Consolidated Balance Sheets (in millions)| | | | December 31,| | 2008| 2007| 2006| 2005| | Assets| Current assets:| | | | | Cash and cash equivalents| 2,769| 2,539| 1,022| 1,013| Marketable securities| 958| 573| 997| 987| Inventories| 1,399| 1,200| 877| 566| Accounts receivable, net and other| 8 27| 705| 399| 274| Deferred tax assets| 204| 147| 78| 89| Total current assets| 6,157| 5,164| 3,373| 2,929| Fixed assets, net| 854| 543| 457| 348| Deferred tax assets| 145| 260| 199| 223|Goodwill| 438| 222| 195| 159| Other assets| 720| 296| 139| 37| Total assets| 8,324| 6,485| 4,363| 3,696| | Liabilities and Stockholders’ Equity| Current liabilities:| | | | | Accounts payable| 3,594| 2,795| 1,816| 1,366| Accrued expenses and other| 1,093| 902| 716| 533| Current portion of long-term debt| 59| 17| —| —| Total current liabilities| 4,746| 3,714| 2,532| 1,899| Long-term debt| 409| 1,282| 1,247| 1,480| Other long-term liabilities| 487| 292| 153| 71| Commitments and contingencies| | | | | Stockholders’ equity:| | | | | Preferred stock| —| —| —| —| Common stock| 4| 4| 4| 4| Treasury stock, at cost| (600)| (500)| (252)| —|Additional paid-in capital| 4,121| 3,063| 2,517| 2,263| Accumulate other comprehensive income (loss)| (123)| 5| (1)| 6| Accumulated deficit| (730)| (1,375)| (1,837)| (2,027)| Total stockholders’ equity| 2,672| 1,197| 431| 246| Total liabilities and stockholders’ equity| 8,314| 6,485| 4,363| 3,696| Amazon Common-Size Consolidated Balance Sheets| | | | | | | December 31,| (% of total assets)| 2008| 2007| 2006| 2005| Assets| | | | | Current assets:| | | | | Cash and cash equivalents| 33. 3%| 39. 2%| 23. 4%| 27. 4%| Marketable securities| 11. 6%| 8. 8%| 22. 9%| 26. 7%| Inventories| 16. 8%| 18. 5%| 20. 1%| 15. 3%| Accounts receivable, net and other| 9. 9%| 10. 9%| 9. 1%| 7. 4%| Deferred tax assets| 2. 5%| 2. 3%| 1. 8%| 2. 4%|Total current assets| 74%| 79. 6%| 77. 3%| 79. 2%| Fixed assets, net| 10. 3%| 8. 4%| 10. 5%| 9. 4%| Deferred tax assets| 1. 7%| 4%| 4. 6%| 6%| Goodwill| 5. 3%| 3. 4%| 4. 5%| 4. 3%| Other assets| 8. 6%| 4. 6%| 3. 2%| 1%| Total assets| 100%| 100%| 100%| 100%| | | | | | Liabilities| | | | | Current liabilities:| | | | | Accounts payable| 43. 2%| 43. 1%| 41. 6%| 3 7%| Accrued expenses and other| 13. 1%| 13. 9%| 16. 4%| 14. 4%| Current portion of long-term debt| . 7%| . 3%| —| —| Total current liabilities| 57%| 57. 3%| 58%| 51. 4%| Long-term debt| 4. 9%| 19. 8%| 28. 6%| 40%| Other long-term liabilities| 5. 9%| 4. 5%| 3. 5%| 1. 9%| | | | | | Stockholders’ Equity| | | | |Preferred stock| —| —| —| —| Common stock| . 05%| . 06%| . 09%| . 1%| Treasury stock, at cost| -7. 2%| -7. 7%| -5. 8%| —| Additional paid-in capital| 49. 5%| 47. 2%| 57. 7%| 61. 2%| Accumulate other comprehensive income (loss)| -1. 5%| . 08%| -. 02%| . 2%| Accumulated deficit| -8. 8%| -21. 2%| -42. 1%| -54. 8%| Total stockholders’ equity| 32. 1%| 18. 5%| 9. 9%| 6. 7%| Total liabilities and stockholders’ equity| 100%| 100%| 100%| 100%| | | | | | Amazon Trend Consolidated Balance Sheets (2005 = 100%)| | | | | | | December 31,| | 2008| 2007| 2006| 2005| Assets| | | | | Current assets:| | | | | Cash and cash equiv alents| 273. 3%| 250. 6%| 100. %| 100%| Marketable securities| 97. 1%| 58. 1%| 101%| 100%| Inventories| 247. 2%| 212%| 155%| 100%| Accounts receivable, net and other| 301. 8%| 257. 3%| 145. 6%| 100%| Deferred tax assets| 229. 2%| 165. 2%| 87. 6%| 100%| Total current assets| 210. 2%| 176. 3%| 115. 2%| 100%| Fixed assets, net| 245. 4%| 156%| 131. 3%| 100%| Deferred tax assets| 65%| 116. 6%| 89. 2%| 100%| Goodwill| 275. 5%| 139. 6%| 122. 6%| 100%| Other assets| 1945. 9%| 800%| 375. 7%| 100%| Total assets| 225. 2%| 175. 5%| 118%| 100%| | | | | | Liabilities| | | | | Current liabilities:| | | | | Accounts payable| 263. 1%| 204. 6%| 132. 9%| 100%| Accrued expenses and other| 205. 1%| 169. %| 134. 3%| 100%| Current portion of long-term debt| 347. 1%| 100%| —| —| Total current liabilities| 249. 9%| 195. 6%| 133. 3%| 100%| Long-term debt| 27. 6%| 86. 6%| 84. 3%| 100%| Other long-term liabilities| 685. 9%| 411. 3%| 215. 5%| 100%| | | | | | Stockholders’ Equity| | | | | Pr eferred stock| —| —| —| —| Common stock| 100%| 100%| 100%| 100%| Treasury stock, at cost| 240%| 200%| 100%| —| Additional paid-in capital| 182. 1%| 135. 4%| 111. 2%| 100%| Accumulate other comprehensive income (loss)| -2050%| 83. 3%| -16. 7%| 100%| Accumulated deficit| 36%| 67. 8%| 90. 1%| 100%| Total stockholders’ equity| 1086. 2%| 486. 6%| 175. %| 100%| Total liabilities and stockholders’ equity| 224. 9%| 175. 5%| 118%| 100%| Overstock Financial Ratios| | | | | | 2008| 2007| 2006| Return on assets (net)(ROA)| -6. 23%| -18. 09%| -34. 43%| Return on equity (net) (ROE)| -105. 88%| -101. 39%| -131. 38%| Return on income (Operating) (ROI)| -12. 82%| -32. 94%| -57. 89%| EBITDA Margin| 1. 24| -1. 6| -7. 8| Calculated tax rate| —| —| —| Revenue per employee| $803,173| $900,665| $912,211| Quick ratio| 1. 04| 1. 21| 1. 2| Current ratio| 1. 37| 1. 56| 1. 57| Net current assets| 23. 01%| 30. 64%| 24. 54%| Long-term debt to equity| —| 2. 82| 1. 28| Total debt to equity| —| 2. 96| 1. 36|Interest coverage| —| —| —| Total asset turnover| 4. 11x| 3. 05x| 2. 67x| Receivables turnover| 75. 49x| 47. 29x| 52. 48x| Inventory turnover| 31. 68x| 27. 38x| 12. 21x| Accounts payable turnover| 12. 53x| 11. 12x| 9. 41x| Accrued expenses turnover| 27. 55x| 20. 9x| 19. 13x| Property, plant and equipment turnover| 33. 06x| 18. 23x| 13. 35x| Cash and cash equivalents turnover| 6. 48x| 5. 54x| 6. 6x| | | | | Amazon Financial Ratios| | | | | | 2008| 2007| 2006| Return on assets (net)(ROA)| 8. 69%| 8. 78%| 4. 72%| Return on equity (net) (ROE)| 33. 25%| 58. 48%| 56. 13%| Return on income (Operating) (ROI)| 28. 93%| 30. 9%| 22. 45%| EBITDA Margin| 6. 26%| 6. 1%| 5. 56%|Calculated tax rate| 27. 41%| 27. 88%| 49. 6%| Revenue per employee| $923,364| $872,647| $770,576| Quick ratio| . 96| 1. 03| . 95| Current ratio| 1. 3| 1. 39| 1. 33| Net current assets| 16. 97%| 22. 36%| 19. 28%| Long-term debt to equity| . 2| 1. 12| 2. 94| Total debt to equity| . 22| 1. 12| 2. 94| Interest coverage| —| —| 20. 47x| Total asset turnover| 2. 58x| 2. 74x| 2. 66x| Receivables turnover| 24. 95x| 26. 88x| 31. 83x| Inventory turnover| 11. 46x| 11. 06x| 11. 44x| Accounts payable turnover| 5. 98x| 6. 43x| 6. 73x| Property, plant and equipment turnover| 27. 36x| 29. 67x| 26. 61x| Cash and cash equivalents turnover| 5. 59x| 5. 78x| 5. 33x|

Get Your Head In The Game Essay

When in high school, one of the most memorable things to do is go to the games, attend homecoming, or the pep rallies every semester. One thing they all have in common is that they are tied to sports. High school sports are an important part of children’s lives whether they are the ones attending the game or the one playing in it. A few years ago, Solano County tried to cut sports programs because there was no room in the budget for it. The community reacted by spending their whole summer raising money in any way they could by selling things to standing outside of the mall collecting donations with the fire department. High school sports programs are important and should not be on the list of school cuts. One of the first reasons high school sports programs should not be cut is that it keeps kids active and in a safe environment during non-school hours. According to the American Diabetes Association, the national website and organization for diabetes information, one in every four hundred kids under the age of twenty are diagnosed with diabetes (Diabetes Statistics). Type I diabetes is unpreventable but type II diabetes can be prevented with a healthy diet and plenty of exercise, which after school sports programs help with to eliminate. If high school sports were to be cut, more and more children would be home sitting around watching television or eating unhealthy. School sports also ensure that children will eat healthier. When trying to get fit for their sport season, kids will eat better to keep up with everyone else and stay in shape. Being a part of a sports program also keeps kids out of trouble because it gives them a place to go and something to do during non-school hours. Angela Shackleford, a high school booster parent, said that cutting sports would â€Å"eliminate clean criminal records, mentors, and livelihoods†. Without a place to go after school, kids may do other things to entertain themselves, including things that may get them in trouble. Another reason is that school sports can also be a stepping stone for many kids to go to college. As tuition rises over time, the ability to pay for college decreases. Many high school athletes use this as a stepping stone in becoming a college athlete. It may be the only means for some kids to pay for college, and to cut high school sports is like cutting a child’s path to college. Shackleford also mentioned that â€Å"some of these kids won’t be able to go to college if they don’t have these scholarships† (Debolt). Being on a team also gives children a sense of unity. They learn how to be a part of a team and work with and get along with people they may or may not like which is a skill they will carry throughout their life. That is another important skill they will take with them when they do go onto college or their future careers. There are more positive reasons than negative reasons to keeping high school sports programs. Although it does cause injury sometimes, children can get hurt anywhere doing anything. It teaches children how to work as a group and rely on one another, it gives them a place to go after school hours and keeps them in shape, and especially can help them get into a college. The reason why so many people in the community, from the fire department to parents, helped raise money to keep these programs available is because they realize how important it is to keep these programs running for the kids.