GO
Loading...

Enter multiple symbols separated by commas

Overstock.com To Sell OTravel.com, Ups 2006 Loss Forecast

Overstock.com the online seller of excess inventory, on Wednesday said it entered a non-binding letter of intent to sell its OTravel.com travel unit to an unnamed third party, and that a resulting write-down will increase its 2006 net loss by $4.9 million.

The Salt Lake, City-based company said it is writing off about $4.5 million of goodwill for the unit, and taking $400,000 of other charges. It also reclassified the travel unit's assets and liabilities on its balance sheet as "held for sale."

As a result of the transaction, Overstock.com said its net loss for 2006 was $101.9 million, or $5.01 per share, compared with the loss of $97 million, or $4.77 per share, it reported on Feb. 5. Full-year revenue was $796.4 million, Overstock.com has said.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • CEO discuss the 'Buffett factor'

    John Stumpf, Wells Fargo chairman & CEO; Kenneth Chenault; American Express chairman & CEO; Ginny Rometty, IBM chairman & CEO; and Muhtar Kent, Coca-Cola chairman & CEO, discuss their relationships with Warren Buffett and marvel at just how easy it's been to communicate with him.

  • Rometty on Watson: He never stops learning

    IBM CEO Ginny Rometty talks Watson, and how it's going to help people make decisions. It never stops learning, she says. Rometty also discusses the company's dividend.

  • Why Buffett bought more IBM

    Berkshire CEO Warren Buffett addresses his purchase of more IBM shares and allegations of predatory lending at Clayton Homes.