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Overstock.com has successfully completed the conversion of its Digital Voting Series A-1 Preferred Stock (OSTKO) and Voting Series B Preferred Stock (OSTBP) into common stock (NASDAQ:OSTK), simplifying its capital structure.
The conversion moved from three classes of stock to a single class, fulfilling investor demands. As of June 10, 2022, the preferred stocks ceased trading, and the common shares are now available through the company's transfer agent.
Overstock.com (NASDAQ:OSTK) announced shareholder voting results from its annual meeting on May 12, 2022. Shareholders re-elected Barbara H. Messing, Robert J. Shapiro, and Joseph J. Tabacco to the Board of Directors. Additionally, they approved the conversion of Series A-1 (OSTKO) and Series B (OSTBP) preferred stock into common stock (OSTK), simplifying the company's capital structure. The conversion process will begin and is expected to be finalized by June 10, 2022, when the preferred shares will cease trading. KPMG LLP was ratified as the independent auditor for fiscal year 2022.
Overstock.com (NASDAQ:OSTK) announced its participation in the Needham 17th Annual Technology & Media Conference on May 17, 2022, at the Westin Grand Central Hotel in New York. CEO Jonathan Johnson and CFO Adrianne Lee will engage in a fireside chat and investor meetings. Johnson highlighted the company's agile business model and consecutive eight quarters of profitability, demonstrating strong financial health with minimal debt. Overstock, an online retailer based in Salt Lake City, offers a wide range of home products, accepting cryptocurrency since 2014.
Pelion Venture Partners is hosting Medici Ventures Day on May 10, 2022, from 11:00 a.m. to 4:00 p.m. ET. The virtual event will showcase the Medici Ventures Fund and feature key presentations from portfolio companies including tZERO, Bitt, and GrainChain. Jonathan Johnson, CEO of Overstock (NASDAQ: OSTK), will also speak at the event, which aims to highlight innovative applications of blockchain technology. Attendees can register for the live webcast and submit questions.
Overstock.com reported its financial results for Q1 2022, marking the eighth consecutive quarter of profitability despite a 19% year-over-year revenue decline to $536 million. Gross profit stood at $125 million, representing 23.4% of total net revenue. The company reported income from continuing operations of $10 million and diluted earnings per share of $0.21. As of March 31, 2022, cash and cash equivalents totaled $493 million. Overstock's active customer base fell by 26%, although net revenue per active customer increased by 26%.
Overstock.com (NASDAQ:OSTK) will release its first quarter financial results for the period ending March 31, 2022, on April 28, 2022, prior to market opening. A conference call and webcast are scheduled for 8:30 AM ET on the same day for discussion and Q&A. Investors can access the live webcast at Overstock's investor relations webpage. A replay will be available post-call. Overstock is a prominent online home furnishings retailer known for accepting cryptocurrency payments. Caution is advised regarding forward-looking statements in the PR.
Overstock.com (NASDAQ:OSTK) announced its participation in two key investor conferences: the Bank of America 2022 Consumer and Retail Technology Conference on March 8-9, 2022, and the D.A. Davidson 5th Annual Consumer Growth Conference on March 10, 2022. CEO Jonathan Johnson and CFO Adrianne Lee will represent the company at both events, discussing Overstock's strategy focusing on a 100% home assortment to enhance market share and profitability. Overstock continues to thrive in the e-commerce sector, attracting millions of monthly visitors with a diverse range of home products.
Overstock.com reported fourth quarter 2021 net revenue of $613 million, a 9% decline year over year, with a gross profit of $139 million or 22.7% of total revenue. For the full year, net revenue rose 11% to $2.8 billion, and the diluted EPS was $3.57. Despite challenges in the fourth quarter, the company achieved its profitability targets, driven by strong holiday sales, particularly during the Cyber Five period. Active customers decreased by 12%, but the net revenue per active customer grew 26%.
Overstock.com (NASDAQ:OSTK) is set to release its fourth-quarter and full-year financial results for the period ending December 31, 2021, on February 23, 2022, before the market opens. A conference call is scheduled for 8:30 AM ET on the same day, allowing participants to discuss results and ask questions. Investors can access the live webcast through Overstock's investor relations website. Following the call, a replay will be available on the site and via telephone until March 2, 2022. Overstock continues to be a prominent online retailer, known for accepting cryptocurrency as payment.
Overstock.com (NASDAQ:OSTK) has announced a donation of dining room furniture and home decor to help Afghan refugee families resettling in Utah. This initiative aims to assist an estimated 180 families arriving since October 1, 2021. Overstock is providing 185 kitchen tables, 825 chairs, and 185 home decor items, working collaboratively with the International Rescue Committee and Catholic Community Services. CEO Jonathan Johnson emphasized the importance of family gatherings and support for these families starting anew in the U.S.
