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Overstock's new revenue accounting means wider loss

Mon Mar 17, 2008 4:42pm EDT

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LOS ANGELES, March 17 (Reuters) - Overstock.com Inc (OSTK.O) said on Monday that due to new changes in its policy to recognize revenue based on estimated delivery date, its fiscal 2007 net loss was $1.90 per share, compared with the $1.86 per share it previously reported.

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Overstock, which released its annual report on Monday, said it changed its policy due to "accounting comments from the staff of the SEC." The net effect of the deferral on revenue, gross profit and net income is expected to be "less significant in future periods than the cumulative adjustment in 2007," Overstock said in a statement. (Reporting by Alexandria Sage)

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