Geicos Total Rewards Program Coursework Example | Topics and Well Written Essays - 1250 words

Geicos Total Rewards Program - Coursework Example First, it is quite hilarious to understand how it has impacted on the quality of life of many people. This has been clearly explained on the website. For this reason, anyone who gets access to the site does not need to conduct an extensive research, but to have a glance at this site in order to know everything about all the rewards associated with the program. To conclude, I would like to commend the administrators of this website for doing a commendable job. It is quite encouraging to design and manage such a well-organized website for the benefits of all the audience. After all, all the information is presented in a clear manner using a simple language. Thus, it undoubtedly becomes beneficial to anyone who gets access to it at all times. However, I would like to say that the information should not be too brief. Instead, it should be properly illustrated for easier comprehension by all the readers. As a matter of fact, a program can be much effective if it addresses the needs of everyone. This is due to the fact that they are meant to serve a dynamic society comprised of different people from diverse backgrounds and with diverse needs. In other words, as it is now; the program does not address all the advantages examined in the World at Work Handbook of Compensation, Benefits & Total Reward. For this reason, it is my considered opinion that the rewards should be repackaged to expand into many other areas rather than the ones specified on the website. I would like to urge the program to consider using the strategy of flexibility. Meaning, the program should not only concentrate on a few areas but expand to other aspects as well. These are also equally important since they have lots of value to add to human life. Although it is important to emphasize on health and education, the focus should be put on other significant areas such as economic empowerment.

My Favorite Holiday Destination Essay Example for Free

My Favorite Holiday Destination Essay I have been going to Lumina resort my entire life. Even though my teenage years, where it seemed nothing could entertain my adolescent attitude, I looked forward to vacationing on the lake of bays every summer. As a child, I recall Petticoat. For a few hours every day my parents got a break to do as they pleased, as my sisters and I made crafts, learned songs, played games, and heard stories. It was also a great way to make friends with other children visiting the resort. Lumina always has great Petticoat leaders. The children just adore them; always sitting on their laps, waving at them in the dining room, or dragging along their ankles when the week is over and it’s time for goodbyes! Returning as a teenager never seemed like a lame family holiday. With all the returning friends I had made in years previous, the activities and fun seemed endless. Tubing became a sport to us. Lounging in the sun never seemed so relaxing – with the waves licking the shores and the breeze coming off the bay. I learned how to wakeboard at Lumina; the staff spent countless years helping me stand up on the wake, and never grew tired of my mistakes. Movies in the TV room, playing cards on the deck, eating junk food in the beautifully preserved cabins. All great memories. Every night we would sneak to Frosties – the on-resort convenience store – and get a little something sweet to enjoy. As a young adult, I can’t say I’ve ever had such a great time. The lake of bays club always promises something fun. Wine and Cheese night starts everyone off at the beginning of the week to meet new guests and reconcile with old friends. Poker, pool, and darts allow for good fun with fellow vacation-goers. Live entertainment is my family’s personal favourite. Tobin – the artist that has been recruited for the past few years – is amazing, and keeps the audience dancing, drinking, and having fun. Karaoke night is the night to let loose and show all your new and old friends your talent. Of course, the beach, water activities, sports, tournaments, and excursions are just as much fun in adulthood as they were in childhood. The chef, Shawn, makes some of the best dishes I’ve ever tasted. Whether it’s a classic Caesar salad, or a new recipe, Shawn always promises taste and quality. One of the best benefits to Lumina is the food is included in the price. For your vacation period, you do not have to cook once (this is a great thing for mothers!). The staff are some of the most sociable, and helpful individuals. Tec and Vicky (the owners) can always be found if something needs to be done, or assisted with.

Graduation Speech -- Graduation Speech, Commencement Address

T.S. Eliot once wrote, "What we call the beginning is often the end. And to make an end is to make a beginning. The end is where we start from." Every landmark in our lives will end but there is always a beginning to an end. As each new path ends a new one begins. Graduation marks the end of a path but as it ends a new path begins. Life is an adventure. We started out by walking on a winding path as we entered the destination of kindergarten. As our lives ventured on down the winding path, we met new friends and new life experiences along the way. As the path widens, we see ourselves on a country road. We started elementary school and we constantly gained new knowledge to help us progress in our journey. As we continued along in our journey we entered a paved path in middle school. As ...

The Russian Revolution, c. 1910 – 1924, Sources Question

1) This question is about Russia before 1914. Look carefully at sources (A) to (F) and then answer questions (a) to (d) below. a) Study source A. What can you learn from source A about the situation in Russia before 1914? From source A we can learn that the situation in Russia before 1914 was very alarming. Strikes went up from 2000 in 1912 to 4000 in 1914. Some strikers demanded trade union rights and more and more people were becoming involved with fights with the government. 270 miners were shot dead during the strikes in Lena goldfields. b) Study sources A, B and C. i) Does source C support the evidence of sources A and B about the situation in Russia before 1914? Explain your answer. Source C supports the evidence of source A by saying that there was an increase of tension. This is shown in source a by the increasing amount of strikes and the fact that many people had been shot during the Lena goldfield massacre. Source C also supports source A because it shows that more and more people were involved in fights with the government, as source C says, ‘People can be heard speaking of the government in the sharpest of tones.' Source C supports the evidence of source B because the number of strikes and strikers in factories increased during 1910 and 1914, again, as source C says, ‘People can be heard speaking of the government in the sharpest of tones.' ii) Why were there many strikers in Russia in the years 1910-1914? Use sources A, B and C, and your own knowledge, to explain your answer. There were there many strikers in Russia in the years 1910-1914 because people were firstly becoming less scared of the Okhrana, so they were not very afraid to voice their opinion. A lot of people may not have liked how the government was running Russia; the only way they would be heard would have been through a strike. More people were also coming together, as most of them worked in horrible working conditions, with very little pay, long hours and a disturbing working environment, they must have decided to go on strike. Sales of vodka, food and fuel dropped drastically, this may have also cased many strikes as many people would have needed the money from these sales. Also, from source B we see that in 1910 the number of strikers in factories was 222, in 1914 the number of strikers in factories was 3534. The increase in strikers in factories from 1910 to 1914 may have been caused by the increased size of the factories. The factories must have employed more people thought 1910 and 19 14, so the number of strikers must obviously increase. C) Study sources D and E. How useful are sources D and E as evidence of support for the Russian monarchy? Source D: Source D shows that the ordinary people of Russia supported the Tsar wherever he went, although the public may have been doing this so the Tsar and his people will not give them a hard time, it was dangerous for the public to express their true feelings. The support shown was only a small percentage of the population, it was emotional support. The country saw the monarchy as a religion, so they have always been told to worship it. Source D is a reliable source because firstly the writer is the Tsar's sister, she was an eyewitness. Secondly, she was writing in her private diary, there would be no reason for her to lie or exaggerate anything. Also, she would have written about these events a night (after they had happened) and so she may have only been picking out the good bits and forgetting the bad bits. Source E: Source E is useful in showing support for the Russian monarchy. It shows that faith in the government is decreasing and that a revolution is becoming more likely. The writer of this source, Alexander Guchkov was the leader of the Octobrists, a party basically loyal to the Tsar and his government. If the leader of a loyal party to the Tsar and his government saw and said that faith in the government was decreasing and revolution was very likely, then it would have been true. Source E's writer, Alexander Guchkov is a more objective person than the writer of source D, the Tsar's sister who was sheltered in Russian courts and biased in the Tsar's favor. d) Study all the sources. ‘There was widespread support in Russia for the Tsar before 1914.' Use the sources, and your own knowledge, to explain whether you agree with this view. Sources A and B show that there was an increase in strikes and strikes in factories during 1910 to 1914. However, it gives a limited answer to the statement above as it mainly looks at the industrial sector. Sources C and E show that even a reporter of the Okhrana and a leader of the Octobrists (both loyal parties to the Tsar) think that the support for the Tsar is decreasing. This makes a revolution more and more likely. Sources D and F show that many people came out to see the Tsar, however, they may have done this out of curiosity as the Tsar would have been something to see, not because they supported the Tsar. They also may have come out to see the Tsar because they were scared that if they did not come out to see and appear to be supporting the Tsar, they might get into trouble with the government. Sometimes people feel loyalty to the institution, but the may not like how the government was running the country, a lot of people would have been in this possession during this time. I do not think there was widespread support in Russia for the Tsar before 1914. This is because as sources D and F shows that the ordinary people of Russia appeared supported the Tsar wherever he went, although I think that the public may have been doing this so the Tsar and his people will not give them a hard time, I believe that it was dangerous for the public to express their true feelings. Sources D and E also only a small percentage of the population of Russia, it cannot be mistaken for the majority of the Russian population. The Tsar also failed to face the peasants, poverty and workers. As the 3 categories were fitted by most of Russia's population, the Tsar was not very popular. The Tsar mainly supported the rich landowning class that was a very small percentage of the Russian population who did not need the Tsar very much. The people who needed the Tsar were the poor peasants with large hungry families (most of the Russian population), however the Tsar did not help them. This made a lot of people not to want to support the Tsar as he did not help the people in need. The Tsar was a autocratic ruler, this meant that he had complete and absolute power of Russia. A lot of people would not have liked this so the would not have really supported the Tsar.

Creating a Living Newspaper

Reflection on Y, F, Z Living Newspaper Scene The idea of the â€Å"Living Newspaper† is an ingenious way in theatre to depict real life in an artistic way and amplify the feelings of the actual event. So, naturally when you assigned us to create our own â€Å"Living Newspaper† I was ecstatic to get started. The group I worked with and I decided to choose between finding a newspaper on a cult group or an exorcism, though I preferred the exorcist idea, we decided to go with cults because during our research we found it very fascinating that there were so many cases and different types of cults.During our research we found there were multiple different kinds of cults, some good, some bad, but most focused on the end of the world or the end of their world and how they would be able to spend eternity, and most usually had manipulative and violent leaders. One such case was the Y, F, Z Ranch where the leader Warren Jeff’s is accused of committing multiple accounts of i ncest and rape, though that was still not as interesting to us as the fact, that all the girls that belonged to this cult, were in a sense brainwashed.The fact that somebody or a group of people could be tricked into thinking that something so sinister was the way of a god was ludicrous. As a group we all wanted to add or own tweak the piece, my own personal contribution was the in the beginning of the scene I wanted there to be sheets in front of the actors playing the rap victims of the cult and you would see â€Å"Warren Jeff’s† shadow come up to each one and imitate the act of raping them. I wanted this to highlight the silent motif we played with.Though, of course in the time we had we had to be realistic with our scene so the sheets didn’t happen, we still continued with the most important theme of silence which is what I intended for my contribution. What I took away as an actor from this piece is how different it is to play a real person rather then a ch aracter and how much it bends and changes the methods of the acting I was use too. And personally from this piece I realized how difficult it is to work when there are so many people disorganized people trying to voice their opinion. But, I did enjoy the experience.

athletic training essays

athletic training essays Hypothesis: How fast does your muscle fatigue? I think it should not take a persons muscle very long to cramp and be in pain. The person that was squeezing the ball in my group told the rest of us that his hand was not in much pain. When we looked around the room we saw that the people squeezing the tennis ball could not keep a continuo pace for the three trials. Some of the people said that their forearm was the part the was starting to cramp. Background: Muscle fatigue in a person is the exhaustion of his/her muscles. The fatigue is caused by the lack of ATP (adenosine triphosphate). As a result of the lack of ATP the myosin cross bridge can not tell the muscle to contract more than it already is. Myosin cross bridge is the head of the myosin molecule. The myosin molecule is one of the four protein molecules the make up myofilaments. Myosin is usually shaped like a gold club. The head of the myosin is attracted to the actin molecule which is located in the thin filaments. Myosin is usually located in the thick filament. If there is a lack of ATP there could be a reduction of the oxygen or glucose in the muscle fibers. Some other factors that contribute to muscle fatigue are high levels of lactic acids and metabolic waste. 1. Squeeze tennis ball rapidly for three minutes. 2. Count the contraction and record every fifteen seconds. 4. Repeat squeezing for three minutes. 5. Repeat fifteen seconds count contraction and record. 7. Repeat squeezing for three minutes counting contraction every fifteen seconds and recording. Results: In this lab I broke down three trials that went for the time of three minutes. Each minute was broken down into four sets of fifteen seconds. In the first trial the first minute remand constant between forty-four ...

Essay on Romeo and Juliet and Friar Lawrence

Essay on Romeo and Juliet and Friar Lawrence Essay on Romeo and Juliet and Friar Lawrence Romeo and Juliet essay Romeo and Juliet is play a written William Shakespeare about Juliet and Romeo’s secret romance that results in a tragic death of Mercutio, Tybalt, Paris, Romeo, Juliet and Lady Montague. There are many secondary characters that play essential roles in the play; one of those characters is Friar Lawrence. Friar Lawrence is an important secondary character that influences the major events in the play by marrying Romeo and Juliet and also gave Juliet the special potion. Friar Lawrence gives good advice to both Romeo and Juliet that has an effect on their character development. Friar Lawrence’s importance to the theme was that he supported young love and proved young people have poor judgment. Friar Lawrence has a major influence on the plays action. He first appears in the play in Act 2, Scene 3 where he is approached by Romeo. Romeo has come to Friar Lawrence to tell him about his new interest of love for Juliet. Romeo asks Friar to marry them and his first thought was that young love was nothing but foolishness, but Romeo defends himself and says that Juliet loves him back while Rosalind did not. Friar Lawrence says, â€Å"O, she knew well thy love did read by rote, that could not spell. But come, young waverer, come, go with me. In one respect I’ll thy assistant be, for this alliance may so happy prove to turn your households’ rancor to pure love† (II, iii, 94-99). Friar accepts to marry Romeo and Juliet in hope to end their family’s feud. Friar Lawrence also plays a role in giving Juliet the secret potion. He gives her the potion to help get out of marrying Paris. He gives the potion to Juliet to help her get Romeo back. Juliet is willing d o anything to get out of marrying Paris. She asks Friar for help he tells her, â€Å"take thou this vial, being then in bed, and this distilling liquor drink thou off; when presently through all thy veins shall run a cold and drowsy humor; for no pulse shall keep his native progress, but surcease†¦Ã¢â‚¬  (IIII, i, 91-122). Friar Lawrence implies that the potion will make her look dead for two days and she and Romeo can run off together. When she takes the potion the Capulet’s, the Nurse, and Paris all think she is dead so the wedding is off. Little does Romeo know that the potion last for two days and we he arrives at the vile he thinks she is dead and ends his life. Friar Lawrence helps both Romeo and Juliet make good decisions that has an effect on their character development. Friar Lawrence convinces Romeo and Juliet not to kill themselves. He also helped them make smart decisions that involved their love life. Romeo was banished from Verona for killing Tybalt in a street fight. Romeo goes to Friar to seek advice. Romeo is devastated that he was banished because he feels that he can’t live without being with Juliet, he rather die than be without her. Tired of hearing Romeo weep, Friar Lawrence says, â€Å"†¦Art thou a man? Thy form cries out thou art. Thy tears are womanish; thy wild acts the unreasonable fury of a beast. Unseemly woman in a seeming man, and ill-beseeming beast in seeming both!...† (III, iii, 119-123). Friar Lawrence influence Romeo to be a man and he makes Romeo realize that he should be happy that he isn’t dead and Juliet isn’t dead. He influences Romeo to be happy his life wasn’t take n away. Juliet is also devastated that Romeo was banished. The Capulet’s thinks she is cry over Tybalt’s death so to cure her sadness Capulet tells Paris that they are getting married. Juliet goes to Friar for help. Friar says,†Ã¢â‚¬ ¦ if, rather than to marry county Paris, thou hast the strength of will to slay thyself†¦ (IIII, i, 72-73). Friar Lawrence influences

An Early History of Forensic Entomology, 1300-1900

An Early History of Forensic Entomology, 1300-1900 In recent decades, the use of entomology as a tool in forensic investigations has become fairly routine. The field of forensic entomology has a much longer history than you might suspect, dating all the way back to the 13th century. The First Crime Solved by Forensic Entomology The earliest known case of a crime being solved using insect evidence comes from medieval China. In 1247, the Chinese lawyer Sung Tsu wrote a textbook on criminal investigations called The Washing Away of Wrongs. In his book, Tsu recounts the story of a murder near a rice field. The victim had been slashed repeatedly, and investigators suspected the weapon used was a sickle, a common tool used in the rice harvest. How could the murderer be identified, when so many workers carried these tools? The local magistrate brought all the workers together  and told them to lay down their sickles. Though all the tools looked clean, one quickly attracted hordes of flies. The flies could sense the residue of blood and tissue invisible to the human eye. When confronted by this jury of flies, the murderer confessed to the crime. Dispelling the Myth of Spontaneous Generation of Maggots Just as people once thought the world was flat and the Sun revolved around the Earth, people used to think maggots would arise spontaneously out of rotting meat. Italian physician Francesco Redi finally proved the connection between flies and maggots in 1668. Redi compared two groups of meat: the first left exposed to insects, and the second group covered by a barrier of gauze. In the exposed meat, flies laid eggs, which quickly hatched into maggots. On the gauze-covered meat, no maggots appeared, but Redi observed fly eggs on the outer surface of the gauze. Establishing a Relationship Between Cadavers and Arthropods In the 1700 and 1800s, physicians in both France and Germany observed mass exhumations of corpses. The French doctors M. Orfila and C. Lesueur published two handbooks on exhumations, in which they noted the presence of insects on the exhumed cadavers. Some of these arthropods were identified to species in their 1831 publication. This work established a relationship between specific insects and decomposing bodies. Fifty years later, the German doctor Reinhard used a systematic approach to study this relationship. Reinhard exhumed bodies to collect and identify the insects present with the bodies. He specifically noted the presence of phorid flies, which he left to an entomology colleague to identify. Using the Succession of Insects to Determine a Postmortem Interval By the 1800s, scientists knew that certain insects would inhabit decomposing bodies. Interest now turned to the matter of succession. Physicians and legal investigators began questioning which insects would appear first on a cadaver, and what their life cycles could reveal about a crime. In 1855, French doctor Bergeret dArbois was the first to use insect succession to determine the postmortem interval of human remains. A couple remodeling their Paris home uncovered the mummified remains of a child behind the mantelpiece. Suspicion immediately fell on the couple, though they had only recently moved into the house. Bergeret, who autopsied the victim, noted evidence of insect populations on the corpse. Using methods similar to those employed by forensic entomologists today, he concluded that the body had been placed behind the wall years earlier, in 1849. Bergeret used what was known about insect life cycles and successive colonization of a corpse to arrive at this date. His report convinced police to charge the previous tenants of the home, who were subsequently convicted of the murder. French veterinarian Jean Pierre Megnin spent years studying and documenting the predictability of insect colonization in cadavers. In 1894, he published La Faune des Cadavres, the culmination of his medico-legal experience. In it, he outlined eight waves of insect succession that could be applied during investigations of suspicious deaths. Megnin also noted that buried corpses were not susceptible to this same series of colonization. Just two stages of colonization invaded these cadavers. Modern forensic entomology draws on the observations and studies of all these pioneers.

Global organization in Europe Essay Example | Topics and Well Written Essays - 2000 words

Global organization in Europe - Essay Example In the body care section the company holds the top position in the European bath and shower market, in households side they are having one of the world famous shoe polishes named Kiwi. The company is trying to settle the market of branded apparel, which includes men's and boy's wear, also sports wear. The thing that should be kept in mind at this stage is that the Sara Lee is making most of those products in which brand switching is common, and there are relatively very few differences between the competitor's products and the company's products, for example the shoe polish Kiwi is having competition with Cherry Blossom, if a consumer would go to buy Kiwi and would not find it in a shop, he would buy cherry blossom rather than going to an other shop and look for Kiwi, this brings us to Imperfect Competition, according to Lipsey (1997): This is the commonest characterization of real markets. Imperfectly competitive markets often involve products that are similar but not identical and for which there are a finite number of potential producers, each of which can influence the others by its own behavior. (p. 11) So this implies that the competitors do the first impact on trade, it means that the company has now to think about the sales quotas and forecasts, more specifically how much would they produce in the future so that there is also the minimum level of goods return and maximum levels of profit can be achieved, the next most important thing is the structure, nowadays the companies are having multiple products, so what they should know is how to maintain the product line and length as a product can damage the other products of the same firm in terms of sales and value. "Firms are trying to make the best use of available resources and this is an optimization problem familiar in economics. Issues of optimal employment, investment, and structure are all susceptible to economic analysis"(Lipsey, 1997). After wards there are more things to worry about, like the growth rate of GDP should be kept in mind as if any company that is low in demand or even having an exceeding demand can put some im pact on GDP, Like in case of Sara lee the food production depends on the past sales records, else at times the senior executives take decision when they have to enter in some new market, specially it creates a lot of fuss when new product is to be launched in some area, it has a lot to do with investment not only in production but also in conducting research so that the chances of product failure can me minimized. The biggest advantage of having such operating organization in UK is that the local goods are promoted, it means that more the local goods are used the less the country relies on import, reminding that the company is still local, and the goods are not imported in the case of Sara Lee, the production of goods is done by the firms that are being operated with in UK by taking the license from the main Sara Lee Corp. Another good advantage of this organization is that the competition between Sara Lee and other firms is maintained, reminding that competition is something in whi ch the customers get the benefit as an outcome, a good example

Chapter 8 Problems Coursework Example | Topics and Well Written Essays - 750 words

Chapter 8 Problems - Coursework Example Question 4: The introduction of a product into a new market is always the most difficult aspect of marketing; the target market has no information about the product and therefore requires as much information about the product as possible. Such is the predicament that faces ACO, which seeks to enter the Flint Michigan market. The company’s initial marketing strategy should assume a civil education structure with the company trying to educate and inform the target market of the presence and essence of its product. This implies that the new company will have to invest more money in running media adverts. The adverts should carry a lot of information about the products stressing the strengths and benefits of the products. When the company introduces a second product into the market, the marketing strategy must therefore change in order to incorporate the new product and permit it to claim its own market share. The new product will be a competition to the company’s initial p roduct. Additionally, the new product portrays diversity a marketing strategy that will expand the company’s market share. The media messages for the two companies owing to the introduction of the new product must change. The new adverts should not contradict each other but manifest the strengths of the two products. Such messages should claim the diversity they introduce in the market but must not try to compete for the same market. Additionally, the advert should not run concurrently but in case they do, the messages they carry must complement each other. Question 5: The deal between the Vietnamese government and the Stanford medical center present a precarious marketing situation that requires both parties to trade off several aspects of their operations and markets. By providing the American medical college and opportunity to run the national hospital in Vietnam, the government denies the country an opportunity to set up such a center of her own. By executing such an acti on, the Vietnamese’s government denies the local population an opportunity to invest in the potential education center. The same catch twenty-two situation faces the medical college, which must develop a decisive plan of tapping onto the opportunity to expand its operations. The new facility will demand more to operate than its already operating facility in America (Berkowitz, 2011). The academic institution will have to compromise its local market to set up the facility in the new region. This implies that it will have to employ some of its best human resource to oversee the setting up of the new business at the expense of its market position in the United States. Additionally, the opportunity provides the academic institution with a chance to diversify its services and venture into tourism as well. While this may improve its revenue and market share, it will present myriad management difficulties that may affect the reputation of the mother organization. Question 6: Apparen tly, the multispecialty group presents numerous challenges to the companies since the group is both large and diverse. It demands thus keep varying thus stifling any attempt by any of the companies to maintain a steady supply of products. Despite the unpredictable nature of the market, Eclipsis stands a good chance to claims a share of the market since

Victoria Secret Case Study Example | Topics and Well Written Essays - 4750 words

Victoria Secret - Case Study Example Metrics 16 Outcome metric 16 Performance Metric 16 13. Leveraging its brick and mortar store 17 14. Changes expected after the 24 months launch period 17 Works Cited 19 1. Current target segment: The new brand for men The management of Victoria’s secret has come up with the strategy to expand their line of products into the men’s segment. They expect to be equally successful in this segment as they had been in the women’s segment. The underlying idea behind this expansion is to introduce color and style to men’s underwear thereby exploring a market which is tremendously underserved. The new line brand of products targeted towards men will add a new dimension to Victoria’s Secret range of products. Expanding into the new line of men’s undergarment will fetch consumer loyalty to Victoria’s from this segment of customers as well alongside the loyalty of their existing customers. The underlying strategy behind the company’s expansio n into the men’s underwear line is to attract new customers. This strategy will help the business to diversify into a segment that is yet to be explored in the US and henceforth in the world. In addition to that, the expansion program will help Victoria’s secret to achieve a wider customer base thereby creating new sources of revenue stream. 2. Do men consider underwear purchases discretionary? According to a logic outlined by Alan Greenspan, men’s practice of buying underwear is thought to be a good indicator of discretionary spending (â€Å"What Is the Men's Underwear Index?†). The logic that Alan Greenspan stated is both elegant and simple. According to him, more often than not most of the guys have their drawer filled with fairly ratty underwear which they choose to wear until and unless the elastic has ruptured or the boxers are riddled with holes. Because of the fact that co workers and friends generally do not notice a guy’s undergarments, h ence this frayed underwear often looks like a purchase made on discretionary basis. Men’s pattern of buying underwear is a crucial indicator of how the economy is performing. Whenever, men starts to apprehend that the economy is about to dip, they simply stop refilling their drawers with fresh undergarments. A perfect example to support this theory was when the economy started dipping the year 2008, annual sales of men’s underwear dropped by 12% (Trex â€Å"Boxers, Briefs or Loincloth? A Brief History of Men's Underwear†). In accordance with these recent theories, expanding into the men’s segment will prove to be a prospective decision for Victoria’s secret. The primary reason that can be attributed to this fact is that currently the United States economy is recovering at a steady pace. Moreover, not many undergarment brands exist in the country which produces men’s underwear suggesting that, this segment is highly unexplored. So, it is expe cted that the changing pattern in the performance of the United States economy will bring about a profound change in the way men buy their undergarments. Thus, an expansion in this division will prove to be a value maximizing decision for the company. If the products are well appreciated by customers and society, Victoria’s Secret has a possibility for extended growth. 3. Potential target market The potential target market is young and trendy men between the age group 15 and 45. As of now, in terms of geography, the chosen target market is USA. The reason for this is because of a slow growth (10%) witnessed in the annual sales of me

Individualized Education Program Essay Example | Topics and Well Written Essays - 250 words

Individualized Education Program - Essay Example The law requires that if any member of the ARD does not attend a meeting he must put it into writing. There must be an agreement between the parent and the school agreeing that that member should not attend the meeting. These may be done if the expertise of that member is not needed (Bateman, Barbara D, and Mary A. Linden 1998). Another requirement is when a member of the ARD committee does not attend the meeting and his expertise is needed in the meeting he must write a letter to the school and the parent in order for them to review it before the meeting day. The school and the parents are also required to write a letter indicating the same. The contract should be renewed with conditions because it will enable the dormant member to improve on high work and also to ensure that we don’t lose a member because we had little faith for them and yet if given another opportunity they would have done better.

Inner City Violence Article Critique Essay Example | Topics and Well Written Essays - 1000 words

Inner City Violence Article Critique - Essay Example It rules out the popularly held belief that girls, owing to their gender, do not get involved in incidents of violence in the inner cities. Most of the ethnographic literature written hitherto on the concept of inner city violence has focussed mainly, if not only, on the experiences of distressed men and boys in inner city neighbourhoods. But the fact is that girls are not simply exempted of such treatment owing to their gender. Jones’ article attempts to reveal the impact of the interplay of â€Å"reputation, respect and retaliation† on the poor, urban girls and women (Jones, 2008, p.63). It also aims at exploring the role of gender in shaping up the experiences of urban and ethnically marginalised girls with inner city violence. It thus helps in establishing the complicated though much-needed relationship between gender and violence in the urban US. The author establishes her view on the basis of her analysis of interviews with several adolescents who had been involved in inner city violence. All the respondents approached in this study belonged to the age group 12 to 24 years. They were all African-Americans who were enrolled in a city-hospital-based intervention for checking violence in the city. These individuals who had voluntarily enrolled for this violence intervention program had been involved in recent activities of racial violence and ran the risk of getting involved in similar incidents in their near future. The author’s fieldwork for this study extended over a period of three years (2001-03) and in three distinct phases. The first phase of research was characterised by a discussion with the intervention counsellors who had the first-hand experience of interacting with the teenagers. It was complemented by a participant observation of the teenaged youth who were enrolled in the program and interviews with their peers, family and relatives. This was followed by the second phase in which 24

Poetry by Emily Dickinson Essay Example | Topics and Well Written Essays - 750 words

Poetry by Emily Dickinson - Essay Example Many people mourned the men lost in Civil War battles that year and it was not just their families that mourned them, it was whole towns and states. Taken in light of the year it was written this poem makes sense, the Civil War affected everyone in the country. Not only were the people mourning the death of the strangers who lost their lives on the battlefield but they were also mourning the loss of the Union itself (Moore, 131-132). The plot in "Because I Could Not Stop For Death" is the narrator is picked up by Death and is heading towards eternity. Patricia Engle in her article in the Explicator states that "It is simply not her nature to stop for Death. She realizes that she cannot recognize Death's power over her" (74). Dickinson contrasts life with death in such a way that it is almost unnoticeable until you really read the poem closely. She also covers the stages of life very well with the "children", "grazing grain", and "setting sun" being used as metaphors for the different stages one must go through to be able to ride in Death's carriage (Dickinson, reprinted in Explicator, 73). In "As By The Dead We Love To Sit" Dickinson tells the story of how we miss the dead once they are gone more than we do the living. Also, how we try to hold onto the lost but are not able to sometimes. There is a difference between the lost and the dead in this poem which is why they are both their. The lost are the people who for one reason or another have left the life of the narrator but are not dead. However, the main question of the poem is why do we value a person more when they are lost or dead than when there are alive and here with us This is what the second quatrain is about how people tend on the whole to over-value something or someone they do not have (Daniels, 11). "I Felt A Funeral, In My Brain" is more about loneliness than death. The narrator tells how they have felt a funeral in their brain and are felling alone. The narrator is talking about what is inside their head not actual events that happened. Why is the narrator hearing or seeing these things Why do Silence, Sense, Mind, Space, and Reason seem to have human qualities even when they themselves are so ethereal I believe this poem is speaking more along the lines of a fear of being alone in life than being dead. The narrator sounds like they are loosing their mind. The whole tone of the poem is lonely. There is never another person mentioned. The plot in "I Measure Every Grief I Meet" is very easy to understand. The narrator is grieving and wants to know if other people's grief is as bad as theirs. Dickinson uses this poem to put forth the idea that nobody ever recovers from grief completely. There is always a part of you that is constantly mourning a loved one or something that you have lost. This poem left me feeling nothing personally but I did understand it better than some of the others, probably because it is so straight forward. There are no unusual uses of words or metaphors or any other literary tool. This is just a straight forward poem about grief. In the poem "It Was Not Death, For I Stood Up" the narrator denies that they are dead at first but comes to realize by the end of the poem that they really are. The reader does not

Inner City Violence Article Critique Essay Example | Topics and Well Written Essays - 1000 words

Inner City Violence Article Critique - Essay Example It rules out the popularly held belief that girls, owing to their gender, do not get involved in incidents of violence in the inner cities. Most of the ethnographic literature written hitherto on the concept of inner city violence has focussed mainly, if not only, on the experiences of distressed men and boys in inner city neighbourhoods. But the fact is that girls are not simply exempted of such treatment owing to their gender. Jones’ article attempts to reveal the impact of the interplay of â€Å"reputation, respect and retaliation† on the poor, urban girls and women (Jones, 2008, p.63). It also aims at exploring the role of gender in shaping up the experiences of urban and ethnically marginalised girls with inner city violence. It thus helps in establishing the complicated though much-needed relationship between gender and violence in the urban US. The author establishes her view on the basis of her analysis of interviews with several adolescents who had been involved in inner city violence. All the respondents approached in this study belonged to the age group 12 to 24 years. They were all African-Americans who were enrolled in a city-hospital-based intervention for checking violence in the city. These individuals who had voluntarily enrolled for this violence intervention program had been involved in recent activities of racial violence and ran the risk of getting involved in similar incidents in their near future. The author’s fieldwork for this study extended over a period of three years (2001-03) and in three distinct phases. The first phase of research was characterised by a discussion with the intervention counsellors who had the first-hand experience of interacting with the teenagers. It was complemented by a participant observation of the teenaged youth who were enrolled in the program and interviews with their peers, family and relatives. This was followed by the second phase in which 24

History Essay Example | Topics and Well Written Essays - 750 words - 1

History - Essay Example 1). The term 'Black Death' can refer to either the pneumonic plague or the bubonic plague. â€Å"The pneumonic plague is the deadlier of the two diseases killing its victims is two to three days† (Spielvogel, 2003, p. 275). It was strongest in the larger cities because of the dense populations that lived there and the less sanitary conditions that could be maintained in these urban areas. â€Å"The plague would visit an area, last for about a year, kill about one-third of the population, and move on. †¦ Most historians believe that between 1347 and 1351, at least one-third of Europe’s total human population (20 to 30 million people) died† (Piccolo, 2004). Deaths alone were not the only by-product of the Plague, though. The way the church handled the crisis and the large number of deaths that took place affected the economic, social and political landscape of this large region of the world. The first outbreak of the plague was strongest in the poorer sections of the city because these people were more likely to live in unsanitary conditions and had limited means by which to protect their health. Modern science is able to confirm the Plague was spread by the rat flea who took the disease from the rat and spread it to the human population, so areas that were infested with rats were among the first to show symptoms (Gottfried, 1983). ... Frightened churchmen shut up their churches and fled to the country as did many people in the secular world (Luftus et al, 1999). Because of their ineffectiveness in the crisis, the church lost a great deal of its authority and leadership and the people began to question whether it should ever have held that position. Many people assumed God was angry with them and much more penitent and harsh religious practices were developed to appease God’s wrath through sacrifice. Economic conditions changed dramatically as competitors from other countries entered the market through the development of the guilds. The guilds changed economic conditions for individual citizens and introduced another means by which cities and towns might be run. â€Å"The effects of regression on rural economy were far-reaching. Labour was scarce and wages rose rapidly. In England and in Castile and elsewhere legislation was attempted to fix wages, but without success† (Nohl, 1926, p. 20). Workers, es pecially peasants who were finally making a decent wage, rebelled violently to suggested pay reductions and though the intent was sound, its affects were disastrous. At the same time that the Plague was decimating the population, the faith in the One Religion and changing the economic base of entire nations, the Catholic Church was engaged in an all-out war on itself. Pope Clement V declined to move to Rome when he was appointed in 1305 and moved the papacy to Avignon supposedly because of civil unrest in Rome, but more likely so he would be closer to the French monarchy he served (Menache, 2002). By 1378, this had become a problem. After struggling against a highly suspicious and

JC Penney Advertising Essay Example for Free

JC Penney Advertising Essay As time progresses, the world, in terms of business is rather contracting. There is growing communication, interaction and exchange between different parts of the world. Technologies that were once thought of as a far sighted notion are now being used like household commodities and communication mediums that were once considered luxuries available to few are now necessities needed to prosper. And as the world is becoming more integrated and countries are becoming more and more dependent on one another in terms of trade and business the concept of branding, advertising and promotion is becoming more prevalent and widespread. This paper will focus on the marketing of JC penny. It would elaborate on the print as well as online marketing. Moreover it would compare and contrast advertising of online and bricks and mortar companies. Discussion The demand for accountability of marketing is rising and also the pressure of having less absolute dollars to work with so there is utmost need to be sharper, more purposeful and more targeted with marketing. JC Penney is a general retail brand that specializes in clothing, accessories and home furnishing. It has been around for decades and has been catering the needs of consumers of all ages and backgrounds. JC Penneys main target audience at the present times is women as well as youngsters. JC Penney faced criticism for being a brand that accommodated only the high-end and older generation. However, they have been changing their brand image and have been successful in implementing an image that is portraying a more young and trendy vibe. It now focuses on providing products that have the characteristics of being conservative, traditional, modern or trendy. Fundamentally JC Penney has been escalated in the last years is through the fact that it has moved from mass marketing to a more targeted approach. The few reasons for this change is that JC Penney believes that when business is difficult there is a lot greater chance of success with getting the arms around the best customers and increasing frequency share of wallet and trips with the best customers then trying to recruit new customers in tough times that may not shopping the brand. JC Penney has managed to find ways to develop formats that allowed it to get more productivity out the money that is spend. It has also become more targeted in terms of customer selection through becoming much sharper about making sure the right customers get the right format in the right piece. (Fetterman, 2006) JC Penney is one of the brands that hold the significance of being a brick and mortar store as well as an online retailer. Hence, it follows branding through all of the sources of mass media. It publishes magazines and postcards for the promotion of its products. It also advertises it products and offers through newspapers, television ads and online ads. When comparing the online and print media usage it quoted by Mike Boylson the Executive Vice President and Chief Marketing Officer of JC Penney that In the postcard you can deliver more of a sales message, or more of a discount message these postcards may drive the customers online to see the full assortment online where as the larger brand books of JC Penny show a much richer sense of the style that they have and they portray fundamentally completely different messages. The postcard includes the offer and a link to the website to go see the expanded content where as the book itself that goes out shows the product, the customer can then either come in the store or they can go online or place their order on the phone. Direct mail is very important because through versioning and through customer segmentation the company is able to send out more targeted messages that are highly accountable and are also able to track the results in direct mail to a degree that cannot be possible in a lot of the other traditional mass media used by JC Penney. JC Penney has been focusing a great deal over its brand image and has been trying to diversify and broaden its target audience. It has recently changed to a new brand motif; Every day matters along with the new tag line, the company has been working on enhancing its customers services and the opening of several temporary promotional stores. JC Penney is focusing on increasing the popularity of its brick and mortar stores as well as its online retailing through providing customers with latest offers, discounts and showcasing their product line online for ease of access. Sloan, 2007) As the world is advancing so are the technologies and the ease with which communication is possible among all parts of the world. With the advent of the internet and the upscale increase in its popularity, there has been almost nothing that is not available on the World Wide Web. The phenomenon of e-shopping emerged with the internet. The fact that customers could get what they want in the ease of their ho mes, increased the recognition of the internet and also of online shopping. There are numerous differences and similarities between online shopping and traditional shopping. But what holds more importance is the way the companies market their product online and how different it is from the marketing and promotion of brick and mortar companies. (Lowrey, 2008) Marketing over the internet is considered less costly, as it is holds a lower cost of distributing information on a global platform. More and more business are moving towards online retailing due to its outnumbered advantages in terms of cost, convenience and mobility of information over a great distance. One of the major focuses that companies including JC Penney is on the website. The success of online marketing is highly dependent over the outlook, design and the information provided by the website. Both the online companies as well as brick and mortar companies need to identify their target audience before they implement any marketing strategies. This lets them focus on the type of marketing tool they would benefit them. Brick and mortar companies offer a more traditional aspect of shopping and they also follow a traditional approach of marketing. This is mostly through mass media such as newspapers, television broadcast and magazines. With the passage of time, there are less and less companies that focus solely over brick and mortar business. Most companies are now available online as there is less overheads and larger audience prone to response through the internet. Conclusion In the end it is imperative to recognize the increasing importance of internet in business. Both, online retailing and brick and mortar companies hold their own set of characteristics that make them distinct. As the progress of online shopping is increasing there is still need for brick and mortar stores for traditional shoppers. Most companies, however, imply both the alternatives and hence, carry out their marketing accordingly.

The Narrative of the Life of Frederick Douglass: The Formation of Ident

  Ã‚  Ã‚  Ã‚  Ã‚  The Narrative of the Life of Frederick Douglass, An American Slave details the progression of a slave to a man, and thus, the formation of his identity. The narrative functions as a persuasive essay, written in the hopes that it would successfully lead to â€Å"hastening the glad day of deliverance to the millions of [his] brethren in bonds† (Douglass 331). As an institution, slavery endeavored to reduce the men, women, and children â€Å"in bonds† to a state less than human. The slave identity, according to the institution of slavery, was not to be that of a rational, self forming, equal human being, but rather, a human animal whose purpose is to work and obey the whims of their â€Å"master.† For these reasons, Douglass articulates a distinction between the terms ‘man’ and ‘slaves’ under the institution of slavery. In his narrative, Douglass describes the situations and conditions that portray the differences betwee n the two terms. Douglass also depicts the progression he makes from internalizing the slaveholder viewpoints about what his identity should be to creating an identity of his own making. Thus, Douglass’ narrative depicts not simply a search for freedom, but also a search for himself through the abandonment of the slave/animal identity forced upon him by the institution of slavery.   Ã‚  Ã‚  Ã‚  Ã‚  The reader is first introduced to the idea of Douglass’s formation of identity outside the constraints of slavery before he or she even begins reading the narrative. By viewing the title page and reading the words â€Å"The Narrative of the Life of Frederick Douglass, An American Slave, written by himself† the reader sees the advancement Douglass made from a dependent slave to an independent author (Stone 134). As a slave, he was forbidden a voice with which he might speak out against slavery. Furthermore, the traditional roles of slavery would have had him uneducated—unable to read and incapable of writing. However, by examining the full meaning of the title page, the reader is introduced to Douglass’s refusal to adhere to the slave role of uneducated and voiceless. Thus, even before reading the work, the reader knows that Douglass will show â€Å"how a slave was made a man† through â€Å"speaking out—the symbolic act of self-definition† (Stone 135).   Ã‚  Ã‚  Ã‚  Ã‚  In the first chapter of the narrative, Douglass introduces the comparison between slaves and animals, writing that â€Å"the larger... ...details the transformation of a slave to a man. The institution of slavery defined a slave as less than human, and in order to perpetuate that impression, slaveholders forbade slaves the luxury of self definition. Therefore, when Douglass finally rejects the notions about his identity forced on him by slavery, and embraces an identity of his own creation, he has completed his journey from slave to man. He no longer defines himself in terms of the institution of slavery, but by his own thoughts regarding what his identity is. Through the metamorphosis of his identity as â€Å"an animal† to an author who fights for the abolitionist movement, Douglass presents his narrative not simply as a search for freedom, but also a search for himself. â€Å"It is easier to build strong children than to repair broken men." – Frederick Douglass Works Cited Douglass, Frederick. â€Å"The Narrative of the Life of Frederick Douglass.† The Classic Slave Narratives. Ed. Henry Louis Gates Jr. New York: Penguin Group, 1987. Stone, Albert. â€Å"Identity and Art in Frederick Douglass’s ‘Narrative’.† Twentieth-Century Literary Criticism: Volume 7. Ed. Paula Kepos. Detroit: Gale Research Inc., 1990. 134-137.

The American Prohibition of Alcohol in the 1920s Essay -- American Hi

The American Prohibition of Alcohol in the 1920's The prohibition of alcohol in the United States lasted from 1920 until 1932. The movement began in the late nineteenth century, and was fueled by the formation of the Anti-Saloon League in 1893 (Why Prohibition?). This league and other anti-alcohol organizations, began to succeed in establishing local prohibition laws. By the 1920's prohibition was a national effort. The prohibition movement was aimed primarily at closing saloons. Saloons were the brewing companies place in retail business, selling alcohol by the glass. In the early twentieth century, there was one saloon for every one-hundred fifty or two-hundred Americans. This competitiveness forced saloon keepers to find other ways to make money. By the 1920's saloons had become houses of gambling and prostitution, not the innocent, friendly bar we associate the word with today (Why Prohibition?). The prohibition advocates found such establishments offensive, and sought to revoke their licenses. The National Prohibition Act was added to the United States Constitution on January 16th, 1920 (The Eighteenth Amendment). The Eighteenth Amendment to the Constitution prohibits the illegal manufacturing or selling of alcohol. There were only two ways to legally obtain alcohol under the prohibition laws. Religious groups were granted the right to obtain alcohol for sacramental purposes, and doctors were permitted to write prescriptions (Medicinal Alcohol). People have believed in medicinal benefits of alcohol since ancient times, using it to cure snake bites and control disease. Even though the belief has begun to dwindle in the early twentieth century, alcohol was legally manufactured for medic... ...ter. â€Å"Prohibition.† http://www.detektivroman.de/forum/_disc3/0000004d.htm: May 2002. This site has good statistical information about Capone and other Chicago gangs during the 1920s. â€Å"Medicinal Alcohol.† http://prohibition.history.ohio‑state.edu/Medicinal_Alcohol.htm. This site gives a brief history (very brief) of the beliefs in medicinal alcohol. â€Å"The Eighteenth Amendment and the National Prohibition Act.† http://www.druglibrary.org/schaffer/Library/studies/wick/wick1.html This site gives a detailed analysis of the National Prohibition Act. â€Å"Speakeasy.† http://hotwired.lycos.com/cocktail/links/speakeasy.html: Lycos, 2002. This site gives a quick idea of what a speakeasy was. â€Å"Why Prohibition?† http://prohibition.history.ohio‑state.edu/whyprohibition.htm: November, 2002. This site gives a history of the prohibition movement.

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|