Overstock.com, Inc. (NASDAQ:OSTK) Declares CEO Resumes Duties Following Medical Leave (GalaxyStocks)
Overstock.com, Inc. (NASDAQ:OSTK) declared on Monday that Patrick M. Byrne has recommenced his duties as CEO, around 3 months following the online-discount-retailer disclosed that he was taking a leave of absence for medical reasons. Overstock.com, Inc. (NASDAQ:OSTK) had appointed President Jonathan Johnson as a CEO whereas Mr. Byrne remained as chairman. Mr. Byrne leave to address cardiac issues consideration to be related with cancer treatments received much earlier.
Overstock.com Stock Soars After Q1 Earnings Beat (Investors)
Shares of Overstock.com, Inc. (NASDAQ:OSTK) were up 31% in midday trading Thursday after the online discount retailer reported Q1 earnings and revenue that handily beat views. Overstock.com, Inc. (NASDAQ:OSTK) derives most of its revenue from sales of unsold inventory of electronics, furniture, apparel and household goods from retailers on its website. The company reported per-share profit of 32 cents, up 166% from the 12 cents in the year-ago period, and well ahead of the 13 cents expected by analysts polled by FactSet. Revenue jumped 19% to $312 million. Analysts were expecting $282.3 million.
U.S. Senate may vote next week on online sales tax -aides (Reuters)
U.S. senators could vote as early as next week on legislation that would give states the authority to collect sales taxes from online purchases, Democratic Senate aides said on Wednesday, a significant step forward after years of false starts. Though the legal change provided by the bill has enjoyed bipartisan support for years, previous versions of this legislation have languished in Congress, facing opposition from some online retail companies and lawmakers from both parties.
AdCare Health Systems’ Series A Preferred Shares Cross 10% Yield Mark (Forbes)
In trading on Thursday, shares of AdCare Health Systems, Inc. (NYSEAMEX:ADK)’s 10.875% Series A Cumulative Redeemable Preferred Stock (AMEX: ADK.PRA) were yielding above the 10% mark based on its quarterly dividend (annualized to $2.7188), with shares changing hands as low as $27.15 on the day. As of last close, ADK.PRA was trading at a 13.20% premium to its liquidation preference amount. …In Thursday trading, AdCare Health Systems, Inc.’s 10.875% Series A Cumulative Redeemable Preferred Stock (AMEX: ADK.PRA) is currently off about 0.5% on the day, while the common shares (AMEX: ADK) are up about 40%.
Brogdon Family Plans Tender Offer for AdCare Shares at 86% Premium (WSJ)
Brogdon Family LLC, a Georgia firm partly owned by AdCare Health Systems, Inc. (NYSEAMEX:ADK) director Christopher F. Brogdon, said it intends to make a tender offer to AdCare’s shareholders in an attempt to gain a majority stake of the long-term care provider. Mr. Brogdon and his affiliates plan to offer $8 a share, an 86% premium over Wednesday’s close. Shares surged 51% premarket to $6.48. AdCare manages assisted living facilities, nursing homes and retirement communities in Ohio. It owns all or part of its facilities, including the Hearth & Home assisted living facilities, and also operates a home health care business, Assured Health Care, which offers nursing, therapy and aide services.
AdCare CFO Resigns Position Following Extensive Accounting Errors (SeniorHousingNews)
AdCare Health Systems, Inc. (NYSEAMEX:ADK) Martin Brew resigned as the long-term care provider’s chief financial officer on Monday in relation to extensive accounting errors impacting the company’s financial statements for all of 2012. In March, AdCare announced it would be postponing the release of its financial results for the fourth quarter and year end 2012 and its previously announced conference call discussing the results, originally scheduled for March 27, 2013. The company’s Tuesday statement revealed that its accounting issues extended much further than 2012’s fourth quarter, however.
