I am not kidding. In her blog, forensic accountant Tracy Coenen quotes Overstock.com (NASDAQ: OSTK) CEO Patrick Byrne's comments from an interview on CNBC:
Interview: Patrick Byrne, chairman and CEO of Overstock.com, discusses the company’s revenues and earnings
23 April 2004
CNBC: Kudlow & Cramer
Mr. BYRNE: Well, first of all, I’m all about GAAP. I have been so critical of the companies that do–I don’t believe in one-time charges; I don’t believe in EBITDA. If somebody talks EBITDA, put your hand on your wallet; they’re a crook.
Note: Bold print and italics added by me.
The double talking Patrick Byrne not only likes EBITDA, he also likes to violate Securities and Exchange Commission Regulation G and materially overstate EBITDA in Overstock.com's financial reports. My blog and Tracy Coenen’s blog have detailed Overstock.com’s SEC Regulation G violations and resulting material overstatements of EBITDA in its financial reports starting from Q2 2007 and continuing to Q1 2008. Whenever Patrick Byrne "talks EBITDA, put your hand on your wallet" because Patrick Byrne is "a crook."
To be continued…..
Sam E. Antar (former Crazy Eddie CFO and a convicted felon)
Disclosure: Not long or short Overstock.com.