Overstock.com turns a profit

SALT LAKE CITY — Overstock.com Inc. said Wednesday that it turned a profit in the fourth quarter as revenue grew 27 percent.

The online retailer reported net income of $12.7 million, or 55 cents per share, compared with a loss of $705,000, or 3 cents per share a year ago.

Revenue jumped to $322.4 million from $253.8 million a year ago.

The results beat the expectations of analysts surveyed by Thomson Reuters, who expected 45 cents on revenue of $274 million.

Shares jumped $2.82, or 21 percent, to $16.52. They've traded between $8.94 and $17.99 in the past year.

For the year, the company posted a profit of $7.7 million, or 33 cents per share, compared with a loss of $11 million, or 48 cents a share, a year ago. Annual revenue rose 6 percent to $876.8 million.

Overstock's chairman and chief executive officer Patrick Byrne said 2009 brought the company's first annual profit in a dozen years of business.