This investigation deals with the buckling problem of a column with random geometric imperfection, resting on a nonlinear elastic foundation. In contrast to most of the earlier studies, it is assumed that the column is subjected to a random axial compression. The random initial imperfection is expressed in terms of buckling modes with coefficients obeying the truncated normal distribution. The external load is modeled as a random variable with the extreme-value distribution. An improved simulation technique with high computational efficiency is employed to obtain the probability of failure of the structure. Statistical analysis of the simulation data is proposed, and the final result is given in the form of confidence interval, which can be used directly in engineering design.