Homestore Lost $1.5 Billion in 2001, SEC Filing Discloses

Homestore.com Inc. lost about $1.5 billion in 2001, reflecting the write-down of assets and expenses related to a restructuring, according to a filing with the Securities and Exchange Commission.

The company, which manages the biggest home-listing Web site, said it had a loss of $146 million in 2000.

No other information on results was disclosed in the filing.

The Westlake Village-based company expects to provide more details on its 2001 performance by the end of the week, said spokeswoman DeLise Keim.

Homestore.com’s shares are down 94% since mid-July as the company investigates its accounting practices after uncovering advertising sales that should have been accounted for as barter transactions.

The inquiry led to the ouster of Stuart Wolff as chairman and chief executive in January.

Last month, the company restated results for 2000 to a loss of $146.1 million, or $1.83 a share, from the previously reported loss of $115.2 million, or $1.44.

Revenue was cut to $181.3 million from $230 million.

Homestore.com said in November that it expected to take a charge of $650 million to $950 million in the fourth quarter to reflect the declining value of acquisitions.

Homestore.com shares fell 7 cents to $2.25 on Nasdaq.