Homestore’s 4th-Quarter Loss Widens
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Homestore.com Inc. posted a wider net loss for its fourth quarter and said it took a one-time charge of $960 million as it finished a review of past results and restated the first three quarters of 2001.
The online real estate services company revealed a series of accounting errors last year that led to the resignation of its chairman, multiple trading halts and the restatement of some of its financial results.
Homestore said it lost $146.6 million, or $1.26 a share, before the one-time charge, compared with a loss of $53.6 million, or 65 cents, a year ago, as revenue rose 85% to $97.2 million.
In its restatement, the Westlake Village-based company reduced revenue for the first three quarters of 2001 by $123 million, while increasing its net loss by $113.2 million, to $3.44 a share from $2.35.
The results reflect the outcome of an investigation into its accounting practices.
Cash and cash equivalents available to fund operations stood at $52.5 million at the end of December, the company said.
Homestore shares rose 5 cents to $2.30 Wednesday on Nasdaq.
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