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February 13, 2002

Homestore To Finish Accounting Audit, Financial Restatements Next Month


Inman News Features

Homestore.com, which operates Realtor.com and a number of other home and real estate Web sites, announced today it will restate its financial results for the year ended Dec. 31, 2000, and it expects to conclude its internal accounting inquiry and file restated financial statements by mid-March.

The company previously announced it intends to restate its quarterly financial statements for the first nine months of 2001. The restatements are a result of an inquiry being conducted by the audit committee of the company's board of directors into the company's accounting practices.

"The restatements involve historical accounting issues that will be corrected, but do not relate to Homestore?s ongoing operations," said Homestore CEO Mike Long. "The company has sufficient financial resources to meet our customer commitments and to fund the growth of our business."

The company stated it expects its cash flow from operations to be positive for the full year 2002 and that it had cash and cash equivalents available to fund operations of approximately $48 million at Dec. 31, 2001, in addition to restricted cash of approximately $100 million.

Copyright: Inman News Service



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