Homestore to Restate 2000 Results as Well

Share this article:
Troubled Homestore Inc. said it will restate its financial results for 2000 and that it expects to file new financial statements by mid-March.


Homestore, Westlake Village, CA, in January said it overstated advertising revenue from January to September 2001 by $54 million to $95 million, according to preliminary results of an internal accounting audit.


At that time, it said that it would restate its earnings for the first nine months of the year and that it might have to restate its earnings for 2000 as well.


"The restatements involve historical accounting issues that will be corrected, but do not relate to the ongoing operations of Homestore," CEO Michael Long said in yesterday's statement.


Earlier this month, Homestore said it would cut 300 jobs in the first quarter of this year and that it sold its eNeighborhoods business unit to an unidentified buyer.


Last month, Homestore said it fired or accepted resignations from seven employees, including three who had been placed on administrative leave, as a result of the accounting inquiry, which began in December.


Long was named CEO Jan. 7 to replace co-founder, chairman and CEO Stuart Wolff, who resigned to "pursue a new technology venture," the company said. Long previously was CEO of Healtheon Corp. and served as chairman of WebMD Inc. after the two companies merged.


Share this article:
You must be a registered member of Direct Marketing News to post a comment.
close

Next Article in Digital Marketing

Follow us on Twitter @dmnews

Latest Jobs:

Featured Listings

More in Digital Marketing

Video's Going Programmatic, New Study Contends

Video's Going Programmatic, New Study Contends

Some 60% of brands now buy online video programmatically, according to a study from AOL's Adap.TV.

Dollar Growth Rate of Video to Peak This Year

Dollar Growth Rate of Video to Peak This ...

It will increase by 56% to $6 billion, then taper off due to growth in inexpensive mobile placements, says a new study.

Alliance Data Spends $2.3 Billion to Buy Conversant

Alliance Data Spends $2.3 Billion to Buy Conversant

CEO Ed Heffernan says the acquisition "bulks up" the digital marketing power of Alliance and its Epsilon and Loyalty One units.