The financially troubled online real estate operation Homestore.com Inc.,
reporting after the closing bell, posted a net loss for the first quarter of
$34.8 million, or 29 cents per share, compared to a loss of $99.8 million, or
$1.05 per share a year earlier.
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Joseph Crowley succeeded his friend and partner as the company's president, but the loss of full control of its holdings hit the company hard for many years
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Revenues for the Westlake Village, Calif.-based company,
which is struggling to get back on its feet after suffering through an
accounting scandal that cost it more than $1 billion, came in at $74.1
million, up 16 percent from $63.8 million for the first quarter of 2001.
The company recently
reported a 2001 loss of almost $1.5 billion after restating its earnings.
The company actually warned about the bills from its lawyers following
disclosure of irregularities that included accounting for bartered ads on a
cash basis.
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In something of an understatement, Mike Long, Homestore's chief executive
officer, said that "the first quarter was challenging for Homestore as
management resources were diverted by the internal inquiry into our past
accounting practices and our thorough review of our business units.
...(however) we began our second quarter as a more streamlined entity that is
keenly focused on the success of our customers."
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In fact, the quarter was tough enough that the CFO said the company is not
providing any forward guidance at this time.
"While the results of the quarter partially reflect our restructuring
efforts, they also include both non-recurring and one-time items," said Lew
Belote, Homestore's chief financial officer. "Consequently, these reported
results are not necessarily indicative of current or future trends, so we are
not yet in a position to give forward guidance to the financial community."
As of March 31, 2002, Homestore said it had cash and cash equivalents
available to fund operations of $34.2 million, in addition to restricted cash
of approximately $90.3 million. And as of April 2, 2002, after taking into
account the proceeds from the
ConsumerInfo sale, Homestore had cash and cash equivalents of
approximately $91 million and approximately $158 million in restricted cash.
Homestore, which recently
renegotiated the terms of its deal with a national Realtor's group to
save money, operates a network of Web sites including the flagship
REALTOR.com; HomeBuilder.com; Homestore Apartments & Rentals; and
Homestore.com, a home information resource.
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