Friday, August 5, 2005

Homestore Reports Results

Westlake Village-based Homestore yesterday reported its second quarter results, saying that the firm had revenues of $63.3M in the quarter ending June 30th. The company had net income of $3.3M, compared to a net loss last year of $4.3M in Q2. The company also reported it had spent $4.2M in General and Administrative costs covering legal expenses for the defense costs of former officers in the company's SEC investigation. That expense comes on top of a $7.2M expense incurred in the third quarter of 2004 for legal costs. The company said it also expects to incur expense in subsequent quarters related to legal expenses in the cases. Homestore operates the Realtor.com and other related web sites for real estate professionals and services for consumers.