American Land Title Association
Print Friendly
Home  >  News Room
News Room

SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software

North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.

Missing Millions

February 22, 2002

Homestore Issues New Estimates Of Financial Restatements

Inman News Features

Homestore today provided Nasdaq additional information about its pending financial restatements, including the $76 million overstatement of online revenue last year.

The company announced on Feb. 13 that it would restate its financial results for the year ended Dec. 31, 2000. Based on the results of the inquiry to date, the company has determined that its restated results will reduce its total revenue in the year ended Dec. 31, 2000, by $39 million to $45 million.

The company announced on Jan. 2 that its online advertising revenue for the first three quarters of 2001 was overstated by $54 million to $95 million and that its audit committee's internal inquiry could result in additional restatements.

The company has determined that online advertising revenue for the period was overstated by $76 million to $82 million, and that non-advertising revenue for the period was overstated by $28 million to $31 million.

According to Homestore, approximately $7 million to $23 million of this non-advertising revenue, consisting principally of software and services, will be recorded as deferred revenue at Sept. 30, 2001 and may be recognized as revenue in future periods. The company determined it had not met all of the conditions required to recognize this revenue in the first three quarters of 2001.

The company announced on Dec. 21, 2001 that the audit committee of its board of directors had begun an inquiry into certain of the company's historical accounting practices. The company said it is committed to completing an inquiry of these matters and expects to complete the inquiry and file restated financial statements by mid-March.

Copyright: Inman News Service

Print Friendly

How To Find Us:
American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
Copyright © 2004-2016 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment