LOS ANGELES (AP) - Homestore.com Inc. said Wednesday that it overstated revenue in the first three quarters of 2001 by as much as $95 million and could restate additional financial results for 2000.

Gary Gerdemann, a spokesman for the Westlake Village, Calif.-based firm, said an internal investigation has determined that between $54 million and $95 million of barter transactions during the first three quarters of 2001 were booked incorrectly as advertising transactions.

The restatement could amount to as much as 27 percent of Homestore's revenue during the first three quarters of 2001. For the nine months ended Sept. 30, the company initially reported sales of $350.9 million and a net loss of $245.8 million.

Homestore alerted the Securities and Exchange Commission (news - web sites) of the mistake on Dec. 21, Gerdemann said.

Three days later, Nasdaq halted trading in shares of the online real estate company indefinitely. The exchange has requested information about the firm's accounting practices, Gerdemann said.

Homestore announced Dec. 6 that its chief financial officer, Joseph Shew, had resigned after less than a year on the job for personal reasons.

The company said it is still too early to know what size any restatements for 2000 might be.

It also wouldn't comment on how the errors occurred and whether any disciplinary action will be taken.

Yahoo!

-- Anonymous, January 03, 2002