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Homestore to Join SmallCap Market to Avoid Delisting

November 14, 2002|From a Times Staff Writer

Homestore Inc., whose stock has traded below $1 a share since July, said Wednesday that it will move to the Nasdaq SmallCap Market from the Nasdaq National Market next week, gaining 90 more days to get the stock back above $1 and avoid being delisted.

In announcing third-quarter results Wednesday, the Westlake Village-based online real estate company also said it had cut its work force to fewer than 2,000, down from 3,500 a year earlier.

For the quarter ended Sept. 30, Homestore lost $39.8 million, or 34 cents a share, on revenue of $63.8 million, compared with a year-earlier loss of $138.3 million, or $1.25 a share, on revenue of $80.8 million.

The news was released after the close of trading Wednesday. Homestore's stock closed unchanged at 85 cents.

Homestore Chief Executive Mike Long said the company will have more than $75 million in cash available next year.

Long is part of a new executive team that was hired in January after Homestore's previous management was forced out amid disclosures of a scheme to illegally inflate the company's revenue.

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