American Home to Restate '04 Results

Published April 13, 2005, 2:00 p.m. EDT

1 Min Read

American Home Mortgage Investment Corp., Melville, N.Y., has announced that it will restate its 2004 financial results to revise the timing of revenue recognition from a fourth-quarter securitization.The reason for the timing revision (from the fourth quarter to the first quarter) is that approximately $97.6 million of the $3.5 billion of securities created and retained by American Home in the fourth quarter were benefited by embedded derivatives contracts, the company said. As a result, the entire securitization was ineligible for sale treatment under Statement of Financial Accounting Standards No. 140. The restatement will reduce 2004 income by about $71.4 million and increase income for the first quarter by an equal amount, American Home reported. The company can be found online at http://www.americanhm.com.

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