American Home to Restate '04 Results

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.