Finet Restates Earnings

Finet Holdings Corp., an electronic commerce company based in San Francisco, has restated its financial results for the fiscal quarter ended July 31, reporting a consolidated net loss from operations of $2.5 million, compared with a $5.3 million loss in the previous quarter.Revenues increased to $7.8 million, up 533% from $1.2 million a year earlier. After restating for the pooling-of-interests acquisition of Coastal Federal Mortgage Co. and the acquisition of Mical Mortgage Inc., consolidated quarterly revenues were up 108%, Finet said. Coastal contributed $1.8 million in revenues and Mical contributed $2.5 million, while the rest of Finet's operations contributed $3.5 million, up 189% from a year earlier, the company said. Consolidated loan volume totaled $401 million for the quarter, up 385% from a year earlier.