American Home Mortgage Investment Corp. adjusts earnings
Long Island Business News, Apr 15, 2005 by LIBN Staff
American Home Mortgage Investment Corp. said it will shift about $71.4 million from fourth quarter earnings to first quarter of 2005 results due to timing issues related to recording the income.
The real estate investment trust said that its board's audit committee discovered the problem related to the timing of income that comes from its fourth quarter 2004 loan securitization.
As a result, American Home plans to restate its financial results for 2004 and to file an amended annual report with the Securities and Exchange Commission on or about this coming Monday.
Chief Executive Officer Michael Strauss said the company's fundamental economic condition, and particularly the market value of the securities we hold, is not affected by this change.
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