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Excite@Home revenue doubles, subscriber numbers jump

Summary

Excite@Home, which provides high-speed Internet access, said its third-quarter loss widened, matching expectations, as revenue nearly doubled and the company added 220,000 new subscribers.

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Excite@Home, which provides high-speed Internet access, said its third-quarter loss widened, matching expectations, as revenue nearly doubled and the company added 220,000 new subscribers.

Excluding expenses for amortization of goodwill and other intangible assets, the company said it had a pro forma net operating loss of US$4.2 million, or 1 cent a share, compared with a pro forma net operating loss of US$7.9 million, or 2 cents, a year ago. Analysts expected the company to report a loss of 1 cent, the average estimate according to First Call.

The company's net loss rose to US$498.6 million, or US$1.37 a share, from US$23.3 million, or 10 cents, a year earlier. Revenue rose to US$112.6 million from US$57.8 million.

The Redwood City, California-based company has been trying to integrate its Web properties more tightly with its Internet access service. Excite@Home shares have fallen 57 percent since April amid speculation that the company's largest shareholder, AT&T, is exploring alternatives for its investment in the company. Excite@Home's shares have risen 93 percent over the past year.

The company said it had 840,000 subscribers at the end of the quarter, compared with 620,000 in the June quarter.

Traffic on the Excite network of Web sites rose to 89 million average daily page views in September, the company said, up 10 percent from 81 million in June.

The company's registered users rose to 44 million on September 30, up 16 percent from 38 million at the end of June. Registered users are Internet users who registered personal information such as age, gender, and occupation.

Excite@Home expanded its program making Internet access service available through retailers such as Circuit City, The Good Guys, and Office Depot.

The results were released after the close of regular U.S. trading.

Copyright 1999, Bloomberg L.P. All Rights Reserved.

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