Printer Friendly

AMERICA ONLINE, INC., REPORTS 68 PERCENT INCREASE IN REVENUES

 VIENNA, Va., July 29 /PRNewswire/ -- America Online, Inc. (NASDAQ-NMS: AMER), reported today that revenues increased 68 percent to $12,411,000 in the fourth quarter of fiscal 1993, which ended June 30, 1993, up from $7,375,000 in 1992's fourth quarter.
 Net income, on a fully taxed basis and before a charge for legal fees and expenses, increase 38 percent to $910,000, or 13 cents per share, in the fourth quarter of fiscal 1993, as compared to net income of $661,000 and earnings per share of 10 cents in last year's fourth quarter. The company incurred approximately $300,000 for legal fees and expenses in connection with the implementation of the company's shareholder rights plan and related matters. Reported net income on a fully taxed basis in the just-ended quarter was $724,000, or 10 cents per share.
 The company had approximately 302,500 subscribers as of June 30, 1993, an increase of 67 percent from the approximately 181,600 subscribers the company had as of June 30, 1992.
 "This was a very successful quarter for the company. We more than doubled our previous record -- set in the March quarter -- of the number of new subscribers added," said Steve Case, president and chief executive officer. "As America Online becomes more visible, we'll be able to attract more subscribers and alliance partners," he added.
 For the fiscal year ended June 30, 1993, revenues increased 50 percent to $40,019,000 and fully taxed net income increased 39 percent to $3,077,000.
 America Online, Inc., is the nation's fastest-growing provider of online services to consumers. The company offers subscribers a wide variety of services, including electronic mail, conferencing, news, sports, weather, stock quotes, software, computing support and online classes. Founded in 1985, the company has established strategic alliances with more than 30 companies including IBM, Apple and Tribune Company. The company completed an initial public offering in March 1992. Personal computer owners can obtain the America Online software at mao?r software retailers and bookstores or by calling 800-827-6364.
 AMERICA ONLINE INC.
 Summary of Results
 (Amounts in thousands, except per share data)
 (Unaudited)
 Three months ended Nine months ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues:
 Net service revenues $11,787 $7,372 $38,462 $26,226
 Other revenues 624 3 1,557 365
 Total revenues 12,411 7,375 40,019 26,591
 Costs and expenses:
 Cost of revenues 6,078 3,187 18,542 12,036
 Marketing 2,868 1,756 9,034 5,643
 Product development 598 479 2,501 1,932
 General and
 administrative 1,798 992 5,442 3,647
 Total costs
 and expenses 11,342 6,414 35,519 23,258
 Income from operations 1,069 961 4,500 3,333
 Other income 101 113 474 235
 Income before provision
 for income taxes and
 extraordinary item 1,170 1,074 4,974 3,568
 Provision for
 income taxes (446) (413) (1,897) (1,361)
 Income before
 extraordinary item 724 661 3,077 2,207
 Extraordinary item --
 tax benefit arising
 from net operating
 loss carryforward 74 413 1,133 1,331
 Net income $798 $1,074 $4,210 $3,538
 Earnings per share:
 Before extraordinary
 item $0.10 $0.10 $0.46 $0.40
 After extraordinary
 item $0.11 $0.16 $0.63 $0.64
 Weighted average shares
 outstanding(A) 7,016 6,595 6,724 5,489
 (A) As adjusted for February 1992 two-for-one stock split.
 -0- 7/29/93
 /CONTACT: Lennert J. Leader, chief financial officer, America Online, 703-448-8700/
 (AMER)


CO: America Online ST: Virginia IN: CPR SU: ERN

KD-MH -- DC012 -- 7214 07/29/93 12:49 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 29, 1993
Words:609
Previous Article:PULASKI FURNITURE REPORTS RESULTS
Next Article:AMERICA ONLINE, INC., CONTINUES EXPANSION OF THIRD-PARTY DISTRIBUTION WITH NEW PC ALLIANCES; AST, NEC AND ACER TO INCLUDE AMERICA ONLINE
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters