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AMERICA ONLINE REPORTS THIRD QUARTER SERVICE REVENUES INCREASE 42 PERCENT

 AMERICA ONLINE REPORTS THIRD QUARTER SERVICE REVENUES
 INCREASE 42 PERCENT
 VIENNA, Va., May 5 /PRNewswire/ -- America Online Inc. (NASDAQ: AMER) reported today that its net service revenues increased 42 percent to $6,999,000 in the third quarter of fiscal 1992, which ended March 31, 1992, up from $4,930,000 for the same quarter last year. Total revenues, which include outside development and marketing funding, increased 29 percent; last year's third quarter included $496,000 of these other revenues while there were $6,000 of other revenues in the quarter just ended.
 This is the company's first release of financial results since becoming a public company on March 19, 1992.
 Operating profit grew 36 percent to $863,000 in the third quarter of fiscal 1992, up from $634,000 in the third quarter of fiscal 1991 which benefited from other revenues.
 Net income, including the tax benefit of net operating loss carryforwards, increased 37 percent to $918,000, or 16 cents per share. This compares with net income of $669,000 and earnings per share of 15 cents in 1991's third quarter, when approximately 23 percent fewer shares were outstanding.
 Earnings per share, before the tax-loss carryforwards, totalled 10 cents in the third quarter of both fiscal 1991 and 1992.
 The company also reported that its subscriber base grew to approximately 170,700 members as of March 31, 1992, up 43 percent from approximately 119,400 members as of March 31, 1991.
 For the nine months ended March 31, 1992, net service revenues increased 33 percent to $18,854,000 and total revenues increased 23 percent to $19,216,000 from the same period last year. Other revenues declined to $362,000 in the nine months just ended from $1,433,000 in the nine months ended March 31, 1991.
 Operating profit for the first nine months in fiscal 1992 increased significantly, to $2,372,000 from $691,000 in the same period a year ago. The company pointed out that this improvement was made even though the contribution of other revenues was $1,071,000 greater in the first nine months of fiscal 1991.
 Net income, including the tax benefit of net operating loss carryforwards, more than tripled to $2,464,000, or 48 cents per share in the first nine months of fiscal 1992, from $724,000, or 17 cents per share in the same period last year. Earnings per share, before the tax-loss carryforwards, grew to 30 cents, up from 10 cents in fiscal 1991's nine-month period.
 America Online Inc. is the leading independent provider of online services to consumers in the United States. The company offers subscribers a wide variety of services, including electronic mail, conferencing, news, sports, weather, stock quotes, software, computing support and online classes. These services can be accessed from a broad range of personal computers using America Online's proprietary, icon-based, windowing software.
 AMERICA ONLINE INC.
 Summary of Results
 (Unaudited)
 Three months ended Nine months ended
 March 31, March 31,
 1992 1991 1992 1991
 (amounts in thousands, except per share data)
 Net service revenues $6,999 $4,930 $18,854 $14,213
 Other revenues 6 496 362 1,433
 Total revenues 7,005 5,426 19,216 15,646
 Costs and expenses 6,142 4,792 16,844 14,955
 Income from operations 863 634 2,372 691
 Other income 55 44 122 43
 Income before provision
 for income taxes and
 extraordinary item 918 678 2,494 734
 Provision for
 income taxes (349) (259) (948) (278)
 Income before
 extraordinary item 569 419 1,546 456
 Extraordinary item -
 tax benefit arising
 from net operating
 loss carryforward 349 250 918 268
 Net income $918 $669 $2,464 $724
 Earnings per share:
 Before
 extraordinary item $.10 $.10 $.30 $.10
 After
 extraordinary item $.16 $.15 $.48 $.17
 Weighted average shares
 outstanding(A) 5,675 4,374 5,133 4,375
 (A) As adjusted for February 1992 two-for-one stock split
 -0- 5/5/92
 /CONTACT: Lennert J. Leader, chief financial officer, America Online, 703-448-8700/
 (AMER) CO: America Online Inc. ST: Virginia IN: CPR SU:


DC -- DC022 -- 6685 05/05/92 15:12 EDT
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Publication:PR Newswire
Date:May 5, 1992
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