America Online, Inc. (NYSE: AOL) is reporting record results for its fiscal fourth quarter and full fiscal year ended June 30, achieving new highs for consolidated revenues, advertising, commerce and other revenues, operating income, EBITDA and AOL membership growth. Net income for the full year, fully taxed and excluding one-time items, rose to $1 billion, or 40 cents per diluted share, on consolidated revenues of $6.9 billion.

That compares to a fiscal 1999 net income of $391 million, or 17 cents per diluted share, on consolidated revenues of $4.8 billion. Including the impact of investment gains and merger costs associated with acquisitions, reported fiscal 2000 net income amounted to $1.2 billion, or 48 cents per diluted share, up from the previous year's net income of $754 million, or 30 cents per diluted share.

The AOL service set subscriber growth records for the fourth quarter of 992,000 net new members and for the full year of 5.6 million, totaling 23.2 million total members worldwide at June 30. The CompuServe 2000 service added 146,000 members for the quarter and 1.3 million for the full year, bringing the combined CompuServe 2000 and CompuServe Classic membership to 2.8 million.

Steve Case, AOL's chairman and chief executive officer, said, "This has been a record-breaking year for America Online, and we finished on a strong note with this quarter's performance. We added an all-time high of 5.6 million AOL members this year, bringing membership to more than 23 million worldwide. Just four years after becoming the only Internet company with $1 billion in annual revenues, we are now posting $1 billion in annual profits."

Case added, "We are more excited than ever about the enormous potential of AOL Time Warner. Shareholders of both companies voted to approve the merger, and we are on track to close this fall. As this quarter's results demonstrate, even as we work diligently to ensure that the merger continues to proceed smoothly, we are committed to delivering outstanding performance."

The quarter's consolidated revenues climbed 39 percent to $1.9 billion from $1.4 billion in last year's June quarter. Net income for the quarter, fully taxed and excluding one-time items, more than doubled to $334 million, or 13 cents per diluted share, up from $155 million, or 6 cents per diluted share, on the same basis last year.

Operating income for the quarter climbed 108 percent over the year- ago quarter to $466 million. Advertising, commerce and other revenues improved 95 percent to $609 million in the latest quarter, for a total of nearly $2 billion for the full year.

Additionally, the Dulles, Va.-based company's advertising and commerce backlog -- made up of contractually committed revenues to be recognized at scheduled future dates -- doubled over the year to $3 billion at June 30, with growth of $300 million in the last three months alone.

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Taking into account one-time net charges of $10 million primarily related to the acquisition of MapQuest in the latest quarter, and of $15 million related to the acquisitions of Spinner Networks, Nullsoft and Moviefone in last year's comparable period, reported net income for the quarter totaled $338 million, or 13 cents per diluted share. In fiscal 1999's fourth quarter, reported net income amounted to $157 million, or 6 cents per diluted share.

"These record results reflect our success in executing business plans across all of the company's Internet services and Web brands. We posted record subscriber growth, both in the US and major international markets, with member retention reaching an all-time high," said Bob Pittman, president and chief operating officer of AOL. "And we are continuing to drive up our advertising and e-commerce revenues through an increasing number of partnerships with leading brands and retailers."

Perhaps the most well known address on the Web, AOL is located at http://www.aol.com.