RealTime IT News

Excite@Home Posts First Profit

Excite@Home reported its first-ever profit Friday, excluding one-time items, as a result of increased sales in the first quarter.

As a result of the achievement, George Bell, Excite@Home president, was promoted to chief executive officer, while Tom Jermoluk will remain chairman of the cable access portal.

Bell said the Excite@Home was well positioned to lead the charge in providing broadband cable services.

"We achieved profitability for the first time this quarter, and we now are poised to drive broadband growth more aggressively than ever," Bell said.

In related news, Excite@Home announced this week that the broadband service division currently supplies cable access to more than 1.15 million subscribers nationwide.

Excite@Home (ATHM) posted a fourth quarter pro-forma profit of $514,000, or less than a penny per share, excluding one-time, merger-related costs. Including those costs, the company lost $723 million, or $1.93 a share, compared with a net loss of $64.9 million, or 28 cents, last year. Revenues rose to $128.8 million from $73.3 million last year.