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.