Strong subscriber growth and a leap in revenues
helped boost cable Internet provider @Home
Network’s third-quarter earnings.
The company late Tuesday reported a net loss of $9.65 million, or 8 cents a
share, compared to a loss of $11.9 million, or 11 cents a share, a year
ago. Those results were in line with analysts’ expectations.
@Home’s subscriber base climbed 43 percent to 210,000 from 147,000 at the
end of the June quarter. A total of 10 million homes are eligible to
receive @Home’s cable modem service, bringing the company’s market
penetration to 2.1 percent.
Revenues soared to $13.8 million compared to $1.9 million a year ago.
Revenues
were also up 50 percent from $9.2 million reported in the second quarter.
For the nine months ended Sept. 30, the company lost $115.8 million, or
$1.02 a share, compared to a loss of $34.7 million, or 34 cents a share, a
year ago. This year’s results include a one-time charge of $83.3 million
taken to cover the cost of stock warrants issued to cable operators in
conjunction with distribution agreements.
Tom Jermoluk, @Home’s chairman, president and chief executive officer, said
the results confirm the company’s belief that cable will be the best medium
for residential, broadband access.
“@Home is uniquely positioned to benefit from and drive market momentum as
our 18 cable partners upgrade their networks and more consumers are
eligible to enjoy our compelling, content-rich @Home experience,” Jermoluk
said.