Wednesday September 6, 9:12 am Eastern Time
MotleyFool.com - Fool News
Viva AOL!
By LouAnn Lofton
AOL Latin America (Nasdaq: AOLA - news) reported its fourth
quarter and fiscal year-end (ended June 30) results yesterday
afternoon. The Internet service provider, which began as a joint
venture between the Venezuelan-based media company Cisneros
Group and America Online (NYSE: AOL - news), had its initial public offering (IPO) last
month, receiving a somewhat lackluster response.
The company said that for its fourth quarter, revenues were $4 million. For its full fiscal year,
AOL Latin America's revenues came in at $9.2 million. Its net loss for the fiscal year was $97.9
million, or $0.38 per fully diluted share. For the fourth quarter, the net loss was $46.7 million,
or $0.18 per fully diluted share.
AOL Latin America's membership has more than doubled in the past two months. The company
now has more than 250,000 people using its services, with customers spending an average of 30
minutes a day online.
The provider currently offers Internet access in three Latin American countries -- Brazil, which
it launched first, back in November 1999, and Mexico and Argentina, which were both launched
this summer. The fourth quarter and fiscal year results only reflect the company's offerings in
Brazil, as that was the only service being offered at the end of June.
Charles Herington, president and chief executive officer, said of the results, "AOL Latin
America is off to a very strong start with successful launches in the region's three largest
markets, suggesting that Latin American consumers are quickly making our services central to
their daily lives, just as they have done elsewhere. We are combining AOL's hallmark
ease-of-use and convenience with unique local, regional and international content to provide
members with the most compelling interactive experience."
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