MSPG does it again!! 4 cents above...Mindspring 3Q Net 15c/Diluted Shr Vs Loss 3c.. Between PPD,SDRC, XIRC today and yesterday, MSPG tops off yet another successful day for the earnings plays and daily watch lists. With the good reports from IBM and MSFT we should have a nice rally again tomorrow, but if we don't the earnings plays will buck the trend.
MindSpring Announces Record Profitability for Third Quarter
ATLANTA--(BUSINESS WIRE)--Oct. 20, 1998--MindSpring Enterprises, Inc. (NASDAQ:MSPG - news) today announced its fourth consecutive quarter of profitability. MindSpring is a leading national Internet service provider. Highlights of the quarter include an agreement to acquire certain assets of SPRYNET from America Online, Inc., the addition of approximately 62,000 subscribers, record financial results and an agreement to provide high speed Internet access via an advanced broadband network with KNOLOGY Holdings, Inc.
''We are proud of what MindSpring has accomplished to date. We plan to continue to use our well-tuned organization and strong balance sheet to increase our membership while maintaining our high level of service and support. In the third quarter, we expanded our member base 16% from the prior quarter while posting our fourth consecutive quarter of record profits,'' said MindSpring's Chairman and Chief Executive Officer Charles Brewer.
Total revenues for the third quarter were $28,695,000, compared with $25,060,000 in the prior quarter, and $13,967,000 for the third quarter of 1997. The Company's net profit of $3,985,000, or $0.15 per share on a diluted basis, for the third quarter of 1998, compared with a net profit of $2,020,000, or $0.08 per diluted share, for the second quarter of 1998, and a net loss of ($627,000), or ($0.03) per share, for the third quarter of 1997. EBITDA for the third quarter of 1998 was $6,718,000 or $0.25 per diluted share, compared with $5,088,000 or $0.20 one quarter earlier and $1,807,000 or $0.08 in the same quarter of 1997. |
