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To: matt gray who wrote (27669)	4/20/2001 12:10:09 PM
From: Ahda	Respond to of 29970

No doubt TJ blew at least this up his nose while he was in the office. I should have considered this when I saw his big, red, oversized nostrils during the CNBC interview. So should of Armstrong Friday April 20, 11:44 am Eastern Time AT&T sees $280-$320 mln hit from ExciteAtHome (UPDATE: adds background, analysts' comments, stock price) NEW YORK, April 20 (Reuters) - U.S. telephone and cable TV giant AT&T Corp. (NYSE:T - news) said its first-quarter income would drop by up to $320 million because of financial troubles at Internet service provider ExciteAtHome Corp. (NasdaqNM:ATHM - news). ADVERTISEMENT The lower income is another piece of bad news for AT&T, the biggest U.S. long-distance and cable TV company. AT&T has struggled amid price wars for long-distance and other services and plans to split itself into four parts to restart growth. Analysts called the income drop minor compared with AT&T's overall business. AT&T, based in Basking Ridge, N.J., owns about 23 percent of ExciteAtHome, a provider of online content and high-speed Internet access. The companies said in February they would provide joint Web access to their high-speed systems. AT&T said in a filing with the Securities and Exchange Commission late on Thursday that it would post a first-quarter impairment charge of about $740 million to $780 million because of ExciteAtHome. The charge will reduce first-quarter income by a range of $280 million to $320 million, AT&T said. Analysts expect profits of 5 cents a share on revenues of $17.3 billion, according to research firm Thomson Financial/First Call. AT&T, a component of the Dow Jones industrial average (^DJI - news), fell 40 cents, or 1.72 percent, to $22.81 in mid-morning New York Stock Exchange trading as markets overall were lower. The stock is off a 12-month high of $52.875 and above a low of $16.50. Excite@Home warned on Tuesday that it expected to report lower revenues, greater operating losses and more rapid use of cash than forecast for the rest of 2001. It blamed a weak advertising market. Analysts called the lower income more bad news for AT&T. However, they downplayed it in light of the challenges facing AT&T, calling ExciteAtHome part of AT&T's overall strategy. Drake Johnstone, an analyst with Davenport & Co. in Richmond, Va., said ExciteATHome was peripheral since investors tended to focus on AT&T's continuing operations. AT&T will report quarterly results on Tuesday.

To: matt gray who wrote (27669)	4/20/2001 2:30:25 PM
From: gpowell	Respond to of 29970

The agreement is available at Edgar online. Here is an excerpt: In order to provide the services contemplated, AT&T, at its option, may acquire, at book value, certain assets (to be specifically identified in the definitive documentation) from At Home which enable AT&T to integrate use of those assets with AT&T assets in order to achieve efficiencies in providing service to At Home. Among the assets that are subject to transfer are At Home network assets, test lab assets and infrastructure assets (including the network operations centers in Redwood City and Toronto, Canada). In addition, AT&T shall be entitled to offer At Home personnel (to be specifically identified in the definitive documentation) associated with such functions employment at AT&T, and At Home will use its reasonable best efforts to facilitate and support such transfer of personnel.