Preliminary third-quarter returns for bankrupt Excite@Home Corp. show that
the high-speed cable-modem service added 417,000 new U.S. subscribers but still
recorded a widening net loss of $271.3 million.
The company plans to release full third-quarter results Monday.
Net operating losses -- which exclude nonoperating, reorganization and other
costs -- totaled $51.2 million. In comparison, Excite@Home recorded a $41.6
million pro forma loss in the third quarter of 2000.
Revenues, meanwhile, totaled $138.4 million compared with $169.9 million in
pro forma revenue recorded in the same quarter last year.
The company had $157 million in cash and short-term investments as of Sept.
30, with $140.1 million of that total unrestricted.
Revenue was boosted somewhat by contracts signed in October by affiliate
cable operators to provide upfront payments to keep provisioning of new services
up and running.
Those contracts are set to expire Nov. 30, with no assurance that they will
be extended or renewed, according to the company.
