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October 13, 1998


By CBR Staff Writer

Cable internet access provider @Home Networks Inc came in with third quarter numbers right on the money as far as Wall Street was concerned yesterday. The Redwood City, California company reported third quarter net losses of $9.7m, or eight cents per share, down from $11.9m losses or 11 cents per share last year, on revenues that rose to $13.8m, from $1.9m the same quarter last year. According to the First Call round up of analysts, eight cents was the consensus estimate on the Street. Compared with the second quarter, revenues were up 49.8% while losses were $1.5m lower this time. In terms of subscribers, the company says it has more than quadrupled its base since the start of the year and as of September 30 it was supplying 210,000 cable modem subscribers across the country, up 43% since the end of June. The number of homes equipped with the upgraded two-way cable system supplied by @Home and its network of affiliates totaled 10 million at the end of the quarter, up 2.1 million from three months earlier, but the overall penetration rate is still just 2.1%. The @Work side of the business ended the quarter with 1,250 installed accounts, a 24% rise on three months earlier. Cash stood at $203.7m, boosted by $126m from a public offering in August. For the nine months @Home reported net losses of $115.8m, including an $83.3m charge for the value of warrants issued to cable system operators as part of the distribution agreements, up from losses of $34.7m for the first three quarters of last year. Revenues for the nine months rose to $28.8m, from $3.7m in 1997.


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