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July 22, 1998

MINDSPRING READY TO JUMP FOLLOWING STRONG Q2

By CBR Staff Writer

Internet service provider Mindspring Enterprises Inc, whose share price has not needed an excuse to climb sharply over the past few days, will get one tomorrow anyway, when the market no doubt reacts to the news of its better-than-expected second quarter earnings. The Atlanta, Georgia-based company recorded net profits of $2.0m, against losses last time of $1.4m, on revenues up 107.7% at $25.1m. At the per share level, that’s 24 cents and the Wall Street consensus was 18 cents, according to First Call. At the end of the quarter the company had 393,000 subscribers, a 52,000 rise from three months earlier. The total includes about 15,000 web hosting customers, but the vast majority are still consumers. During the quarter the company announced a VAR program, hoping to boost its web hosting and prepayment discount dial-up services. Cash at the half-way stage was $60.3m.

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