Excite@Home keeps sinking

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Excite@Home revealed a continuing downturn in its financial fortunes, as its second quarter net loss nearly doubled over its loss in that quarter last year.

The troubled high-speed cable access service reported a net loss of $65.1 million for the quarter ended June 30 on revenue of $138.6 million, against a $38.6 million loss on $148.7 million in revenue for the comparable period last year. The company cited a decline in media revenue and increased net interest expense as the prime reasons for the weak showing.

Excite@Home's EBITDA (earnings before interest, taxes, depreciation and amortization) was a negative $12.3 million for the quarter, an improvement from the negative %15.9 million it recorded in EBITDA one year earlier.

The one bright note in Excite@Home's picture was a net subscriber gain of 474,000 in the second quarter, putting its total subscriber count at 3,674,000, compared to 1.7 million at the same point last year.
- Richard Tedesco

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