Redwood City, Calif. -- At Home Corp., the parent company
of @Home Network, reported fourth-quarter and year-end losses of $7.6 million and $40
million, respectively -- a 50 percent quarterly improvement over the previous year.
Revenue at the company was $19.2 million in the fourth
quarter and $48 million for the year.
Revenue at Excite Inc. was up dramatically in the fourth
quarter of 1998 -- a 163 percent increase, to $54 million. For the year ended Dec. 31,
revenue was $154.1 million, up from $54.1 million in 1997. Net losses for the fourth
quarter and year-end periods were $5.8 million and $37 million, respectively.
On a pro forma basis, excluding acquisition expenses and
Netscape Communications Corp. amortization, Excite reported its first profit ever in the
fourth quarter -- $2.6 million, or 4 cents per share.
News of the deal caused Excite's stock, which is traded
over-the-counter, to rise by 63 percent Jan. 19 -- the day of the merger announcement --
to $110 per share. At Home's shares rose by 12 percent, to $109.625, that same day.
By midday Friday, the tech sell-off had sent both stocks'
shares plunging. Excite's stock stood at $90.38, while At Home had fallen to $102.81.