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FOR IMMEDIATE RELEASE
CONTACT: MONIQUE SKRUZNY
(954) 689-3119 TEL.
AOL LATIN AMERICA ANNOUNCES RESULTS FOR THIRD QUARTER OF 2004
FORECAST FOR AVAILABLE CASH EXTENDED INTO THE THIRD QUARTER OF 2005
FORT LAUDERDALE, Fla., Nov. 9, 2004 - America Online Latin America, Inc. (Nasdaq: AOLA) today announced that its net loss applicable to common stockholders for the quarter ended September 30, 2004, narrowed 17% from $28.6 million to $23.6 million and cash used in operating activities declined 67% from $9.5 million to $3.1 million from the same period a year ago. Net loss applicable to common stockholders narrowed by 12% from $26.9 million in the second quarter of 2004 and cash used in operating activities increased by 35% from $2.3 million during the same period.
Based on these results and its current operating budget, the Company has extended its forecast for available cash and believes that cash on hand will now be sufficient to fund operations into the third quarter of 2005.
The Companys third-quarter 2004 net loss applicable to class A common stockholders, which includes dividends to preferred stockholders, was $23.6 million, or $0.17 per class A common share, basic and diluted, compared with a loss of $28.6 million, or $0.21 per share, in the same period a year ago. This third quarter 2004 loss also compares with a second quarter 2004 net loss applicable to common stockholders of $26.9 million, or $0.20 per share.
AOL Latin Americas net loss before dividends on preferred stock was $19.3 million in the third quarter of 2004, narrowing from a net loss of $24.2 million in the prior-year period and a net loss of $22.8 million in the second quarter of 2004.
Total revenue was $12.8 million in the third quarter of 2004, down 21% from $16.3 million in the third quarter of 2003 but up slightly from $12.7 million in the second quarter of 2004. Subscription revenue totaled $11.6 million, down 21% from $14.8 million in the year-ago period and down 3% compared to $12.0 million in the second quarter of 2004. Reduced membership resulted in lower subscription revenues. Advertising and other revenue totaled $1.2 million in the 2004 third quarter, down 23% from $1.5 million in the year-ago period but up 58% from $728,000 in the second quarter of 2004. The Company expects total revenue to decrease further in the fourth quarter of 2004 as a result of continued declines in membership.
The following information was filed by America Online Latin America Inc on Wednesday, November 10, 2004 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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