America Online Inc. (NYSE:AOL - news) reported a nearly three-fold increase in quarterly profits on stronger revenues from subscribers and advertising.
The company reported Wednesday that its profit, excluding one-time charges, came to $156 million, or 13 cents a share in AOL's fiscal fourth quarter, which ended June 30. That was up from AOL's profit of $58 million, or 5 cents per share, in the same period a year ago.
Analysts surveyed by First Call Corp. had predicted per-share earnings of 11 cents for the quarter.
Revenues for the quarter reached $1.38 billion, up 46 percent from revenues of $943 million in the same quarter in 1998.
New subscriptions accounted for much of the revenue growth, with AOL's total membership growing to 17.6 million in the quarter.
Steve Case, AOL's chairman and chief executive officer, said renewals by subscribers during the year ``was at an all-time high, showing the overall strength of the franchise.''
Revenue from advertising and Internet transactions nearly doubled to $306 million from $164 million.
For the full fiscal year, AOL earned $396 million, or 34 cents a share, excluding one-time charges. That was up from a profit of $59 million, or 6 cents a share, in fiscal 1998. Revenues rose to $4.8 billion from $3.1 billion.