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AOL adjustments lower earnings

Published on .

America Online Aug. 7 reported a loss of $11.8 million, or 12 cents per share, for its fiscal fourth quarter ended June 30, compared to net income of $16.1 million, or 14 cents per share, for fourth quarter '96. The loss included several adjustments, including moving a $25.7 million charge for terminating information provider contracts from the second quarter, recording a $24.5 million charge for that same item in the fourth quarter and restating $7.3 million in third-quarter operating results. Before the adjustments, AOL reported net income of $10.9 million, or 9 cents a share, for the quarter. The online service reported fourth-quarter revenues of $475.7 million, up 42% over the same quarter a year ago, and membership growth of 600,000 for the quarter.

Copyright August 1997, Crain Communications Inc.

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