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Excite@Home warns on 1Q
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April 17, 2001: 8:06 a.m. ET
High-speed Net provider seeks return of stock warrants from Cablevision
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NEW YORK (CNNfn) - High speed Internet provider Excite@Home warned on first-quarter results and said it is seeking to recover stock warrants it had granted to cable television operator Cablevision. The company said it now expects a loss, excluding good will, of 14 cents or 15 cents a share. Analysts surveyed by earnings tracker First Call had forecast a loss of 13 cents.
Excite@Home (ATHM: Research, Estimates) said its revenue should come in at $140 million to $145 million in the quarter. The company also said it expects quarter-end cash and short-term investments to have dropped to $105 million from $201 million at the end of last year. The company's subscriber base grew 16 percent in the quarter to 3.2 million, though.
Excite said it is seeking the return of more than 20 million performance-based stock warrants from Cablevision, with which it said it has decided to terminate a business relationship. Officials of Cablevision (CVC: Research, Estimates) were not immediately available for comment.
About 25 percent of Excite@Home's stock and about 74 percent of its voting shares are controlled by telecom AT&T (T: Research, Estimates). Shares of Excite@Home lost 18 cents to $4.87 Monday ahead of the announcement. 
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