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MindSpring shares edge higher after announcing split

Shares of Internet service provider MindSpring Enterprises Inc. (Nasdaq: MSPG) moved up 3, or 4 percent, to 72 Wednesday after the company approved a 2-for-1 stock split.

Company officials said the split will take affect on June 25 for all shareholders of record on June 11.

"We are extremely pleased to announce this two-for-one stock split," said CEO Charles Brewer. "We believe this action will help widen the distribution and enhance the marketability of MindSpring's common stock and bring the price per share of MindSpring's common stock and number of shares outstanding into a range which should generate increased interest from current and new shareholders."

Last quarter, MindSpring beat first-quarter estimates by 3 cents a share, earning $4.6 million, or 16 cents a share, on sales of $61.6 million.

Its shares peaked at 133 in April after trading at just 16 1/8 in June.

First Call consensus expects MindSpring to earn 18 cents a share in its second quarter and 80 cents a share in the fiscal year.

Ten of the 12 analysts following the stock rate it either a "buy" or "strong buy."

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