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@Home users nearly double

Nevertheless, the cable Net service says that its subscriber base nearly doubles to 90,000 so far this year.

@Home, which provides Net access via cable, said today that its subscriber base had nearly doubled to 90,000 so far this year but nevertheless continues to lose money in its first quarter.

The company's revenue for the three months ended March 31 rose to $5.77 million, up from $806,000 reported for the like quarter a year ago. Revenues totaled $3.7 million for the three months ended December 31, 1997.

"We are pleased to report that, in the first quarter, we achieved our goals in key operational and financial areas, reporting sequential revenue growth of 56 percent and subscriber growth of 80 percent," @Home chief executive Tom Jermoluk said in a statement.

The first-quarter net loss, excluding a noncash charge, totaled $11.7 million, or 10 cents a share, compared with a loss of $10.9 million or 11 cents a share for the like quarter a year ago. The loss was in line with analysts' estimates, which had the company's earnings pegged at 10 cents a share, according to First Call.

Including the noncash charge, @Home's losses for the most recent quarter were $95 million, or 85 cents a share. The charge of $83.3 million related to the fair value of common stock warrants issued to cable system operators in concert with distribution agreements.

As of December 31, @Home had some 50,000 subscribers. @Work, which provides high-speed Net access aimed at businesses, had 590 installed accounts.