Its stock price rose 39 percent in the last 12 months. However, the combined company is still worth two-thirds less than on the day the merger was completed. The name AOL was stripped out of the corporate name last year. 

America Online lost 2.2 million net subscribers in 2003, an 8 percent drop in its subscriber base as some customers left for high-speed service provided while others switched to lower cost dial-up service. But the unit has continued to produce profits, posting operating income of $663 million and earnings before depreciation and amortization of $1.5 billion in 2003.

Its revenue of $8.6 billion, while off 5 percent from 2002 levels, was the second largest contributor to company revenues after its filmed entertainment unit, which had a record year. Time Warner is known as a media conglomerate whose units include cable television operations, movie studios, television, cable networks, and magazines.

By: DocMemory
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