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EarthLink Announces Fourth Quarter and Full Year 2010 Results

ATLANTA Feb. 8, 2011 December 31, 2010 December 8, 2010 December 20, 2010

Highlights for the fourth quarter include:

  • Record low consumer churn
  • $5.3 million $0.05 $0.19
  • $54.2
  • $38.9
  • $17.4 million
  • $563.1 million
  • $250 million to $260 million

Rolla P. Huff

the United States

Financial and Operating Results

$166.8 million $622.2 million

For the company’s consumer segment, net subscriber losses were 79,000 in the fourth quarter, an improvement from 93,000 in the third quarter of 2010 and 132,000 in the year-ago quarter. As EarthLink’s subscriber base continues to increase in tenure, the company reported record performance in consumer customer churn. Consumer subscriber churn improved to 2.8% in the fourth quarter of 2010, down from 3.1% in the third quarter of 2010 and 3.2% in the year-ago quarter.  In the fourth quarter of 2010, 90% of EarthLink’s consumer narrowband and DSL customers had two or more years of tenure with the company and 58% had five or more years of tenure, with churn rates of 2.6% and 2.0%, respectively.

$50.9 million $178.4 million

Profitability and Other Financial Measures

$5.3 million $0.05 $81.5 million $0.74 $21.6 million $0.19 $98.9 million $0.90 $193.3 million $1.79 $287.1 million $2.66

$24.1 million $181.8 million $126.1 million $1.7 million $7.7 million $56.8 million

$54.2 million $219.1 million $50.9 million $249.1 million

Balance Sheet and Cash Flow

$38.9 million $195.1 million $48.4 million $236.0 million

$563.1 million $207.5 million September 30, 2010 $215.0 million $15.3 million $24.0 million $17.4 million $67.5 million

Business Outlook

The following statements are forward-looking, and actual results may differ materially.  See comments under "Cautionary Information Regarding Forward-Looking Statements" below.  EarthLink undertakes no obligation to update these statements.

$250 million to $260 million $160 million to $185 million $75 million to $90 million $48 million to $53 million

Non-GAAP Measures

Adjusted EBITDA is defined as net income before interest expense and other, net, income taxes, depreciation and amortization, stock-based compensation expense, gain (loss) on investments, net, impairment of goodwill and intangible assets, and restructuring and acquisition-related costs.  Free cash flow is defined as net income before interest expense and other, net, income taxes, depreciation and amortization, stock-based compensation expense, gain (loss) on investments, net, impairment of goodwill and intangible assets, and restructuring and acquisition-related costs, less cash used for purchases of property and equipment and purchases of subscriber bases. Net income per share excluding acquisition-related costs is defined as net income before acquisition-related costs, including an estimated tax impact.

Adjusted EBITDA, free cash flow and net income per share excluding acquisition-related costs are non-GAAP financial performance measures. They should not be considered in isolation or as an alternative to measures determined in accordance with U.S. generally accepted accounting principles. Please refer to the Consolidated Financial Highlights for a reconciliation of these non-GAAP financial performance measures to the most comparable measures reported in accordance with U.S. generally accepted accounting principles and Footnote 5 of the Consolidated Financial Highlights for a discussion of the presentation, comparability and use of such financial performance measures.

Conference Call for Analysts and Investors

Conference Call Details

Tuesday, February 8, 2011, at 8:30 a.m. ET  hosted by EarthLink’s Chairman and Chief Executive Officer, Rolla P. Huff and Chief Financial Officer, Bradley A. Ferguson.

U.S. and Canada Dial-in Number

800-706-0730

International Dial-in Number

706-634-5173

Participants should reference "EarthLink’s 4th Quarter 2010 Conference Call" and dial in 10 minutes prior to scheduled start time.

Webcast

A live Webcast of the conference call will be available at:   http://ir.earthlink.net/index.cfm

Replay

Replay available from 11:30 a.m. ET on February 8 through 12:00 midnight on February 15.

Dial 800-642-1687 from US and Canada, International callers dial 706-645-9291.

The replay confirmation code is 40269024 .

The Webcast will be archived on the company’s website at: http://ir.earthlink.net/events.cfm

About EarthLink

the United States www.earthlink.net

Cautionary Information Regarding Forward-Looking Statements

December 31, 2009 September 30, 2010

EARTHLINK, INC.

Unaudited Condensed Consolidated Statements Of Operations

(in thousands, except per share data)

Three Months Ended December 31,

Twelve Months Ended December 31,

2009

2010

2009

2010

Revenues

$     164,548

$      166,789

$        723,729

$     622,212

Operating costs and expenses (1):

Cost of revenues (exclusive of operating items shown below)

59,741

64,600

265,668

234,633

Selling, general and administrative (exclusive of operating items shown below)

56,611

50,900

222,181

178,417

Depreciation and amortization

5,352

9,738

23,962

23,390

Impairment of goodwill and intangible assets (2)

24,145

1,711

24,145

1,711

Restructuring and acquisition-related costs (3)

297

19,101

5,615

22,368

Total operating costs and expenses

146,146

146,050

541,571

460,519

Income from operations

18,402

20,739

182,158

161,693

Gain (loss) on investments, net

(1,626)

(1,321)

572

Interest expense and other, net

(5,346)

(7,740)

(19,804)

(23,981)

Income before income taxes

11,430

12,999

161,033

138,284

Income tax benefit (provision)

181,839

(7,691)

126,085

(56,804)

Net income

$   193,269

$        5,308

$     287,118

$      81,480

Net income per share

Basic

$         1.80

$         0.05

$          2.69

$         0.75

Diluted

$         1.79

$         0.05

$          2.66

$         0.74

Weighted average common shares outstanding

Basic

107,075

108,320

106,909

108,057

Diluted

108,178

111,317

108,084

109,468

EARTHLINK, INC.

Unaudited Condensed Consolidated Statements Of Operations (4)

(in thousands, except per share data)

Three Months Ended

Twelve Months Ended

December 31, 2010

December 31, 2010

EarthLink

DeltaCom

Consolidated

EarthLink

DeltaCom

Consolidated

Revenues

$     140,186

$     26,603

166,789

$      595,609

$      26,603

622,212

Operating costs and expenses (1):

Cost of revenues (exclusive of operating items shown below)

51,626

12,974

64,600

221,659

12,974

234,633

Selling, general and administrative (exclusive of operating items shown below)

40,640

10,260

50,900

168,157

10,260

178,417

Depreciation and amortization

4,853

4,885

9,738

18,505

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