AOL Inc. reported consolidated unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenues of $538.3 million compared with $529.4 million for the same period last year. Operating income was $49.9 million compared with $31.4 million for the same period last year. Income from operations before income taxes was $47.1 million compared with $39.8 million for the same period last year. Net income attributable to AOL Inc. was $25.9 million or $0.32 diluted per share compared with $21.1 million or $0.22 diluted per share for the same period last year. Cash provided by operating activities was $40.6 million compared with $19.9 million for the same period last year. Capital expenditures and product development costs was $16.6 million compared with $15.0 million for the same period last year. Adjusted OIBDA was $105.3 million compared with $93.8 million for the same period last year. First quarter total revenue grew 2% year-over-year driven by global advertising revenue growth, which marked the second consecutive quarter of year-over-year growth. Operating income and Adjusted OIBDA increased 59% and 12% year-over-year, respectively, driven by total revenue growth and declines in general and administrative expenses, partially offset by increased costs of revenue. Free cash flow for the quarter was $10 million. The company recorded asset impairments and write-offs of $0.1 million compared with $0.9 million for the same period last year. The company expects 2013 to be the first full year of top line and bottom line growth for AOL in almost a decade.

AOL Networks reported unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenue of $160.9 million compared with $148.8 million for the same period last year. Adjusted OIBDA was $105.3 million compared with $93.8 million for the same period last year. Negative adjusted OIBDA was $2.5 million compared with $0.9 million for the same period last year. Revenue increased 8% year-over-year, driven by 10% growth in Third Party Network revenue. Adjusted OIBDA decreased year-over-year due to higher research and product development costs primarily related to continued investment in Adlearn Open Platform (our demand-side platform) and the launch of AdTech MARKETPLACE (our sell-side platform).

Membership Group reported unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenue of $211.5 million compared with $235.0 million for the same period last year. Adjusted OIBDA was $146.4 million compared with $159.5 million for the same period last year. Membership Group revenue reflects a 9% decline in subscription revenue driven by 15% fewer domestic AOL-brand access subscribers year-over-year.