new aol logo blobWith today’s Q4 earnings report from AOL, we can say that the internet provider has truly become a media company: it’s in that funny* stage where even though revenues are continuing to slide, the company can show a positive trend on the earnings side—in AOL’s case accomplished by the sole fact that it didn’t have any restructuring costs this quarter.

So while revenues fell 26% year over year to $596 million (down from $806 million), profits were up 108 percent to $67 million.

“I am very proud of what we accomplished in 2010 as we began the year with a significant restructuring of AOL and ended the year with a significantly improved balance sheet, a number of exciting new products and a new culture focused on winning,” chairman and CEO Tim Armstrong said in a statement.

Some highlights:

  • Patch ended the year in 775 towns, up from 559 at the beginning of the fourth quarter.
  • AOL’s subscription revenue still makes up a healthy chunk of AOL’s business: about 40 percent of its revenues come from subscribers to AOL’s internet service, though revenue in that segment fell 23 percent year over year.
  • According to the release, AOL “remains focused on improving its content offerings internally and in partnership with premium content providers. Recently, AOL launched original web video series on AOL.com, PopEater, AOL Kids, KitchenDaily and Stylelist and entered into strategic partnerships with Sporting News, Everyday Health and Move, Inc.”

*Not funny