AOL vs. Netzero Analysis of letters from the chairmen

Netzero (NZRO) and AOL Time Warner (AOL) both operate as Internet Service Providers (ISP). With vastly different business models both companies have arrived at a critical juncture in the life cycle of their respective organizations, merger. While many are aware that AOL and Time Warner have recently merged, far fewer have noticed the quiet union of Netzero and Juno.com. The results of these mergers at both companies have had greatly different results on each.
One simple barometer of how a company will deal with, and what it expects for the future can often be found in the "letter from the chairman" Very often these letters paint a best case scenario regarding future results. However, In the case of AOL and NetZero, at least for 2003, the two companies could not be farther apart. Excerpts from both company's letters from the chairman follow.
Net Zero
"Our commitment to growth, combined with our efficient operating structure, helped position United Online for its outstanding performa...