1.  Several start-up Net companies saw their share prices rocket in the first few years, only to see them plunge as the recession hit.

2.  And like other aggressive Net companies, the shining ambitions cannot quite reach into the many dark corners of uncertainty.

3.  As any Net surfer knows, banner ads are played out, and few if any Net companies have been able to turn a profit on that business model.

4.  But it is also increasingly putting resources into its own Internet site, while licensing its work to other Net companies.

5.  But many existing Net companies are floundering.

6.  Despite its rapid growth, MindSpring remains far smaller than the top tier of Net companies.

7.  Executives were anticipating more consolidation as corporations grabbed Net companies at discount prices.

8.  Getting repeat customers is crucial if Net companies want to attract advertising and e-commerce partners.

9.  Ironically, MindSpring is one of the few Net companies with a record of profitability.

10.  Its greatest opportunity may be in licensing its work to other Net companies, says Cramer.