The Wall Street Journal reports that AOL CEO Tim Armstrong says that about 100 of the 900 Patch websites are making money. Armstrong said AOL is working to make the entire chain of hyper local websites profitable by the end of the year. The Journal says that AOL has been investing an estimated $160 million annually in the collection of sites, which include several in the Bay Area. Activist investor Starboard Value last year launched a proxy fight for control of AOL, citing perceived shortcomings at the firm including losses for its display-advertising business and “money-losing growth initiatives like Patch.”