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Covad Reports 2001 Finances

Covad Communications announces record fourth quarter and 2001 results; revenues for year more than doubled to $332.6M

March 27, 2002

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SANTA CLARA, Calif. -- Covad Communications, (OTCBB:COVD) announced its financial results for the fourth quarter and year ended December 31, 2001. Revenue for the year was $332.6 million, a 110 percent increase over revenue of $158.7 million for the year ended December 31, 2000. Revenue for the fourth quarter was $89.5 million, an increase of 62 percent over revenue of $55.2 million for the fourth quarter of 2000. "During one of the most challenging years in the history of telecommunications, Covad more than doubled its revenue and built a strong base for 2002," said Charles E. Hoffman, CEO and president of Covad. "We strengthened our balance sheet with the elimination of $1.4 billion of debt and worked hard to reduce our cost structure. We expect that the combination of these achievements with our anticipated revenue growth will result in our ability to achieve cash positive operations by the second half of 2003." Covad Communications Inc.

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