Covad Communications Group reports fourth quarter 2006 results
February 13, 2007
SAN JOSE, Calif. -- Covad Communications Group, Inc. (AMEX:DVW):
Fourth Quarter Financial and Business Highlights
Net revenues of $119.5 million
48.4 percent increase in subscription revenue from Growth products from the fourth quarter of 2005
A-EBITDA of $6.7 million, which includes $2.0 million of LPVA build-out costs
Net loss of $8.4 million ($0.03 per share)
Cash, cash equivalents and short-term investments, and restricted cash and cash equivalents decreased by $0.9 million. Excluding the cash outlay of $4.4 million related to the LPVA build-out expenditures and $1.2 million related to the acquisition of DataFlo assets, cash, cash equivalents and short-term investments, and restricted cash and cash equivalents increased by $4.7 million
Completed build-out of the nation’s largest next-generation network, covering 758 central offices and 14 million households.
Enhanced distribution capability through strategic partnerships with United Online, TalkSwitch, and Telarus
Expanded fixed broadband wireless footprint to Chicago with acquisition of DataFlo assets
Covad Communications Group, Inc. (AMEX:DVW), a leading national provider of integrated voice and data communications, today announced its fourth quarter of 2006 financial results, including $119.5 million in net revenues, $6.7 million in A-EBITDA and a net loss of $8.4 million, or $0.03 loss per share.
Charles Hoffman, Covad president and chief executive officer, said: “In 2006, Covad achieved its goals of becoming cash flow, excluding LPVA expenditures, and A-EBITDA positive while accelerating our transition from being a provider of wholesale broadband services to becoming a direct provider of high-growth, high-margin offerings like Voice over IP, line-powered voice, and business-class wireline and wireless broadband. We also continued to invest in our future growth through the completion of the nation’s largest next-generation network.”
Covad Communications Inc.
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