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Covad Reports Q4

Covad Communications Group reports fourth quarter 2006 results

February 13, 2007

1 Min Read

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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