Covad Communications Group Announces First Quarter 2004 Results; Revenue Increases 19%, Net Loss Narrows over First Quarter 2003.
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Covad Communications Group Announces First Quarter 2004 Results; Revenue Increases 19%, Net Loss Narrows over First Quarter 2003.
Business Editors
SAN JOSE, Calif.--(BUSINESS WIRE)--May 17, 2004 Covad Communications Group, Inc. (OTCBB:COVD), a leading national broadband service provider of high-speed Internet and network access, today reported revenue for the first quarter of 2004 of $108.5 million, a 19 percent increase over the $90.9 million reported in the first quarter of 2003, and an increase of $3.4 million, or 3.3 percent, from the fourth quarter 2003. The company reported net loss for the first quarter of 2004 of $13.5 million, or $0.06 per share, as compared to a net loss of $34.7 million, or $0.16 per share in the first quarter of 2003, and a net loss of $16.9 million, or $0.07 per share for the fourth quarter of 2003. Loss from operations for the first quarter of 2004 was $12.9 million, compared to $21.9 million in the fourth quarter of 2003 and $34.3 million for the first quarter of 2003. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter of 2004 were $6.3 million as compared to a loss of $15.7 million in the first quarter of 2003 and a loss of $2.2 million from the fourth quarter of 2003. Refer to the Selected Financial Data, includin...See the full content of this document
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