Covad Communications Group Posts Narrower 4Q Loss >DVW
SAN JOSE (Dow Jones)--Covad Communications Group Inc. (DVW) narrowed its fourth-quarter losses, as the company generated more revenue and posted growth in broadband lines in service.
The provider of voice and data communications services also projects its first-quarter loss will narrow from fourth-quarter levels.
In a press release Wednesday, Covad said its fourth-quarter losses shrank to $17.9 million, or 7 cents a share, from $26 million, or 10 cents a share, a year earlier.
Fourth-quarter revenue rose 5.5% to $113.7 million $107.7 million.
The company ended the period with about 567,175 broadband lines in service, up 6.4% from 533,240 a year earlier. Broadband and voice over Internet protocl subscription revenue rose 8.3% to $98.3 million.
Analysts surveyed by Thomson First Call expected Covad to report a fourth-quarter loss of 10 cents a share on revenue of $114.2 million.
For the first quarter, Covad expects a loss of $13 million to $16 million on total revenue of $115 million to $120 million.
According to First Call, Covad posted a loss of 10 cents a share and generated revenue of $108 million for the first quarter of last year.
Company Web site: http://www.covad.com