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Covad shows $198.5 M net loss in Q1

Tue, 06/19/2001 - 8:00pm
Anne Kerven

Covad showed a $198.5 million, or $1.15 per share, net loss in its first-quarter results, ended March 31, it reports today. Losses for the same quarter last year reached $136.3 million, or 93 cents a share.

The company has been running late with its filings, due to internal changes and what the company last month called weaknesses in its internal controls last year.

In late May, it reported a net loss of $907.5 million for its fourth quarter and a $1.4 billion net loss, or $9.47 a share, on revenues of $158.7 million for 2000.

For its first-quarter, Covad also reported revenues of $71.2 million, up from the previous quarter's $55.2 million.

Its loss in operations was $174.7 million, including restructuring charges of $14.8 million.

The company reported its in-service subscriber lines increased to 319,000 lines, up from 274,000 the previous quarter and up 243 percent from its 93,000 a year ago. But it plans to reduce the number of lines served through financially strapped ISPs during the second quarter, it adds, which could cut second-quarter new subscriptions in half.

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