Covad reports fourth quarter 2007 results

19 Feb 2008

Covad Communications, a leading national provider of integrated voice and data communications services, has announced its financial results for the three months ended 31 December 2007, including USD121.6 million in net revenues, USD10.6 million in EBITDA and a net loss of USD11.9 million. Commenting on the results, Charles Hoffman, Covad president and chief executive officer, said: ‘The fourth quarter capped a year in which we improved EBITDA and cash flow, added value over our broadband pipes, expanded our distribution portfolio, and improved our strategic position … During the quarter we also signed a definitive agreement to be acquired by Platinum Equity for USD1.02 per share. We are currently pursuing stockholder and regulatory approvals, and are confident that the acquisition will be completed sometime in the second quarter of 2008, as originally announced.’

United States, Covad Communications