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die Zahlen sind da, für mich keine grossen Überraschungen, jedoch bleibt anzumerken, dass der erwartete Umsatz (revenues) um 0,4 Mio USD unter der unteren Schätzung lag (119 - 122 Mio), jedoch der Verlust mit 8,7 Mio auch unter der Schätzung (Schätzung 8,8 - 13 Mio USD). Somit sollte ein solides jahr 2006 möglich sein. Mal sehen, wie morgen die Börse drauf reagiert. Covad Communications Group Reports Third Quarter 2006 Results THURSDAY, OCTOBER 26, 2006 4:16 PM - BusinessWire DVW 1.46 +0.03 SAN JOSE, Calif., Oct 26, 2006 (BUSINESS WIRE) -- Covad Communications Group, Inc. (DVW) : Third Quarter Financial and Business Highlights -- Net revenues of $118.6 million -- 23.7 percent increase in Direct subscription revenue from the third quarter of 2005 -- 50.7 percent increase in subscription revenue from Growth products from the third quarter of 2005 -- A-EBITDA of $4.5 million, which includes $1.6 million of LPVA build-out costs. A-EBITDA excluding LPVA build-out costs was $6.1 million -- Net loss of $8.7 million ($0.03 per share) -- Cash, cash equivalents and short-term investments, restricted cash and investments decreased by $12.7 million. Excluding the cash outlay of $14.6 million related to the LPVA build-out expenditures, cash, cash equivalents and short-term investments, and restricted cash and investments increased by $1.9 million -- Launch of Covad ClearEdge Office, the first hosted Voice over IP and high-speed Internet offering built specifically for businesses with fewer than twenty employees -- 698 of the 758 central offices completed in the nation's largest next-generation network build-out. Remaining central offices expected to be completed within 45 days Covad Communications Group, Inc. (DVW) , a leading national provider of integrated voice and data communications, today announced its third quarter of 2006 financial results, including $118.6 million in net revenues, $4.5 million in A-EBITDA and a net loss of $8.7 million, or $0.03 loss per share. Charles Hoffman, Covad president and chief executive officer, said: "In the third quarter we continued to grow our higher-margin, higher-bandwidth data, voice, and wireless solutions while achieving cash-flow positive, excluding the impact of the next-generation network project, ahead of schedule." "Covad continues to be a market leader in business-class broadband, voice over IP, and fixed broadband wireless by enhancing distribution, launching new products, and expanding network capabilities. In the third quarter we launched Covad ClearEdge Office, the first hosted VoIP solution built specifically to meet the needs of small businesses. We also continued to build the nation's largest next-generation network, capable of offering the advanced broadband services that our customers increasingly demand. By focusing our resources on these and other growth initiatives, we have laid a strong foundation for continued success through the rest of 2006 and into 2007." Summary of Financial Results -- Net revenues for the third quarter of 2006 totaled $118.6 million, an increase of $0.1 million from the $118.5 million reported for the second quarter of 2006, and an increase of $6.5 million, or 5.8 percent, from the $112.1 million reported for the third quarter of 2005. -- Direct subscribers for the third quarter of 2006 contributed $40.3 million of net revenues, or 34.0 percent, as compared to $39.6 million, or 33.4 percent, for the second quarter of 2006, and $32.4 million, or 28.9 percent, for the third quarter of 2005. Wholesale subscribers for the third quarter of 2006 contributed $78.3 million of net revenues, or 66.0 percent, as compared to $78.9 million, or 66.6 percent, for the second quarter of 2006, and $79.7 million, or 71.1 percent, for the third quarter of 2005. -- Subscription revenue from Growth products for the third quarter of 2006 totaled $44.0 million, an increase of $3.0 million, or 7.3 percent, from the second quarter of 2006, and an increase of $14.8 million, or 50.7 percent from the third quarter of 2005. Covad's growth products are T-1, business ADSL, Line-Powered Voice Access ("LPVA"), Voice over Internet Protocol ("VoIP") and wireless. The increase from the second quarter of 2006 was attributable to increases in broadband subscription revenue from T-1, business ADSL and LPVA of $2.0 million, VoIP subscription revenue of $0.8 million and Wireless subscription revenue of $0.2 million. The increase from the third quarter of 2005 was attributable to increases in broadband subscription revenue from T-1, business ADSL and LPVA of $8.4 million, VoIP subscription revenue of $3.2 million and wireless subscription revenue of $3.2 million. Subscription revenue from Growth products contributed 40.7 percent of total subscription revenues, an increase of 2.6 percent from the second quarter of 2006 and 11.8 percent from the third quarter of 2005. Refer to the Selected Financial Data below, including Note 3, for additional information, including a summary of subscription revenue from Growth and Legacy products and a reconciliation of subscription revenue to the most directly comparable GAAP measure. -- Subscription revenue from Legacy products for the third quarter of 2006 totaled $64.2 million, a decrease of $2.4 million, or 3.6 percent, from the second quarter of 2006, and a decrease of $7.5 million, or 10.5 percent from the third quarter of 2005. Covad's legacy products, primarily sold through wholesale channels, are consumer ADSL, business SDSL, frame relay and high-capacity transport circuits. The decreases from the second quarter of 2006 and third quarter of 2005 were primarily attributable to decreases in broadband subscription revenue from consumer ADSL and business SDSL and frame relay products. Subscription revenue from Legacy products contributed 59.3 percent of total subscription revenues, a decrease of 2.6 percent from the second quarter of 2006 and 11.8 percent from the third quarter of 2005. Refer to the Selected Financial Data below, including Note 3, for additional information, including a summary of subscription revenue from Growth and Legacy products and a reconciliation of subscription revenue to the most directly comparable GAAP measure. -- Revenue from business subscribers contributed $92.3 million of net revenues, a 2.0 percent increase from second quarter of 2006 and a 14.1 percent increase from the third quarter of 2005. Revenue from business subscribers comprised 77.8 percent of net revenues, up from 72.2 percent in the third quarter of 2005 and 76.3 percent in the second quarter of 2006. Revenue from consumer subscribers for the third quarter of 2006 contributed $26.3 million of net revenues compared to $28.0 million in the second quarter of 2006 and $31.2 million in the third quarter of 2005. Revenue from consumer subscribers comprised 22.2 percent of net revenues, down from 27.8 percent in the third quarter of 2005 and 23.7 percent in the second quarter of 2006. -- Adjusted earnings before interest, taxes, depreciation and amortization ("A-EBITDA") for the third quarter of 2006 totaled $4.5 million, a decrease of $21.1 million from the $25.6 million A-EBITDA reported for the second quarter of 2006, and an improvement of $16.4 million from the $11.9 million EBITDA loss reported for the third quarter of 2005. A-EBITDA in the third quarter of 2006 includes costs of approximately $1.6 million related to the build-out of LPVA service. The second quarter of 2006 includes the benefit of a tax adjustment that contributed approximately $19.5 million to Covad's A-EBITDA. In addition, A-EBITDA for the second quarter of 2006 includes a $2.1 million benefit from an employment related tax adjustment and costs of $0.2 million for the LPVA build-out. Excluding these items, A-EBITDA for the third and second quarter of 2006 would have been $6.1 million and $4.2 million, respectively. Refer to the Selected Financial Data below, including Note 2, for additional information, including a reconciliation of this non-GAAP financial performance measure to the most directly comparable GAAP measure. -- Net loss for the third quarter of 2006 totaled $8.7 million, or $0.03 loss per share, a decrease of $21.2 million from the $12.5 million net income, or $0.04 per share, reported for the second quarter of 2006 and an improvement of $7.1 million from the $15.8 million net loss, or $0.06 loss per share, reported for the third quarter of 2005. As stated above, third quarter of 2006 results include costs of approximately $1.6 million related to the build-out of LPVA service. Second quarter of 2006 includes a $19.5 million benefit from a tax adjustment, $2.1 million benefit from an employment related tax adjustment and costs of $0.2 million related to the LPVA build-out. Included in net loss for the third quarter of 2005 is a $12.2 million net gain from the sale of part of Covad's investment in ACCA Networks Co. Ltd, a Japanese broadband provider. Excluding these items, net loss for third and second quarter of 2006, and third quarter of 2005 would have been $7.1 million, $8.9 million and $28.0 million, respectively. -- Cash, cash equivalents and short-term investments, restricted cash and investments, at the end of the third quarter of 2006 totaled $82.6 million, a decrease of $12.7 million when compared to the balance of $95.3 million at the end of the second quarter of 2006. Excluding the cash outlay of $14.6 million related to the LPVA build-out expenditures, which is being funded with the proceeds from the strategic agreement with EarthLink, cash, cash equivalents and short-term investments, and restricted cash and investments increased by $1.9 million for the third quarter of 2006. "Reaching cash-flow positive, excluding the impact of the next-generation network project, is a significant milestone for Covad," said Christopher Dunn, Covad's chief financial officer. "By achieving this ahead of schedule we are demonstrating to shareholders our commitment to operational and financial discipline while we continue the transition of our business from legacy products to bundled, higher-speed, value-added growth solutions." Business Outlook For the fourth quarter of 2006, Covad expects: -- Net revenues in the range of $119.0 - $121.0 million. -- A-EBITDA in the range of $5.0 - $8.0 million, which includes approximately $2.0 million in LPVA build-out operating expenses -- Net loss in the range of $7.3 - $12.3 million. -- A decrease in cash, cash equivalents and short-term investments, restricted cash and investments in the range of $4.4 - $6.4 million which includes $7.0 million in LPVA build-out expenditures and $1.4 million related to our recently announced acquisition of the assets of DataFlo, which we expect to close in the fourth quarter of 2006. Excluding these items, cash, cash equivalents and short-term investments, and restricted cash and investments is expected to increase by $2.0 - $4.0 million. For the Full-Year 2006, Covad expects: -- Net revenues in the range of $473.8 - $475.8 million. -- A-EBITDA in the range of $37.9 - $40.9 million, which includes approximately $3.6 million of LPVA build-out operating expenses. A-EBITDA includes the benefit of the aforementioned one-time tax adjustment that contributed approximately $19.5 million to A-EBITDA. -- Net loss in the range of $12.8 to 17.8 million -------------------------------------------------------------------------------------------------------- Ich bleib dabei...... V.Mac |
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| aus der Diskussion: | langsam wird es peinlich, seit 19.10. jeden Tag +20% ! Covad Communications ! |
| Autor (Datum des Eintrages): | V.Mac (26.10.06 22:39:38) |
| Beitrag: | 597 von 705 (ID:24878608) |
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