Covad Adds 35,000 Net lines in Q1

Covad Communications added 35,000 net lines in Q1, bringing total lines in service on 31-March-2003 to more than 417,000 lines. Customer disconnections, or churn, averaged approximately 3.6% percent in the first quarter. Churn for the first quarter was affected by the migration of subscriber lines from a customer, Network Access Solutions (NAS), which is in bankruptcy proceedings. However, in January 2003, the bankruptcy court approved a transaction that provided Covad with the right to solicit customers previously served by NAS. Covad expects its churn rate will be reduced. The company ended the quarter with $178 million in cash.
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