Covad Communications reported Q1 net revenue of $117.8 million, an increase of 3.6 percent from the $113.7 million reported for the fourth quarter of 2005, and an increase of 9.4 percent from the $107.7 million reported for the first quarter of 2005. Net revenues for the first quarter of 2006 included $1.7 million from a software license agreement.
Net loss for the first quarter of 2006 was $9.3 million, or $0.03 per share, an improvement of $8.6 million, or 48.0 percent, from the $17.9 million net loss, or $0.07 per share, reported for the fourth quarter of 2005.
Some other highlights:
- Broadband and VoIP subscription revenues for the first quarter of 2006 totaled $101.0 million, an increase of 2.8 percent from the $98.3 million reported for the fourth quarter of 2005, and an increase of 10.4 percent from the $91.5 million reported for the first quarter of 2005.
- Broadband lines in service at the end of the first quarter of 2006 were approximately 556,900, a 1.7 percent increase from the first quarter of 2005. While total broadband lines in service decreased by 1.8 percent from the fourth quarter of 2005, business broadband lines in service increased by 2,200 to 234,500. VoIP business customers at the end of the first quarter of 2006 were 1,328, a 15.8 percent increase from the fourth quarter of 2005 and a 92.5 percent increase from the first quarter of 2005. VoIP stations at the end of the first quarter of 2006 were approximately 42,800, a 5.4 percent increase from the fourth quarter of 2005 and an 82.9 percent increase from the first quarter of 2005.
- Weighted average revenue per user, or ARPU, for broadband lines in service for the first quarter of 2006 was $56 per month, up from $54 for the fourth quarter of 2005, and up from $55 for the first quarter of 2005. VoIP ARPU, excluding resellers, was $1,900 per month for the first quarter of 2006, up from $1,681 for the fourth quarter of 2005, and up from $1,763 for the first quarter of 2005.
- Net customer disconnections, or churn, for broadband lines averaged approximately 2.9 percent in the first quarter of 2006, up from 2.8 percent for the fourth quarter of 2005, and down from 3.1 percent for the first quarter of 2005.
- The first quarter of 2006 also saw Covad close its acquisition of wireless broadband provider NextWeb and a $50.0 million strategic financing agreement with EarthLink to expand line-powered voice access to eight additional cities.
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