Covad lines up 9% in Q2

Covad Communications today announced it grew its net lines by 9% in the second quarter and ended the first six months of the year with $154.6 million in cash.

Though Covad won’t release its full 2nd quarter financial results until late July or early August, company officials said that operationally, the competitive carrier is building momentum after its restructuring and bankruptcy last year. In all, Covad now has 453,000 lines in services and has kept its churn to 3.3%.

Covad started the year with 381,000 lines in service, most of which were DSL lines the company provisioned to other carriers and ISPs through wholesale agreements. Covad, however, has launched its own direct sales initiative both in the business and consumer markets, and it recently expanded its retail footprint to medium and smaller markets through an agreement with New Edge Networks. -- Kevin Fitchard