Covad postpones earnings call

Covad Communications’ pervasive financial difficulties were evident Friday, when the company announced that it would postpone its Feb. 27 year-end earnings call so it can reassess its revenues.

“We have made a number of significant changes to our business in the past several months to put Covad on a quicker path to profitability,” said Chuck McMinn, chairman of Covad in a prepared statement. “Accurately accounting for these changes is essential, and we simply need the extra time to ensure we review these changes and report them correctly.”

The DSL provider said in a statement that it would close 60 more central offices in addition to the 200 COs the company announced in December it would close.

Although Covad fired 800 employees--21% of it total staff--last year, a spokeswoman for the company said the closings would not result in any lost jobs and that the offices are used only to house equipment.

“We’re still holding steady on all our employees, so there’s no issue there,” the spokeswoman said. “Closing down a central office does not equate to people being let go.”

The Nasdaq stock market responded to the news by halting Covad’s stock trading until the company provides “additional information” on its accounting. The trade suspension will remain until Covad provides the requested information.