Covad Adds 23K Lines in Q4

Covad Communications added 23,000 lines in Q4 2002, giving it 381,000 lines in service. Churn decreased each month throughout the fourth quarter, averaging 3.4% in Q4, an improvement from an average of 4.0% in Q3 2002. Covad ended the 2002 fiscal year with $205 million in cash, cash equivalents and short-term investments. Fourth quarter net cash usage was approximately $24 million, representing approximately $8 million per month.
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