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Non-Tech : Bill Wexler's Dog Pound

REFR 1.540

-1.3%

Dec 12 9:30 AM EST

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To: Bill Wexler who wrote (7816)	2/16/2001 6:55:45 AM
From: RockyBalboa	Read Replies (1) of 10293

Bill, one more warning about Covad. Covad on a critical path... biz.yahoo.com Friday February 16, 5:44 am Eastern Time Covad to delay earnings release SANTA CLARA, Calif., Feb 16 (Reuters) - Broadband services provider Covad Communications Group Inc. (NasdaqNM:COVD - news) on Friday said it will postpone its fourth-quarter and 2000 earnings release to deal with accounting issues. Covad, which had planned to report earnings on February 27, said the accounting issues are related to revenue recognition, restructuring charges, new accounting rules and asset impairments. The company said a review of its revenue recognition procedures may affect previously reported results. Covad also said it expects to take a larger fourth-quarter charge than the $20 million it originally expected. The charge is related to employee layoffs and facilities closings. Covad said its earnings release will coincide with the filing of its 10-K annual earnings report with the Securities and Exchange Commission. Covad shares closed unchanged at $2-7/8 in trading on the Nasdaq, well below their 52-week high of $66-5/8 and above a yearly low of $1-1/4.

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