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Pastimes : Home on the range where the buffalo roam -- Ignore unavailable to you. Want to Upgrade?

To: D.B. Cooper who wrote (10316)	2/16/2001 10:39:58 AM
From: Boplicity	Read Replies (2) \| Respond to of 13572

The broadband push is dying on the vine. <<Covad to Shut 60 Offices, Review Sales; Shares Fall Santa Clara, California, Feb. 16 (Bloomberg) -- Covad Communications Group Inc., a provider of fast Internet service over telephone lines, said it will shut 60 more offices as the money-losing company reviews how it accounted for some sales. The company's shares fell 88 cents to $2 before they were halted in early trading after declining as much as 35 percent to $1.87. The stock had already fallen 95 percent in the past year. The company will now close 260 central offices, where it keeps gear for digital subscriber line, or DSL, high-speed Web access. Covad said in December it would close 200 offices. The company will also suspend applications for 500 more facilities. The Santa Clara, California-based company, which may take additional unspecified actions to further trim expenses, expects to have a charge for the cost cuts larger than the $20 million it had expected. After its stock declined and rivals including NorthPoint Communications Group Inc. filed for bankruptcy protection, Covad has been trying to reach profitability sooner. Covad, which was scheduled to report 2000 results Feb. 27, postponed a conference call with investors as the company reviews its accounting, said a statement on Business Wire. The company didn't give a date for when it now plans to hold the teleconference, and Covad couldn't be reached. The accounting review may affect previously reported results, Covad said. The company is examining contracts with Internet service providers, some of which have filed for bankruptcy. The company said Dec. 12 that it expects $60 million to $65 million in fourth-quarter sales. Covad is considering writing off the value of assets and goodwill related to its purchase of BlueStar Communications Group Inc. for $217 million in June. Last year, the company fired 800 workers, or 21 percent of its staff before the cuts. >> Greg