Covad makes a profit

Covad posted best-ever figures for quarterly revenue and surpassed its guidance for Adjusted EBITDA. For 2Q06, Covad reported net revenues of $118.5 million, A-EBITDA of $25.6 million and net income of $12.5 million. A-EBITDA and net income for the second quarter of 2006 include a $19.5 million benefit from a one-time tax adjustment. (I wonder how the money EarthLink gave them affected earnings).