Leap Wireless International Inc., a San Diego-based flat-rate wireless carrier, reported a net loss of $7.6 million on revenue of $20.5 million for its third quarter ended Sept. 30, compared with a net profit of $957.3 million on revenue of $206.9 million in the like period of 2004.
The disparity was the result of Leap emerging from bankruptcy last year and benefiting from the “fresh start” accounting it used.
For the nine months, Leap reported net profit of $7.6 million on revenue of $685.7 million. The comparative nine months included the time when Leap was in Chapter 11 bankruptcy.
The results pushed shares of Leap up by nearly $2 in Nov. 10 Nasdaq trading to about $35, close to its high for the year. Leap shares began trading on Nasdaq in June after being traded on the Over the Counter Bulletin Board since it emerged from Chapter 11 in August 2004.
Operating under the brand name Cricket, the company provides wireless service in 39 markets in 20 states from New York to California. A spinoff company from Qualcomm Inc. in 1998, Leap has about 1,400 employees, including some 250 at its Sorrento Mesa headquarters.
, Mike Allen