SAN DIEGO-Leap Wireless International Inc., which filed for Chapter 11 bankruptcy protection earlier this week, reported $567.7 million in full-year 2002 revenue, more than double the $255.1 million the company reported for all of 2001. Net losses also increased from $483.3 million in 2001, a loss of $14.27 per share, to $664.8 million last year, a loss of $14.91 per share.
Leap added that it ended 2002 with just more than 1.5 million wireless customers in its 40 launched markets.
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During the final three months of 2002, Leap posted $172 million in revenue compared with $103.9 million it reported for the fourth quarter of 2001. Net losses during the fourth quarter increased from $79.6 million in 2001, a loss of $2.17 per share, to $166.6 million last year, a loss of $2.84 per share.
Leap reported customer churn during the fourth quarter was reported at 3.96 percent, average revenue per user of $33.26, cash cost per user per month of $21.43 and cost per gross customer addition of $277.
