SAN DIEGO-Highlighting its focus on fiscal responsibility, Leap Wireless International Inc. reported a year-over-year increase in revenues and a drop in its net losses for the first quarter of 2003.
The carrier, which filed for bankruptcy protection last month, reported $183.8 million in total revenues during the first quarter of 2003 compared with the $140.2 million the carrier reported for the first quarter of 2002. Net losses dropped from $196.6 million last year, a loss of $5.32 per share, to $133.5 million this year, a loss of $2.28 per share.
“We expect the improvements we achieved during the first fiscal quarter in the company’s revenue and [earnings before interest, taxes, depreciation and amortization] will support the company’s financial restructuring,” said Harvey White, chairman and chief executive officer of Leap.
In addition, Leap reported approximately 1,000 net customer additions during the first quarter of this year compared with more than 268,000 net subscriber additions for the first quarter of 2002. Customer churn improved from 4.5 percent last year to 4.1 percent this year, while average revenue per user dropped from $37.80 during the first quarter of 2002 to $35.12 this year.
